Florida Business Development Corporation
- Assets
- $36.2m
- Revenue
- $13.4m
- Investments
- $3.0m
- Employees
- 56
- Location
- Tampa, FL
- Founding
- 04/1992
- Data as of
- 09/2023
- EIN
- 65-0179159
Organization Overview
Florida Business Development Corporation is located in Tampa, FL. The organization was established in 1992. According to its NTEE Classification (S43) the organization is classified as: Small Business Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 09/2023, Florida Business Development Corporation employed 56 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Florida Business Development Corporation is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.
For the year ending 09/2023, Florida Business Development Corporation generated $13.4m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 5.4% each year. All expenses for the organization totaled $11.2m during the year ending 09/2023. While expenses have increased by 3.4% per year over the past 8 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Florida Business Development Corporation has awarded 38 individual grants totaling $2,209,000. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
ASSIST HEALTHY, GROWING SMALL BUSINESSES ACCESS CAPITAL VIA THE SBA 504, COMMUNITY ADVANTAGE, DIRECT LOAN.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CORPORATION IS APPROVED BY THE SBA AS A SECTION 504 CERTIFIED DEVELOPMENT CORPORATION. FINANCIAL ASSISTANCE AND LONG-TERM FINANCING ARE PROVIDED TO BUSINESSES TO RETAIN AND CREATE JOBS AND BUILD THE LOCAL ECONOMY. THE CORPORATION IS THE SECOND MOST ACTIVE CERTIFIED DEVELOPMENT COMPANY NATIONWIDE FOR THE FISCAL YEAR ENDED SEPTEMBER 2023 AND DURING THE PAST 34 YEARS HAS ORIGINATED OVER 8,047 SMALL BUSINESS LOANS RESULTING IN OVER $12.7 BILLION IN APPROVED PROJECTS AND CONTRIBUTED TO THE RETENTION OF THOUSANDS OF JOBS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Avril Stinson Director | Trustee | 1 | $8,000 |
Christine Bouton Director | Trustee | 1 | $8,000 |
Donna Lewis Chairperson | Trustee | 1 | $9,836 |
George Hawkins Director | Trustee | 1 | $12,000 |
Harry Zuker Director | Trustee | 1 | $8,164 |
Jason Finagan Director | Trustee | 1 | $8,000 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $12,900,580 |
| Investment income | $297,684 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $13,374,087 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $599,000 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $6,673,831 |
| Pension plan accruals and contributions | $756,551 |
| Other employee benefits | $881,985 |
| Payroll taxes | $424,912 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $216,920 |
| Fees for services: Accounting | $115,533 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $52,671 |
| Advertising and promotion | $0 |
| Office expenses | $498,019 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $276,123 |
| Travel | $54,930 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $232,485 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $18,583 |
| Insurance | $62,274 |
| All other expenses | $23,077 |
| Total functional expenses | $11,234,305 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,594,897 |
| Savings and temporary cash investments | $805,571 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,541,917 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $29,357 |
| Investments—publicly traded securities | $13,593,352 |
| Investments—other securities | $3,025,000 |
| Investments—program-related | $13,555,719 |
| Intangible assets | $0 |
| Other assets | $76,012 |
| Total assets | $36,221,825 |
| Accounts payable and accrued expenses | $1,008,094 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,330,943 |
| Total liabilities | $2,339,037 |
| Net assets without donor restrictions | $33,882,788 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $36,221,825 |
Grants Awarded
Over the last fiscal year, Florida Business Development Corporation has awarded $599,000 in support to 7 organizations.
| Grant Recipient | Amount |
|---|---|
TAMPA BAY INNOVATION HUB INC PURPOSE: ECONOMIC DEVELOPMENT | $100,000 |
ARSENAL PLACE INC PURPOSE: ECONOMIC DEVELOPMENT | $50,000 |
GREATER TAMPA CHAMBER OF COMMERCE FOUNDATION INC PURPOSE: ECONOMIC DEVELOPMENT | $100,000 |
THE CENTER FOR TECHNOLOGY ENTERPRISE & DEVELOPMENT INC PURPOSE: ECONOMIC DEVELOPMENT | $100,000 |
SOARING CITY P INC PURPOSE: ECONOMIC DEVELOPMENT | $99,000 |
HISPANIC BUSINESS INITIATIVE FUND OF FLORIDA INC PURPOSE: ECONOMIC DEVELOPMENT | $100,000 |