$ 50,000 in interest-free loans available for small businesses
The health crisis having become financial, the State facilitates the request of eligible small businesses Emergency Bridge Loans for Small Businesses in Florida.
Governor Ron DeSantis activated the Florida Small Business Emergency Bridge Loan program to funnel emergency capital to small business owners suffering from coronavirus stops and closures.
DeSantis noted that while health and safety remains important, he understands that “mitigation strategies will hurt small businesses.” He added, “By activating the Emergency Bridging Loan for Small Businesses in Florida, we are providing the opportunity for small businesses in Florida to immediately receive cash to ensure that they can reduce the impacts felt to the business. sequel to COVID-19. “
Now it is even easier to ask for that much needed money. The loans are short term (one year), interest free and up to $ 50,000. They are designed to help business owners bridge the gap between when the economic impact occurs and when the business obtains other financial resources, including paying insurance claims or longer term Small Business Administration Loans (SBA).
To be eligible, a small business must:
- Be located in Florida;
- Have 2 to 100 employees affected by COVID-19;
- Have been established before March 9, 2020;
- Demonstrate economic harm caused by the virus;
- Have fully repaid any Florida emergency small business bridging loan.
Eligible businesses must apply for the program in one of two ways:
Applicants are advised to save a PDF file of the application and all submitted documents.
Applications must be submitted by May 8, 2020. The state has allocated up to $ 50 million for the program, which will be administered by the Florida Department of Economic Opportunity (DEO) in partnership with the Florida Small Business Development Center (SBDC). ) Network and Florida Leading Capital Financing Company.
“Small businesses are essential to our economy,” said Michael W. Myhre, CEO of the Florida SBDC Network. “We want business owners to know that we are here to help them and that we are committed to doing everything we can to help them recover. “
Florida SBDC Business Consultants, many of whom are Disaster Recovery Institute (DRI) Certified Business Continuity Professionals, can help small businesses through the loan application process and with other challenges related to the loan application. COVID-19 free of charge.
Margie Smith, a consultant at FIU’s College of Business which serves the Florida Keys, sends applicants to the right place with an understanding of eligibility criteria, reviews Florida emergency loan applications to ensure they are complete, and works with candidates to answer questions.
“We make sure they have the right documents in the right format to speed up the process so that they can hopefully navigate smoothly through the local loan committees that determine funding decisions based on WD criteria. “said Smith. “We also assemble and facilitate these loan committees. ”
Smith added, “I have heard from many businesses from top to bottom of the Keys about how essential this bridging loan program was after Hurricane Irma to get them back up and running as soon as possible. The focus of the Florida Small Business Emergency Bridging Loan Program is designed to help successful business ownersbridging the gap between the time of impact and when the business has obtained long-term support.
Small businesses that have previously applied for the Bridge Loan Program in response to COVID-19 should not submit an additional application now.
To contact Smith, please email [email protected].
Business Damage Assessment Survey
WD is currently investigating businesses across the state of Florida affected by COVID-19. Businesses and nonprofits can access the Business Damage Assessment Survey at FloridaDisaster.BIZ. Select “COVID-19” from the drop-down menu on the survey page. The response to the Business Damage Assessment Survey does not constitute a request for assistance. Businesses interested in the bridging loan program must complete a bridging loan application.
To complete an Emergency Small Business Florida Loan Application by the May 8, 2020 deadline and for more information about the program, please visit www.FloridaSBDC.org.
For assistance with applications, please contact your nearest Florida SBDC office at www.FloridaSBDC.org/locations. For any questions regarding the loan program, please contact WD toll-free at 833-832-4494 or by email [email protected]