Do You Qualify For Assistance

In a continuing effort to improve its services to the Florida aerospace business community in the financing arena, the State of Florida formed a new entity under Florida Statute, Chapter 331.401. The Florida Aerospace Finance Corporation (FAFC) was created in 1999 as a not for profit corporation with a mandate to expand aerospace business opportunities within the State of Florida, and to encourage additional aerospace businesses to consider Florida as “The Place for Space.” FAFC was designed to attract customers of the aerospace (space, aviation, & defense) industries and for them to conduct their business in Florida. Fulfillment of the mandate is accomplished by offering aerospace specific financing and services packages.

Fulfillment of the mandate is accomplished by making financing available to Florida domiciled and registered companies that support the aerospace industry.

Furthermore, Chapter 331, Florida Statutes, designates FAFC as the State's principal government aerospace financing agency, responsible for aerospace-related financing, which will lead to infrastructure development and industry recruitment for federal and commercial aerospace.

FAFC has joined in partnership with the Governor's Office of Tourism, Trade, and Economic Development, Florida Space Authority, Florida Finance Network (www.floridafinance.org), Florida Space Research Institute, Enterprise Florida, and both regional and local economic development authorities to establish a unified approach to market Florida's potential for new aerospace-related investment, operations, and business; and to assist in the retention and expansion of existing aerospace-related businesses and in the creation of new aerospace businesses.

Any entity domiciled or registered in the State of Florida interested in securing a commitment for financial assistance from the FAFC must submit an application form and a processing fee (although the FAFC is a state organization, fees are charged to the customers to offset operating costs).

Commitments
The Corporation will approve applications with the following types of commitments:

Indicative Letters of Interest: Indicative Letters of Interest are usually done in conjunction with medium and long-term programs. A letter is issued if it is needed to maintain negotiation on a project. The letter is valid for six months unless otherwise stated.

Preliminary Commitment: A Preliminary Commitment (PC) document outlines the amount of financial assistance approved pursuant to an application by a borrower. The terms of repayment, and any other conditions placed upon the assistance shall be stated. The PC is valid for six months from the date of issuance.

Binding Commitments: A contract of financial assistance that is signed by both parties.

Application Procedures
Applications for a financial commitment must include the following minimum information:

General Information: A description of the business, ownership and affiliates, management resumes and experience, offices, locations, etc.

Project Description: Includes a detailed description of the project, a construction or production schedule, break-down of capital and operating costs. Launch services and/or product assembly must be in Florida.

Financial Data: Balance Sheets and Income Statements for the past three fiscal years. An interim statement may be submitted if the most recent fiscal year ended more than 12 months prior to the application. Any audit should be in accordance with generally accepted standards and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States.

Credit Data: Two recent bank or trade references are needed for each application. The FAFC will require credit reports.

Pro forma: Demonstrating the ability to service the requested loan or guarantee.