Small Business Emergency Bridge Loan

The Florida Small Business Emergency Bridge Loan Program was activated by Gov. Rick Scott on October 12, 2018, to support the recovery of Florida businesses impacted by Hurricane Michael.

This interest-free loan program is currently available to small business owners located in designated disaster areas that experienced physical and/or economic damage as a result of these events. Small business owners can qualify for up to $50,000 per eligible business.

The Small Business Emergency Bridge Loan Program supports businesses impacted by disaster by providing short-term, interest-free loans to small businesses that experienced physical or economic damage during the storm. The program bridges the gap between the time a major catastrophe hits and when a business has secured longer-term recovery resources, such as sufficient profits from a revived business, receipt of payments on insurance claims or federal disaster assistance.

 

Hurricane Michael Loan Details

Designated Disaster Areas: Alachua, Baker, Bay, Bradford, Calhoun, Citrus, Columbia, Dixie, Escambia, Franklin, Gadsden, Gilchrist, Gulf, Hamilton, Hernando, Hillsborough, Holmes, Jackson, Jefferson, Lafayette, Leon, Levy, Liberty, Madison, Manatee, Okaloosa, Pasco, Pinellas, Santa Rosa, Suwanee, Taylor, Union, Wakulla, Walton and Washington counties.

Qualified Applicant: Applications will be accepted by qualified for-profit, privately held small businesses that maintain a place of business in the state of Florida.  All qualified applicants must have been established prior to October 7, 2018, for Hurricane Michael and suffered physical damage and/or economic injury as a result of the designated disaster. Qualified small business applicants must be an employer business with a minimum of two and maximum of 100 employees.

Amount: Between $1,000 and $50,000.

Term: 365 days.

Interest: Loans will be interest free for the term of the loan (365 days). Interest rate will be 12% per annum on the unpaid balance thereafter, until the loan balance is repaid in full.

Payments: Payments are not required during the established loan term, but loans must be paid in full by end of the loan term.

Application Period: Applications will be accepted from qualified Florida small businesses under this program through December 7, 2018 for Hurricane Michael, contingent on availability of funds.

 

Lake Okeechobee Discharge/Algae Blooms and Red Tide Loan Details

Designated Disaster Areas: Lake Okeechobee Discharge/Algae Blooms: Glades, Hendry, Lee, Martin, Okeechobee, Palm Beach and St. Lucie counties.  Red Tide: Broward, Charlotte, Collier, Hillsborough, Lee, Manatee, Martin, Miami-Dade, Palm Beach, Pinellas, Sarasota and St. Lucie counties.

Qualified Applicant: Applications will be accepted by qualified for-profit, privately held small businesses that maintain a place of business in the state of Florida.  All qualified applicants must have been established prior to July 9, 2018, for Lake Okeechobee Discharge/Algae Blooms and August 13, 2018, for Red Tide and suffered physical damage and/or economic injury as a result of the designated disaster.  Qualified small business applicants must be an employer business with a minimum of two (2) and maximum of one hundred (100) employees.

Amount: Between $1,000 and $50,000.

Term: 180 days.

Interest: Loans will be interest free for the term of the loan (180 days). Interest rate will be 18% per annum on the unpaid balance thereafter, until the loan balance is repaid in full.

Payments: Payments are not required during the established loan term, but loans must be paid in full by end of the loan term.

Application Period: Applications will be accepted from qualified Florida small businesses under this program through November 5, 2018 for Lake Okeechobee Algal Bloom and December 3, 2018 for Red Tide, contingent on availability of funds.

 

For more information, or to apply for a loan, please visit www.floridadisasterloan.org