ORLANDO, FL – Enterprise Florida, Inc. (EFI) announced today that its Minority and Small Business Entrepreneurship Capital (MaSBEC) division is producing an additional investment in GENICON®, a Winter Park company recognized as a leader in the medical-device market. This support, in conjunction with a subsequent round of funding, will allow the company to complete construction of a second clean room, bringing more of its manufacturing in-house and leading to up to 30 new local jobs in 2015.
GENICON® is recognized as an emerging leader in the design, production, and distribution of patented surgical instrumentation focused exclusively on laparoscopic surgery. Founded in 1998 and based in Orlando, GENICON® remains today as it originated: a company driven to meet the needs of modern-day healthcare through the harmonization of clinical needs and the economic demands of a global healthcare system.
“We welcome this involvement by Enterprise Florida,” said Gary Haberland, founder and CEO of GENICON®. “It has been supporting our growth – and the growth of hundreds of other Florida companies – for years. And for Enterprise Florida to provide this growth capital and work with us to create a more significant line of credit with a private bank, truly demonstrates their long-term commitment to companies like GENICON®.”
GENICON® is also seeking to utilize the loan support program within the state small business credit initiative and bond financing through the FDFC.
The investment funding was created by the Florida Legislature to provide financial assistance to businesses in this state having high job growth and emerging technology potential and fewer than 100 employees. More information regarding the fund, including which businesses may receive assistance, can be found by visiting the technology fund statute page online.
Enterprise Florida’s Minority & Small Business, Entrepreneurship and Capital (MaSBEC) division partners with outside organizations to provide small, minority, and entrepreneurial companies with training, development, and financing options. It has an extensive network of state, federal, and non-profit resources ready to assist small businesses in accessing capital, entering new markets, and creating revenue growth and job creation.
Bill Johnson, Enterprise Florida president and CEO said, “Small and minority businesses make up a large portion of Florida’s economy and we’re happy that our MaSBEC program can assist them as they grow. Florida’s manufacturing sector has experienced tremendous growth, and this year we are working to permanently eliminate the sales tax on manufacturing equipment. We know that less regulations and lower taxes help companies like GENICON® to create more opportunities and innovation.”
GENICON® has also grown through its participation in EFI’s international trade and development programs. As the company began to market products under its own brand labels, EFI stepped in to assist with the export process and provide target sector trade grants. As a result, GENICON® was able to enter new markets and greatly increase sales.
The company is selling more than 200 different product SKUs in over 60 markets today. They have long-standing distribution agreements with third parties in countries including the National Health Care System in the U.K., public tender systems in Italy and Spain, South Korea, South Africa, the Gulf States Consortium Tender (which includes Saudi Arabia, Jordan, UAE, Kuwait, and Iraq), and substantial sales in China.
Haberland added, “Florida is optimal for a company like GENICON® with a healthy mix of skilled workers, investment capital, low taxes, high quality of life for employees, and an active and engaged state government with programs that support GENICON®’s vision of growth through exports.”
GENICON®, a Winter Park, Florida company, is a recognized leader in the medical-device market focusing on the design, manufacture, and distribution of patent-protected laparoscopic instrumentation to more than 60 global markets. In 2014, GENICON®’s innovative GENI-Surge instrumentation line won the prestigious “Innovation of the Year” by the Society of Laparoendoscopic Surgeons. GENICON® also won the 2014 the U.S. President’s “E Award”, the highest recognition a U.S. company can receive for making a significant contribution to the expansion of U.S. exports. See for more information.