GrowFL, a state program aimed at growing and developing job-creating companies in Florida, should be expanded, according to a new report from the nonpartisan public policy research institute, Florida TaxWatch.
The GrowFL program works to develop small but growing companies with high job creation potential with an average salary of more than $77,000, according to the TaxWatch report. TaxWatch estimates that expanding the program would generate $16.54 million per year over the next 10 years. GrowFL over the next 10 years would help produce 25,000 jobs, diversify the state economy and provide positive return on Florida's investments, the report finds.
“Expanding the GrowFL program is a great way to grow the state economy by investing in second-stage companies, which are now responsible for more than 30 percent of all Florida jobs,” said Dominic M. Calabro, president and CEO of Florida TaxWatch.
Companies selected to participate in GrowFL must have revenues between $1 million and $50 million, employ between 10 and 99 people, and be able to sell their products outside of Florida. More than 650 Florida businesses participated in the program from July 2011 to June 2013, resulting in more than 1,867 net new jobs, according to the report. Find the report here.