FFC Helps Hundreds of Businesses with Hurricane Bridge Loans

Florida First Capital has so far assisted more than 475 Florida businesses that were impacted by recent hurricanes with emergency bridge loans totaling more than $10 million.

At the request of the Governor's Office, Florida First Capital is administering the largest portion of the State’s small business emergency bridge loans for businesses damaged throughout Florida by Charley, Frances, Ivan and Jeanne. Florida First Capital is a certified development company (CDC) which, under typical circumstances, is authorized by the U.S. Small Business Administration (SBA) to make loans for commercial real estate and equipment.

To date, FFC is managing all back-office aspects of more than $19 million in bridge loans to be used for maintaining or re-starting businesses in Bay, Escambia, Walton, Okaloosa, Lake, Orange, Osceola, Polk, Santa Rosa, Seminole and Volusia counties.

“The bridge loan program is providing ready cash for businesses damaged by recent hurricanes,” said Todd Kocourek, president and CEO of Florida First Capital. “This working capital funding that is helping hundreds of businesses perform critical functions like buying inventory and making payroll.”

The interest free loan amounts range from $1,000 to $25,000 and are for terms of 90 to 180 days. Eligible businesses must have been established for at least one year, have between two and 100 employees and have experienced physical damage due to one of the three storms.

The loans are intended to be repaid from insurance proceeds or proceeds of other financing obtained in connection with the effects of the storms.

Loan disbursements as of this month are as follows:

• Escambia, Santa Rosa, Okaloosa, Bay and Walton counties: 265 loans totaling $5,740,830
• Volusia, Orange and Seminole counties: 93 loans totaling $1,833,500
• Osceola county: 64 loans totaling $1,454,750
• Polk county: 50 loans totaling $1,093,000
• Lake county: four loans totaling $59,000