The Legislature determined that the public interest of Florida will be served by the creation and growth of black business enterprises by:

1. Establishing a partnership between the public sector and the private sector which seeks to leverage the provision of state funds with funds and other resources from private-sector businesses and other nonstate sources;
   
   
2. Increasing opportunities for employment of blacks, as well as the population in general;
   
   
3. Providing role models and establishing business networks for the benefit of future generations of aspiring black entrepreneurs;
   
   
4. Strengthening the economy of the state by increasing the number of qualified black business enterprises, which in turn will increase competition in the marketplace and improve the welfare of economically depressed neighborhoods; and
   
   
5. Taking measures to increase access by black businesses to both debt and equity capital.

In 2002 FBBIB commissioned a Feasibility Study for Service Expansion. This study identified the following needs:

1. Growth in the number of small minority businesses necessary for economic development;
   
   
2. Access to capital by black and minority business owners;
   
   
3. A full range of services in all areas of business-financial planning, forecasting financial needs, managerial and technical assistance and networking;
   
   
4. Non-traditional lending in areas with high unemployment, low median household incomes, high levels of poverty for business development;
   
   
5. "Creative banking" and "creating FBBIB decision makers" to assist black and other minority business owners; and
   
   
6. Increased community support by churches and community development agencies for minority business growth.

In response to the needs identified in the feasibility study, FBBIB re-examined its historical mission and established a new focus and goals. Although it was recognized that FBBIB had not achieved its historic mission of closing the economic development disparities among blacks, it made a commitment to expand its mission to include other minorities.

Florida Statutes

• 288.706 Florida Minority Business Loan Mobilization Program
  
  
• 288.707 Florida Black Business Investment Board, Inc.
  
  
• 288.708 President; employees
  
  
• 288.709 Powers of the Florida Black Business Investment Board, Inc.
  
  
• 288.7091 Duties of the Florida Black Business Investment Board, Inc.
  
  
• 288.7092 Return on Investment From Activities of the Corporation
  
  
• 288.7095 Duties of the Black Business Investment Corporations
  
  
• 288.71 Conditions for Board Action
  
  
• 288.7101 Black Business Investment Board, Inc., State Employee Leasing Program
  
  
• 288.711 Florida Investment Incentive Trust Fund
  
  
• 288.712 Florida Guarantor Funds
  
  
• 288.713 Capital Participation Instruments
  
  
• 288.714 Annual Report