Florida Commerce details tools to attract investment and support business growth

Jason Mahone, deputy secretary for economic development at the Florida Department of Commerce, told the Senate Appropriations Committee on Transportation, Tourism and Economic Development that Florida’s economic toolset is driving new investment and job creation across the state.

Mahone said the state’s economy has grown rapidly since 2019 and that the department’s work centers on four pillars—economic development, community development, workforce development and international commerce through Select Florida. He told senators the department is statutorily required to update its list of target industries every three years and is currently engaged in that process.

“Florida is now the fifteenth largest economy,” Mahone said during his presentation, citing the department’s GDP figures and the state’s recent record for business formation. He described Select Florida’s role in export marketing and trade missions and said the agency helped businesses enter new markets.

Mahone outlined several specific programs: the State Small Business Credit Initiative (he said it has supported about $270 million in loans since 2023), a recently launched Rural Community Investment Program that provides a 25% tax‑credit to participating financial institutions (authorized up to $35 million in credits), and the Florida Opportunity Fund (the state’s venture capital vehicle). He described the Job Growth Grant Fund as a flexible tool that can be deployed for rapid responses or to surge funds into in‑demand industries such as construction trades and semiconductor workforce training.

“We work with local partners, CareerSource Florida and educational institutions to move quickly when companies need sites or trained workers,” Mahone said, citing use of rapid training grants to close deals.

Mahone also discussed performance‑based tax incentives, brownfield redevelopment refunds, and resiliency programs such as 0% interest emergency bridge loans for businesses harmed by storms and Community Development Block Grant infrastructure work to support resilient rebuilding.

To illustrate impact, Mahone listed several company examples the department supported: Asteris, a defense‑products manufacturer in Largo that announced a 60‑job expansion; Williams International’s announced investment in rural Okaloosa County (described in the presentation as a roughly $1 billion investment creating about 330 jobs); NeoCity’s $23.5 million award to unlock semiconductor infrastructure; Rogue Valley Microdevices’ small‑business loan to locate 75 jobs on the Space Coast; and Point Blank Enterprises’ expansion in Wakulla County that the presentation said would create about 300 jobs.

Several senators followed with questions. Senator Bernard asked about ServiceNow’s recruitment; Mahone said Select Florida worked with the company on a Palm Beach County expansion the presenter described as creating several hundred high‑paying technology jobs. Senator Bracy Davis asked whether the department offers non‑repayable small‑business grants; Mahone said most state programs administered by Commerce are loan‑focused but partners in the referral network can provide grant support in some cases.

Mahone acknowledged workforce challenges as manufacturing demand grows, noting large shares of manufacturing workers are older and require reskilling to fill openings. He asked the committee for feedback on the target‑industry list as the department finalizes the statutory update.

What happens next: Mahone said department staff will continue outreach on the target‑industry update and follow up with senators on specific pipeline projects where confidentiality agreements limit public detail. The committee moved on to the Department of Transportation presentation after the Commerce session ended.