A New Governance Explanation for the Creation of a Minority Economic Development Public-Private Partnership in Florida

Abstract

The Florida Black Business Investment Board was created to support the creation and expansion of black-owned businesses. Under a contract with the Governor's Office of Tourism, Trade, and Economic Development, the board was tasked with increasing the number of qualified black business enterprises, increasing employment opportunities, establishing networks for black entrepreneurs, and increasing access to capital. To achieve these goals, it provided capitalization funds to regional black business investment corporations, which in turn gave loans and loan guarantees to business owners. This article uses the new governance approach to examine the relationship between the investment board, the governor's office, and the investment corporations to determine whether policy tools influence the organizational and accountability structures of public-private partnerships. It finds that the use of loans and loan guarantees influenced the organizational structure and associated accountability measures of the capitalization program.

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