February 8, 2010

TAX-FREE RECOVERY ZONE FACILITY BONDS AVAILABLE -- The American Recovery and Reinvestment Act provided a new vehicle for private business to obtain tax free bonds for a broad range of projects. Recovery Zone Facility Bonds are very similar to Industrial Revenue Bonds, but may be used for financing projects such as distribution centers, hotels, research parks, commercial and retail projects and offices. Recreational, residential and certain other “fun” projects do not qualify. The interest paid on such bonds is tax-free to the bond purchaser, thereby below market rates. The actual rate is based on the credit of the borrower because the county has no obligation for repayment. The ARRA allocated $28.7 million of these bonds to Volusia County. The county’s Industrial Development Authority will be offering them on a first come, first served basis. The bonds may be issued only until December 31, 2010. Another type of bond, Recovery Zone Bonds, are available for government purposes and involve an interest refund to the borrower. For more information on these bonds, please contact Phil Ehlinger or Paul Mitchell at the Volusia County Department of Economic Development at 386/248-8048.

SBA DISASTER LOAN DEADLINE MARCH 1 -- The U.S. Small Business Administration is reminding small businesses affected by the severe storms, flooding, tornadoes and winds that occurred between May 17-28, 2009 that March 1 is the filing deadline for Economic Injury Disaster Loans. Small businesses and most private nonprofit organizations in the county are eligible to apply for SBA Economic Injury Disaster Loans. Loans are available up to $2 million for eligible entities that sustained substantial economic loss from the disaster. These working capital loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred. These loans are not intended to replace lost sales or profits. The interest rate on these loans is 4 percent, with a maximum term of 30 years. To apply, visit the SBA’s secure web site at https://disasterloan.sba.gov/ela/.

DELAND CHAMBER, CITY OFFER FREE SMALL BUSINESS WORKSHOP -- The City of DeLand, the DeLand Chamber of Commerce and the Small Business Development Center at Daytona State College are co-sponsoring a free three-hour workshop titled “Getting Your Business Ready for the Good Times to Come”. The session will be conducted by FastTrac, a program of the Ewing Marion Kauffman Foundation. The seminar will be Tuesday, February 16, from 8 a.m. - 11 a.m. at the DeLand campus of Daytona State College, Building 8, Room 113, 1155 County Road 4139, DeLand.

SEMINAR TO FOCUS ON SAVING FREIGHT COSTS – The Volusia Manufacturers Association, Materials Division, will present a seminar titled Are You Getting the Best Rates and Service from Your Freight Carrier? The speaker will be Chris Kearney, UPS Freight, Orlando Assistant Service Center Manager. Hudson Technologies realized a 24 percent reduction in freight cost in 2009 using some of the tools to be covered in the session. The session will be February 16 from 7:45 - 9 a.m. in the Volusia Room on the second floor of the terminal at Daytona Beach International Airport, 700 Catalina Drive, Daytona Beach. The cost is $18. To register call 386/673-0505 or www.VMAonline.com/events.

FLORIDA SCHOOLS RANKED 8TH IN THE NATION – According to Education Week, the Pew Foundation gives Florida’s public schools an overall grade of B- and eighth overall among the states. Florida’s teachers are ranked fourth. K-12 Achievement earned a seventh place, and Florida’s Standards, Assessments and Accountability earned an A and was ranked fifth. For the report, go to: http://www.edweek.org/media/ew/qc/2010/QualityCounts2010_PressRelease.pdf

GREEN TIP OF THE WEEK: TURN OFF SCREEN SAVER -- Did you know the EPA has estimated that using a computer's "sleep mode" reduces its energy consumption by 60 to 70 percent? And, on a large scale, if everyone did this the electricity savings each year would be enough to power Vermont, New Hampshire, and Maine, cut electric bills by $2 billion, and reduce carbon dioxide emissions by the equivalent of five million cars?

NEWS ITEMS WANTED! – Please send your business news items to Dave Byron, Volusia County Community Information Director, 123 W. Indiana Ave., DeLand, 32720-4612, by fax at (386) 822-5072 or by e-mail at dbyron@co.volusia.fl.us

Department of Economic Development
700 Catalina Drive, Suite 200, Daytona Beach, FL 32114
Telephone: 386-248-8048   FAX: 386 238-4761   Toll Free: 800-554-3801