As small businesses in the state of Florida continue to recover from the devastating effects of Hurricanes Helene and Milton, the state has launched the Florida Small Business Emergency Bridge Loan Program. This program offers short-term, interest-free working capital loans designed to help businesses survive the gap between disaster impact and the availability of long-term recovery resources, such as federal disaster assistance or insurance payouts.
The program is not intended to serve as a primary source of recovery but rather to bridge the financial gap. Eligible businesses can receive loans of up to $50,000 (with agricultural and aquaculture businesses qualifying for up to $100,000) for a term of one year. These loans are intended to be repaid once the business secures long-term financial assistance or recovery funding.
Eligibility Requirements:
- Location: Businesses must be located in Florida and have been established before September 23, 2024, for Hurricane Helene or October 5, 2024, for Hurricane Milton.
- Counties Affected:
- For Hurricane Helene, eligible counties include Calhoun, Bay, Escambia, Franklin, Gulf, and several others.
- For Hurricane Milton, eligible counties include Broward, Indian River, Miami-Dade, Palm Beach, and others.
- Some counties, including Alachua, Collier, Orange, and Hillsborough, are eligible under both hurricanes.
- Business Size: Must have fewer than 100 employees, including sole proprietors.
- Economic Damage: The business must have suffered physical or economic damage due to one of the hurricanes.
- Credit Score: A minimum credit score of 600 is required.
Loan Terms:
- Maximum Amount: Up to $50,000 for most businesses, $100,000 for agriculture/aquaculture.
- Term: One year.
- Guarantee: The loan must be guaranteed by the borrower and the business, with ownership of at least 51%.
Restrictions:
Ineligible businesses include short-term rentals, gambling operations, and businesses engaged in illegal activities.
The Florida Small Business Emergency Bridge Loan Program is an essential tool to help the state’s businesses get back on their feet following these natural disasters. Entrepreneurs are encouraged to apply and leverage this opportunity to stabilize operations as they work toward long-term recovery. Apply here.