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Deadline Fast Approaching for Flood Damaged Businesses to Apply for Interest-Free Disaster Loans

Sep 2015

Small business owners in Dixie, Hillsborough, Pasco, Pinellas and Taylor counties that sustained physical damageas a result of the West Central Florida 2015 Flooding Event have until Sept. 30 to apply to apply for short-term, interest-free financial help under the Florida Small Business Emergency Bridge Loan Program.

The Florida Small Business Emergency Bridge Loan Program, which is administered by Florida First Capital on behalf of the Florida Department of Economic Opportunity who manages the program, assists in re-establishing business during the interim period following a disaster and before other aid and insurance claims are processed.

Owners of small businesses with two (2) to 100 employees located in Dixie, Hillsborough, Pasco, Pinellas and Taylor counties areeligible for $1,000 to $25,000 through Sept. 30, 2015. Loans are granted in terms of 90 or 180 days and are interest-free for that time period.

To be eligible, a business must have been established prior to the issue ofExecutive Order# 15-158that was signed by Gov. Scott on Aug. 6, 2015, and demonstrate physical damage as a result of the West Central Florida 2015 Flooding Event.

Loan applications may be downloadedatwww.floridadisasterloan.org. Complete eligibility and loan development details as well as additional disaster resources may also be found on this website.

Once the loan application is completed, applicants should contact the Florida Small Business Development Center (SBDC) Network State Office toll-free at (866) 737-7232 for submission instructions.Applicants may also contact the SBDC for free help with completing the application.

The Florida Small Business Emergency Bridge Loan Program provides an expedient cash flow to small businesses that have sustained physical damage caused by a disaster. The short-term loans help bridge the gap between the time damage is incurred and when the business makes application for and secures other permanent financial recovery resources, including sufficient profits from a revived business, receipt of payments on insurance claims or federal disaster assistance.

Please note: this program provides a short-term loan of State of Florida public funds,not a grant, with the expectation that repayment will be made out of receipts from other sources of longer term disaster recovery assistance. Businesses or individuals that have not fully repaid previous Florida Small Business Emergency Bridge Loan Program loans are not eligible.

The Florida Small Business Emergency Bridge Loan Program was first activated in the aftermath of Hurricane Andrew. Since then, the program has helped minimize the economic impacts of the Winter Storm of 1993, the Northwest Florida Floods of 1994, Hurricanes Opal, Georges, Charley, Frances, Ivan, Jeanne, Dennis and Wilma, the Central Florida Tornados of 2007, the Deepwater Horizon oil spill in 2010, Tropical Storm Debby in 2012 and the Spring 2014 North Florida Severe Storms and Flooding event.

The emergency bridge loan program, which Florida First Capital has administered on behalf of the state for every disaster except Andrew, Georges and Wilma, has helped more than 2,670 small businesses statewide to receive more than $63 million in assistance

For more information about the Florida Small Business Emergency Bridge Loan Program, visitwww.floridadisasterloan.org.