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State, Federal Disaster Loans Activated to Aid Businesses Impacted by Hurricane Irma

October 7th, 2017 · Leave a Comment

Florida businesses impacted by Hurricane Irma may now apply for various state and federal disaster loan programs. As a principal responder in the state’s Emergency Support Function for Business and Industry, the Florida SBDC Network stands ready to assist businesses with disaster loan applications and with other post-disaster challenges.

Governor Scott has activated the Florida Small Business Emergency Bridge Loan Program to provide short-term, interest-free loans to businesses damaged by the storm. Administered by the Florida Department of Economic Opportunity (DEO) in partnership with the Florida SBDC Network and Florida First Capital Finance Corporation (FFCFC), the Florida Small Business Emergency Bridge Loan helps businesses 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.

Under the program, eligible small businesses in all 67 Florida counties with two to 100 employees may apply for short-term, interest-free loans for $1,000 to $25,000 for 90 or 180-day terms. To be eligible, a business must have been established prior to September 4, 2017, and demonstrate economic injury or physical damage as a result of Hurricane Irma.

To Apply for a Bridge Loan
Visit www.floridadisasterloan.org for more information and to apply for the Florida Emergency Bridge Loan program. The deadline to apply is October 31, 2017.

Business Damage Assessment Survey
DEO is assessing the damage caused by the storm. Small businesses that have incurred losses due to Hurricane Irma are asked to complete a Business Damage Assessment Survey. The survey will help the State Emergency Response Team determine the needs and level of assistance for impacted businesses. To take the survey, please visit www.flvbeoc.org.

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