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For about two years small business owners have been complaining about tight credit lines. Many have shut their doors because they can’t get a business loan. Others are putting off expansion plans. As Whitney Ray tells us, a federal program promises to open up the credit lines in Florida and help small businesses create jobs.

John Medina recently sold his small businesses. He also counseled other business owners for years. He says access to cash is holding back the economic recovery.

“Practically every survey I’ve seen says access to capital is the number one impediment to job creation and growth for small businesses,” said Medina.

Medina also chairs the small business council for the Florida Chamber of Commerce. The chamber is working with the state and feds on a plan to open up credit lines.

“This program aims to prime the pump in Florida, aims to create 10 dollars in private investment for every federal dollar that will be invested,” said Tim Giuliani, Vice President for Corporate Outreach and Engagement.

The state is receiving 98 million dollars from the federal government. Half will be invested in high tech and bioengineering jobs and research. The rest will go to small businesses trying to expand and to reassure banks willing to write business loans.

Details of the plan are still being worked out, but the money should become available to businesses starting in November.

That’s good news for Adam Khalid who opened up this donut shop behind Florida State University three years ago. For two years Donut Kingdom struggled, but business has picked up.

“Basically, I’m okay. I’m thankful for what we have and since it’s getting better and better, I’m patient enough. As long as it’s not going down,” said Adam.

Twice Adam pursued expanding his business, but the resources weren’t there. He’s not sure if he would borrow right now to expand, but he hopes the money’s there if he does decide to expand.

Business owners interested in applying for money under the State Small Business Credit Initiative should visit the Department of the Treasury’s website or Enterprise Florida’s website at www.eflorida.com.