BUSINESS MATTERS

ISSUE 10 | October 2024


Inside

THE ISSUE
  • Business Spotlight Presenting Sponsor Valencia College


  • Business group alerts small-business owners to get financial assistance after Helene


  • Natural Disasters Hit Florida Small Businesses Hard


  • Storms Are Reshaping Florida’s Insurance Market. Here’s What to Know.


  • Starting a Business in Florida: What You Need to Know Before You Launch



  • 6 Tips for Managing Small Business Finances 


  • The Role of Tech Lobbying in Shaping Florida’s Data Privacy Laws and Regulatory Standards



  • Small Business Owners Need to Know These Tips to Get a Business Grant

News and Information for Your Business


SBA offering disaster loans to help Florida businesses, residents impacted by Hurricane Helene


‘Moving forward,’ Gov. Ron DeSantis announces executive order to help Florida businesses rebuild faster after Helene



Best homeowners' insurance in Florida of October 2024




Local businesses add riders to Brightline's growth in Orlando



Florida Commerce Launches Assessment Survey to Bolster Business Recovery Post-Hurricane Milton


Resources you may need for Hurricane Milton Recovery


Storm Recovery Assistance - Orange County Government


FEMA Individual Assistance and Households

Business Spotlight - Presenting Sponsor

Aiming for the Stars


As a young boy, Eduardo Bidot was inspired to work for NASA after watching a planetarium movie about the Mars rovers "Spirit" and "Opportunity." Initially planned for three months, these rovers exceeded expectations, with Spirit ultimately getting stuck and Opportunity continuing for another eight years until a dust storm ended its mission.


READ MORE

RETURN TO THE FORBIDDEN PLANET (Musical)

Book, Lyrics, and Music by Bob Carlton

October 17, 18, 19, 2024 at 7:30 pm

October 20, 2024, at 2:00 pm

East Campus Performing Arts Center

(RETURN TO THE FORBIDDEN PLANET is presented by arrangement with ConcordTheatricals.www.concordtheatricals.com)

Important Dates

15 Oct

International Student Application Deadline (Student Out of Country)


29 Oct

Spring Registration Opens - Returning Students


05 Nov

Spring Registration Opens - New Students


15 Nov

International Student Application Deadline (Student In Country)


10 Dec

Final Grades Viewable in Atlas



02 Jan

Registration Begins - Senior Citizen and State Employee

Business group alerts small-business owners to get financial assistance after Helene

The Florida Small Business Development Center (SBDC) is urging entrepreneurs and small business owners to seek state and federal assistance to help mitigate the effects of Hurricane Helene on their operations.


The powerful storm hit Florida’s Big Bend region, but its impact was felt across the entire state. Many businesses were closed for several days, while others sustained such severe damage that they remain closed.


Ahead of the storm, the SBDC advised small business owners in Florida to prepare for potential challenges and to get their applications ready. They stress that now is the time for these entrepreneurs to seek assistance.


In response, Florida Commerce has activated the Florida Small Business Emergency Bridge Loan (EBL) Program

and applications are now being accepted.


These loans are designed to provide supplemental funding to help businesses cover the gap between lost revenue and full recovery.


“This loan program offers short-term, zero-interest loans to small businesses that have experienced economic injury or physical damage due to Hurricane Helene,” stated an SBDC news release on Monday.


READ MORE

Natural Disasters Hit Florida Small Businesses Hard

Hurricane Helene weakened into a tropical storm after wreaking havoc along the Big Bend coastline, affecting millions and thousands of businesses. While many small companies are struggling, some had taken steps to prepare in advance.


Striking the Florida Big Bend region late Thursday, Hurricane Helene has gone down in history as one of the strongest storms to hit the state, according to the BBC.

Although it weakened as it moved inland, it left widespread destruction, damaging buildings, vehicles, and properties across a vast area—the storm’s reach extended up to 275 miles from its center.


Larger businesses are somewhat insulated from such impacts, as they often operate multiple locations and have more capital and resources to absorb the financial toll of a natural disaster. In contrast, small businesses typically lack these protections.


READ MORE

Storms Are Reshaping Florida’s Insurance Market.

Here’s What to Know.

Hurricane Milton has struck Florida's Gulf Coast, with financial analysts predicting damages in the tens of billions. The substantial costs associated with recent storms highlight a growing issue: major insurance companies have been retreating from the hurricane-prone state for years. Who will be responsible for covering the cleanup?


Federal aid will assist with some of the recovery, as the Federal Emergency Management Agency can offer tens of thousands of dollars for home repairs and other services. However, Florida's home insurance landscape is complex, depending on small to midsize insurers and various layers of state support.


Here are some things you may need to know:


Insurance will likely cover homeowners for wind damage, but not for rain.



Many Americans lack separate flood insurance, as standard home policies typically exclude flooding, despite the increasing frequency of intense rainfall. According to the Insurance Information Institute, only 17% of Florida households have flood coverage through the National Flood Insurance Program, which is the highest rate in the nation.


This percentage is expected to grow, as Florida’s state-run insurer will mandate that most homes it covers obtain flood insurance by 2027. Additionally, flood insurance is already required for homes in high-risk flood zones with government-backed mortgages.

Florida’s largest home insurer is a government organization.


Since Hurricane Andrew in 1992, many major insurers have opted to avoid Florida or have been forced to do so. For example, Farmers Insurance limited its sales in the state last year, and six Florida home insurers collapsed in 2022, even before Hurricane Ian hit.


The biggest insurer for residential and commercial properties in Florida is now Citizens Property Insurance, established by the Florida legislature as a last-resort option for property owners unable to secure coverage in the private market. Managed by a state-appointed board and overseen by the governor and other officials, Citizens had 1.26 million policyholders as of September.


Following Citizens, the second-largest insurer of residential properties is Universal Insurance, a Florida-based company valued at approximately $500 million, according to FactSet.


To find out more...CONTINUE READING

Starting a Business in Florida: What You Need to Know Before You Launch

Florida boasts a diverse and vibrant economy, encompassing industries like tourism, agriculture, technology, and finance. While the Sunshine State presents many advantages, including no personal income tax and a prime location for international trade, launching a business can often feel complicated and daunting.


Many aspiring entrepreneurs find themselves navigating a maze of legal requirements, paperwork, and essential decisions before they can open their doors. If you're unsure how to register an LLC, confused about necessary permits, or feeling overwhelmed by tax obligations, it's important to recognize that these details are crucial overlooking any step can lead to costly delays and expenses.


For many entrepreneurs, forming a Limited Liability Company (LLC) is an ideal way to structure their new business.

An LLC provides liability protection, ensuring that your personal assets are typically safeguarded from the company’s debts and legal obligations. Its popularity stems from its flexible management options and straightforward tax setup. So, how do you register an LLC in Florida?


Read about the essential steps you need to take

6 Tips for Managing Small Business Finances 

Effective financial management is crucial for the success of your business. Failing to develop strong financial management skills can result in difficulties securing financing, incurring hefty penalties, and making poor business decisions that could jeopardize your venture. Here are some tips to help you manage the finances of your startup or small business effectively. LEARN MORE

The Role of Tech Lobbying in Shaping Florida’s Data Privacy Laws and Regulatory Standards


As personal data is increasingly collected, stored, and shared, protecting this information has become crucial. Florida, with its growing tech industry, is navigating the challenge of balancing innovation with consumer protection. Tech lobbying plays a significant role in shaping the state’s data privacy laws and regulatory standards, making it a key focus of the ongoing debate.


Tech companies are ramping up their lobbying efforts to influence the development of data privacy laws that safeguard consumers while allowing businesses to flourish. This article explores how tech lobbying is shaping Florida’s approach to data privacy and its implications for the state’s regulatory landscape. READ MORE

Small Business Owners Need to Know These Tips to Get a Business Grant


A small-business grant can provide essential funding to help a new company get off the ground or enable an established business to expand. Various sources, including government entities, private companies, and nonprofit organizations, offer these grants. While they can be highly specialized and competitive, understanding the process can significantly improve your chances of success.

Here’s what you need to know. Here's what you need to know.

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