Florida First Capital Receives Florida Resource Partner of the Year Award
Florida First Capital is pleased to share that it has recently been named a Florida Resource Partner of the Year Award recipient by the Florida SBDC Network for its work in economic recovery efforts for the state’s small businesses that sustained injury from Hurricane Irma.
The award was presented during a special ceremony at the Florida SBDC Network’s 2018 Annual Conference in Ft. Lauderdale. It recognizes Florida First Capital’s involvement in the Florida Small Business Emergency Loan Program, which is a partnership among the Florida Department of Economic Opportunity (program manager), the Florida SBDC Network and Florida First Capital.
Pictured (left to right): Greg Britton, Director of Strategic Business Development at the Florida Department of Economic Opportunity; Lynn McDaniel, SVP and Director of Loan Administration for Florida First Capital; and Lynn Douthett, Interim District Director for the South Florida SBA District Office.
The Florida Small Business Emergency Bridge Loan Program provides small business owners that sustain physical damage and/or economic injury as a result of a disaster with short-term, interest-free working capital loans to help expedite the critical reestablishment of business during the interim period following a tragedy and before other aid and insurance claims are processed.
Following Hurricane Irma, the program closed 828 Florida Small Business Emergency Bridge Loans and 58 Citrus Emergency Loans totaling $34.8 million.
The Florida SBDC Network also recognized the Florida Department of Economic Opportunity and the SBA with Florida Resource Partner of the Year Awards for their involvement in the economic recovery efforts.
The Florida Small Business Emergency Bridge Loan Program was created by the state of Florida and first activated in 1992 following Hurricane Andrew. Florida First Capital, which has fiscally administered the program on a pro bono basis since its inception, provides the loan underwriting and servicing functions.
As a special note, Florida First Capital would also like to extend its hardiest congratulations to its own Lynn McDaniel, SVP and Director of Loan Administration, for her exceptional work as internal manager of the Florida Small Business Emergency Bridge Loan Program for the majority of those years.
Under its administration of the program, Florida First Capital works in close collaboration with the Florida SBDC Network, which provides invaluable local assistance with bridge loan applications and submissions as well as business continuation services through its statewide network of offices.
Since its inception following Hurricane Andrew, the program has been activated 22 additional times following disasters and has helped more than 3,550 small businesses statewide to receive more than $97.9 million in assistance.
See Related: Florida First Capital Receives National Award for Disaster Economic Recovery Efforts
For more information about the Florida Emergency Bridge Loan Program, visit www.floridadisasterloan.org.