Dear Fellow Floridian:
The nearly 2.2 million small businesses in Florida make up 98.9
percent of our state’s employers and contribute about 75 percent of the
state’s gross domestic product. With small businesses being the
force of our state’s economy, maintaining a business environment
conducive to small business development is essential for promoting
economic prosperity in Florida.
As I spend time with entrepreneurs and small business owners
throughout our state, one of the recurring challenges I hear about is
the lack of access to capital. According to a recent survey of small
businesses trying to obtain financing during the third quarter of this
year, 72 percent were not able to get the loans they wanted.
This quarter’s issue of Florida’s Bottom Line explains why that number may
increase over the next three years. The issue focuses on how federal regulations
are causing community banks and credit unions to divert resources away from
lending to small businesses, causing them to spend increased amounts of time and
money attempting to comply with new federal rules. We also provide you with the
most up-to-date financial and economic statistics for Florida, serving as a
roadmap for your financial future. I hope you find this edition interesting and
informative. As always, I welcome your feedback on how we can make this
publication better for you.
Visit Florida's Bottom Line website at
Chief Financial Officer
State of Florida
Tax Facts for Small Business Owners
Running a small business is a daunting proposition. Supporting
Florida’s small business community by connecting them with available
resources is critical to our state’s economic recovery. To help small
businesses minimize their potential tax burden, the department is
partnering with the Florida Institute of Certified Public Accountants
(FICPA) to host three free webinars titled “Tax Facts: A Guide for Small
Business Owners” in October. The webinars follow on the heels of the
Small Business Leadership Forum recently held in Tampa, with the focus
on what can be done to improve the small business ecosystem in the
The webinars will provide an overview of key tax law provisions that affect
small businesses and outline opportunities for reducing taxes, lowering
expenses, making needed capital improvements. They will also cover potential
impacts of health insurance changes and the expiration of tax cuts. Dates and
times covering these topics on three separate occasions are as follows:
- Tuesday, Oct. 16 at 2 p.m.
- Thursday, Oct. 18 at noon
- Tuesday, Oct 23 at 5:30 p.m.
Read the attached flier for more
Florida Students $ave Essay
With almost half of graduating high school seniors saying they’re
unsure or unprepared to manage their own personal finances, and with the
average 23- to 28-year-old carrying more than $14,000 in debt, it’s
clear that there is a need to prepare our teens for the opportunities
and challenges that their futures hold.
Working with Florida Master Money Mentors, The James Madison
Institute and the Florida Council on Economic Education, we have
developed the Florida Students $ave
Essay Contest. The contest is part of the Your Money Matters education
initiative, which aims to equip Floridians with financial knowledge in
an easy and accessible way.
The goal of the contest is to motivate young people to develop
personal financial skills and better prepare them for college and the
workplace. The contest will award hundreds of dollars to Florida
students who present the best research and planning in response to
scenarios that reflect on short- and long-term financial goals.
The contest is open to all Florida high school students (public,
private, charter, virtual or homeschool) for the 2012-13 school year.
From now through Nov. 30, students can submit essays of up to 1,200
words for a chance to win a first-place prize of $250. Second- and
third-place winners will receive $150 and $50 respectively. Three
winners will be chosen from each of five regions across Florida:
Northwest Florida, Jacksonville, Orlando, Tampa and South Florida.
For more information about the essay contest, including a list of contest
rules, regions and how to submit an essay, visit
www.MyFloridaCFO.com/YMM or call the Division of Consumer Services helpline
at 1-877-MY-FL-CFO (693-5236).