Gov. Rick Scott has activated the Florida Small Business Emergency Bridge Loan Program to support small businesses impacted by Hurricane Michael. The bridge loan program, managed by the Florida Department of Economic Opportunity (DEO), will provide short-term, interest-free loans to small businesses that experienced physical or economic damage during Hurricane Michael. The application period opened today and runs through Dec. 7.
DEO administers the Florida Small Business Emergency Bridge Loan Program in partnership with the Florida SBDC Network to provide cash flow to businesses damaged by a disaster. The short-term, interest-free loans help bridge the gap between the time damage is incurred and when a business secures other financial resources, including payment of insurance claims or longer-term Small Business Administration loans. Up to $10 million has been allocated for the program.
Small business owners with two to 100 employees located in any of Florida’s 35 counties affected by Hurricane Michael can apply for short-term loans up to $50,000. These loans are interest-free for up to one year and are designed to bridge the gap to either federal SBA loans or commercially available loans. To that end, DEO will work with every borrower to ensure that repayment of the loan isn’t an overwhelming burden. To be eligible, a business must have been established prior to Oct. 7 and demonstrate economic injury or physical damage as a result of Hurricane Michael.