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Florida Governor Ron DeSantis activated the Florida Small Business Emergency Bridge Loan Program on Tuesday, March 17, 2020.

The bridge loan program, managed by the Florida Department of Economic Opportunity will provide short-term, interest-free loans to small businesses that experienced economic hardships due to COVID-19.

  • 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.

For an application and additional information, visit https://floridadisasterloan.org/

The Emergency Bridge Loan Program is intended to “bridge the gap” between the time a major catastrophe hits and when a business has secured longer term recovery resources, such as sufficient profits, receipt of payments on insurance claims or federal disaster assistance.  This loan is not designed to be the primary source of assistance, which is why loan eligibility is linked to pursuit of other sources with the expectation that repayment will be made out of receipts from other sources of longer term disaster recovery assistance.


If you have suffered substantial economic injury and are one of the following types of businesses located in a declared disaster area, you may be eligible for an SBA Economic Injury Disaster Loan (EIDL):
  • Small Business
  • Small agricultural cooperative
  • Most private nonprofit organizations
The SBA can provide up to $2 million to help meet financial obligations and operating expenses that could have been met had the disaster not occurred. Your loan amount will be based on your actual economic injury and your company's financial needs, regardless of whether the business suffered any property damage.

For more information, terms, eligibility requirements and application assistance, please visit : 
https://disasterloan.sba.gov/ela/information/eidlloans

 


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