Council approves $500K microloan plan with new terms for JSEB program

In a pivotal meeting on April 17, 2025, the Jacksonville Small Emerging Business (JSEB) Special Committee approved a significant financial boost aimed at enhancing access to capital for local businesses. The committee voted to allocate $500,000 to the JSEB Access to Capital Program Trust Fund, adjusting loan terms to a more favorable 4-5% interest rate and reducing the maximum loan term from 60 months to 36 months.

The motion, introduced by Mr. Johnson and seconded by Mr. Amaro, was met with unanimous support, reflecting a strong commitment to supporting small businesses in the region. The committee emphasized the importance of ensuring that these microloans benefit a broader range of businesses, aiming to maximize the number of recipients from 5 to potentially 10-15.

In addition to the funding decision, discussions also touched on the expansion of reciprocity among regional counties, particularly a proposed pilot program involving St. Johns and Duval Counties. While there was initial enthusiasm for the pilot, some members expressed concerns about moving forward without further information. Mr. Grant suggested tabling the discussion for now, allowing for continued information gathering before any legislative action is taken.

The committee's decisions signal a proactive approach to fostering economic growth and support for small businesses in Jacksonville, with the anticipated outcomes of increased loan accessibility and a more robust local economy. The next steps will involve monitoring the impact of the new funding and revisiting the pilot program discussions in future meetings.