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.
In an effort to speed up the recovery process for small businesses that sustained economic injury and/or physical damage as a result of the Orlando Emergency Event (Pulse nightclub shooting), Gov. Rick Scott has activated the Florida Small Business Emergency Bridge Loan Program.
Small business owners located in Orange County can now apply for a short-term, interest-free bridge loan through the Florida Small Business Emergency Bridge Loan Program.
The emergency bridge loan program, which is administered by Florida First Capital on behalf of the Florida Department of Economic Opportunity, 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 Orange County are eligible for $1,000 to $25,000 through July 31, 2016. Loans are granted in terms of 90 or 180 days and are interest-free for that time period. Governor Scott has allocated $2 million from General Revenue to fund the emergency bridge loan program. The appropriation is made through a budget amendment pursuant to the Governor's emergency declaration.
To be eligible, a business must have been established prior to June 12, 2016, and demonstrate economic injury and/or physical damage as a result of the Orlando Emergency Event.
Applications can be downloaded at www.floridadisasterloan.org. Complete eligibility and loan development details may also be found on this website.
Once the loan application is completed, applicants should contact the Florida Small Business Development Center (SBDC) at the University of Central Florida at (407) 420-4850 for submission instructions. Applicants may also contact the SBDC for free assistance with completing the application.
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 permanent financial recovery resources, including sufficient profits from a revived business, receipt of payments on insurance claims or federal disaster assistance.
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 the Lake Okeechobee Discharge Event in 2016.
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.
