The FDFC was formed by the Florida Development Finance Corporation Act of 1993 and is designated as a state-wide, special development financing authority for economic development purposes. Its purpose is to assist new and existing businesses and organizations (for-profit and not-for-profit) with access to capital through financings that promote business activity, job creation, and an improved standard of living for the citizens of Florida.
FDFC has been given authority in Chapter 288, Part X of the Florida Statutes to act as a state-wide conduit issuer for bond financing. Borrowers do not have direct access to the capital markets for bond financing, therefore, FDFC serves as a borrower for the borrower. This means that the responsibility for the repayment of debt falls solely on the borrower.