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Interest-Free Emergency “Bridge” Loans Now Available for Small Businesses Impacted by Lake Okeechobee Discharge

Mar 2016

In an effort to speed up the recovery process for businesses that sustained economic injury or physical damage as a result of Lake Okeechobee Discharge, Gov. Rick Scott has activated the Florida Small Business Emergency Bridge Loan Program.

Business owners located in Lee, Martin and St. Lucie counties 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 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 Lee, Martin and St. Lucie counties are eligible for $1,000 to $25,000 through April 30, 2016. 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 Feb. 26, 2016, and demonstrate economic injury or physical damage as a result of Lake Okeechobee Discharge.

Applications can be downloaded at www.floridadisasterloan.org. For submission instructions, contact the appropriate Florida Small Business Development Center (SBDC) for your county.

Lee County: Suzanne Specht, Assistant Regional Director, Florida SBDC at Florida Gulf Coast University. Phone: (239) 745-3704. Email: sspecht@fgcu.edu.

Martin and St. Lucie Counties: Jack Hopkins, Assistant Regional Director, Florida SBDC at Indian River State College. Phone: (772) 462-7069. Email: jhopkins@irsc.edu.

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 economic injury or 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.

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 and the West Central Florida 2015 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, visit www.floridadisasterloan.org.