SBA 504 Loan Interest Rates
Official monthly SBA 504 effective interest rate tables can be found at Eagle Compliance LLC. 25- and 20-year term loans fund every month; 10-year term loans fund every other month. Effective interest rates are inclusive of servicing fees, which are subject to credit risk of the applicant.
The Florida Small Business Emergency Bridge Loan Program has been activated to help speed up the recovery process for small businesses economically and/or physically impacted by Hurricane Hermine.
Short-term, interest-free "bridge" loans up to $25,000 are available to small business owners located in the following designated counties: Alachua, Baker, Bay, Bradford, Brevard, Calhoun, Citrus, Clay, Columbia, Dixie, Duval, Escambia, Flagler, Franklin, Gadsden, Gilchrist, Gulf, Hamilton, Hernando, Hillsborough, Holmes, Jackson, Jefferson, Lafayette, Lake, Leon, Levy, Liberty, Madison, Manatee, Marion, Nassau, Okaloosa, Orange, Osceola, Pasco, Pinellas, Polk, Putnam, Santa Rosa, Sarasota, Seminole, St Johns, Sumter, Suwannee, Taylor, Union, Volusia, Wakulla, Walton and Washington.
The emergency bridge loan program, which is administered by Florida First Capital on behalf of the Florida Department of Economic Opportunity, helps impacted small business owners meet immediate financial obligations until long-term financial recovery resources are secured, such as sufficient profits from a revived business, receipt of payments on insurance claims or federal disaster assistance.
Owners of small businesses with two (2) to 100 employees located in the designated counties may apply for $1,000 to $25,000. 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 Aug. 31, 2016, and demonstrate economic injury and/or physical damage as a result of Hurricane Hermine.
Applications may be downloaded at www.floridadisasterloan.org. Complete eligibility and loan development details as well as additional resources may also be found on the website.
For questions regarding local administration of the Emergency Bridge Loan Program as well as instructions for application submissions, applicants should contact the Florida Small Business Development Center (SBDC) Network State Office at (850) 898-3489. Applicants may also contact the SBDC for free assistance with completing the application.
Applications will be accepted through Oct. 31, 2016.
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, the Spring 2014 North Florida Severe Storms and Flooding event, the 2015 West Central Florida Flooding Event and in 2016 the Lake Okeechobee Discharge Event, the Orlando Emergency Event (Pulse nightclub shooting) and the Lake Okeechobee Discharge - Algal Blooms 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, visit www.floridadisasterloan.org.
