Florida Small Business Emergency Bridge Loan Program
Available to Small Business Owners in Florida Impacted by COVID-19
Small businesses in Florida that are feeling economic impact/damages as a result of COVID-19 are able to participate in the Florida Small Business Emergency Bridge Loan Program. This program provides short-term, interest-free working capital to help alleviate the financial burdens that these organizations may face due to catastrophe’s or times of crisis. This program is not designed to be a primary source of relief and assistance, and there are eligibility guidelines in place. These are short-term loans using public funds and should not be considered grants and they will require repayment by the recipient from longer term financial resources.
Loan Details:
- Designated Disaster Areas: All Florida counties statewide per Executive Order 20-52.
- 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 March 9, 2020, and suffered economic injury as a result of the designated disaster. Qualified small business applicants must be an employer business with 2 to 100 employees.
- Amount: Up to $50,000 per eligible small business. Loans of up to $100,000 may be made in special cases as warranted by the need of the eligible small business.
- Term: 1 year.
- Limitation: Only one loan may be made per eligible business. All previous bridge loans received MUST be paid in full.
- Interest Rate: Loans will be interest-free for the loan term (1 year). The Interest rate will be 12% per annum on the unpaid balance thereafter, until the loan balance is repaid in full. Loan default is subject to a normal commercial collection process.
- Application Period: Applications will be accepted by qualified Florida small businesses under this program through May 8, 2020, contingent on the availability of funds.
To get started, visit https://floridadisasterloan.org/. They have posted instructions on how to start this process on their website, where you will also find additional details and resources.
For questions regarding the Emergency Bridge Loan Program, please contact the Florida Small Business Development Center (SBDC) Network Headquarters. Email: Disaster@FloridaSBDC.org. Phone toll-free: (866) 737-7232.
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For more information you can visit our MNMW Coronavirus (Covid-19) Resource page with the button below or call in at (239) 433-5554.
