Council increases JSEB funding from $1M to $5M to boost capital access

The City of Jacksonville is set to significantly boost funding for its Jacksonville Small Emerging Business (JSEB) program, following a recent special committee meeting on April 17, 2025. The committee proposed increasing the capital access fund from $1 million to $5 million, a move aimed at enhancing economic stability and job creation within the region.

Councilman Johnson spearheaded the initiative, emphasizing the critical need for increased financial resources for JSEB contractors. The proposed funding increase would allow certified businesses to apply for loans of up to $250,000, a substantial rise from the previous maximum of $100,000. This change is expected to provide JSEB businesses with the necessary capital to expand operations and hire more employees, thereby contributing to the local economy.

The committee discussed the rapid depletion of the initial $1 million fund, which was fully utilized within just a few months after being made accessible this year. This swift uptake highlighted the pressing demand for financial support among local businesses. Councilman Amaro noted the historical context of the fund's previous stagnation and the overwhelming response once it was actively promoted.

The committee's discussions also revealed a significant underrepresentation of larger small businesses within the JSEB program, particularly those classified as tier 3, which have annual revenues in the seven-figure range. These businesses often struggle to compete due to limited access to capital, underscoring the importance of the proposed funding increase.

As the committee moves forward with this proposal, the anticipated expansion of the JSEB program is expected to empower local businesses, fostering growth and stability in Jacksonville's economy. The next steps will involve formal approval from the city council, paving the way for enhanced financial opportunities for JSEB contractors.