(1) Program funds shall be granted to the contractor to create a revolving loan fund for the purpose of financing projects during the term of the contract.
    (2) The Contractor is authorized to make loans with terms that are amortized for a period in excess of seven (7) years.
    (3) The Contractor must report to the department quarterly on the projects funded, the geographic distribution of the projects, the costs of the program, and the outcomes including the number and types of jobs created with a final report due June 30, 2023.
    (4) Should the Office of Program Policy Analysis and Government Accountability find the program to be unsuccessful during its review at the end of the initial seven (7) year term of the program, the Contractor must return any unused funds by that time to the department to be reverted back to the state’s General Revenue Fund.
    (5) The amount of unused funds to be returned shall be determined by the content of the Contractor’s final report. The department shall invoice the Contractor for all unused funds at the end of the contract period.
Rulemaking Authority Florida Statutes § 500.81(8), 570.07(23) FS. Law Implemented Florida Statutes § 500.81. History-New 12-19-17.