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Interest-Free Emergency Bridge Loans Available to North Florida Small Businesses Affected by the Spring 2014 Severe Storms and Flooding

May 2014

In an effort to speed up the recovery process for businesses physically damaged by the Spring 2014 North Florida Severe Storms and Flooding, Gov. Rick Scott has activated the Florida Small Business Emergency Bridge Loan Program.

Business owners located in Escambia, Okaloosa and Santa Rosa counties can now apply for a short-term, interest-free disaster 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 state, assists in re-establishing business during the interim period following a disaster and before other aid and insurance claims are processed. Up to $5 million from the state's General Revenue fund has been allocated for disaster bridge loans through this program.

Owners of small businesses with two (2) to 100 employees located in Escambia, Okaloosa and Santa Rosa counties are eligible for $1,000 to $25,000 through June 29, 2014. 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 of Executive Order# 14-144 that was signed by Gov. Scott on April 30, 2014, and demonstrate physical damage as a result of the Spring 2014 North Florida Severe Storms and Flooding.

Loan applications may be downloaded at www.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) at UWF for submission instructions. Phone: (850) 474-2528. Email: kmassey@uwf.edu. Website: www.sbdc.uwf.edu. Applicants may also contact the SBDC Network for free help with completing the application.

The Florida Small Business Emergency Bridge Loan Program provides an expedient cash flow to small businesses physically damaged 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 and Tropical Storm Debby in 2012.

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.