Rebuild Florida Business Loan Fund Promotes Growth and Prosperity
The Rebuild Florida Business Loan Fund provides access to available and affordable working capital at reasonable interest rates and terms to help existing and new Florida small businesses create and retain permanent jobs, create high paying jobs (increasing income levels) and diversify and stabilize the state’s economy. The program also aims to increase small business disaster preparedness, allowing businesses to be in a better position to handle any natural disasters that might come their way.
The fund is a partnership between the U.S. Economic Development Administration (EDA) and the Florida Department of Economic Opportunity (DEO), which serves as the overall administrator of the program. Florida First Capital is the state appointed fiscal administrator of the program.
A total of $50 million in state and federal funds are available as follows:
• $40 million in funds are available to assist small businesses statewide.
• $10 million in funds are designated specifically to assist businesses located in Bay, Calhoun, Franklin, Gadsden, Gulf, Holmes, Jackson, Leon, Liberty, Taylor, Wakulla and Washington counties.
Loan funds may be used for working capital: purchase orders, seasonal financing and purchase of inventory; fixed assets: construction (renovation/expansion/leasehold improvements), machinery and equipment, acquisition of land as part of a business development project, FF&E; and commercial real estate; or both: landscape and property improvements, business acquisition and business expansion.
Express loans are available up to $350,000 with 3-5 year terms and a 10% borrower down payment (minimum). Standard loans are available up to $500,000 with 5-10 year terms and a 10% borrower down payment (minimum). Note: Loans over $25,000 may require collateral.
The interest rate is derived from the Prime Rate as listed in the Wall Street Journal. Contact us for the current rate.
For an application checklist and how to apply, please go to Rebuild Florida Business Loan Fund on our website.
For questions or more information, contact Bruce Frazier, Rebuild Florida Business Loan Fund Processor. Phone: 904.619.1295 or toll-free at 888.320.5504. Email: bruce@FloridaFirst.com.