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Emergency Bridge Loan Program for Small Businesses Affected by the Spring 2014 North Florida Severe Storms and Flooding Event Now Available in More...

June 13, 2014



Emergency Bridge Loan Program for Small Businesses Affected by the Spring 2014 North Florida Severe Storms and Flooding Event Now Available in More Counties

TALLAHASSEE, Fla., June 13 -- The Florida Department of Economic Opportunity issued the following news:

In an effort to expedite the recovery process for businesses damaged by the spring 2014 North Florida Severe Storms and Flooding Event, Governor Rick Scott recently activated Florida's Small Business Emergency Bridge Loan Program. The program will provide emergency, short-term, interest-free loans to small businesses in Escambia, Santa Rosa, Okaloosa, and now also in Bay, Calhoun, Gadsden, Holmes, Jackson, Liberty, Walton, and Washington counties to assist in re-establishing business during the interim period before other aid and insurance claims are processed.

The Florida Small Business Emergency Bridge Loan Program provides an expedient cash flow to businesses physically damaged by a disaster. The short-term loans help bridge the gap between the time damage is incurred and when a business secures other financial resources, including regular profits, payment of claims or longer-term loans. Up to $5 million from the state's General Revenue fund will be available for loans through this program.

Owners of small businesses with two to 100 employees in counties impacted by the spring 2014 North Florida Severe Storms and Flooding Event may apply for short-term loans of $1,000 to $25,000 through July 31, 2014. Loans are granted in terms of 90 or 180 days and are interest-free for that time period. To be eligible, a business must have been established prior to the issue of Executive Order# 14-144 that was signed by Governor Scott on April 30, 2014, and demonstrate physical damage as a result of this event.

Florida's Small Business Emergency Bridge Loan Program was first activated in the aftermath of Hurricane Andrew in an effort to provide short-term emergency funding to businesses in need of immediate cash flow. Since then, the program has minimized the economic impacts of the Winter Storm of 1993; the Northwest Florida Floods of 1994; tornadoes in 2007; and Hurricanes Opal, Georges, Charley, Frances, Ivan, Jeanne, Dennis and Wilma; and Tropical Storm Debby in 2012.

To complete an application, or for more information on the program, visit www.floridadisasterloan.org. For questions regarding local administration of the Emergency Bridge Loan Program, contact the Florida Small Business Development Center Network State Office at (850) 473-7800 or toll-free at (866) 737-7232.

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Source: Targeted News Service