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Florida Small Business Emergency Bridge Loan Program Information

In effort to help small businesses Governor Ron DeSantis and the State of Florida have activated the Florida Small Business Emergency Bridge Loan Program, which provides short-term interest-free loans to small businesses impacted by the CoronaVirus (COVID-19.) Businesses with 2-100 employees can apply for loans at https://floridadisasterloan.org
 
These short-term, interest-free working capital loans are intended to "bridge the gap" between the time a major catastrophe hits and when a business has secured longer term recovery resources, such as sufficient profits from a revived business, receipt of payments on insurance claims or federal disaster assistance.
 
 
Loan Details 
·  Designated Disaster Areas: All Florida counties statewide per Executive Order 20-52.
·  Qualified Applicant: Applications will be accepted by qualified for-profit, privately held small businesses that maintain a place of business in the state of Florida. All qualified applicants must have been established prior to March 9, 2020, and suffered economic injury as a result of the designated disaster. Qualified small business applicants must be an employer business with 2 to 100 employees.
·  Amount: Up to $50,000 per eligible small business.  Loans of up to $100,000 may be made in special cases as warranted by the need of the eligible small business.
·  Term: 1 year.
·  Limitation: Only one loan may be made per eligible business. All previous bridge loans received MUST be paid in full.
·  Interest Rate: Loans will be interest-free for the loan term (1 year). The Interest rate will be 12% per annum on the unpaid balance thereafter, until the loan balance is repaid in full.  Loan default is subject to a normal commercial collection process.
·  Application Period: Applications will be accepted by qualified Florida agricultural producers under this program through May 8, 2020, contingent on the availability of funds.
 
Contact Information
For questions regarding the Emergency Bridge Loan Program, please contact the Florida Small Business Development Center (SBDC) Network Headquarters. Email: Disaster@FloridaSBDC.org.  Phone toll-free: (866) 737-7232.
 

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