Florida Small Business Emergency Bridge Loan Program Activated
Florida Small Business Emergency Bridge Loan Program is currently available to small business owners located in all Florida counties statewide that experienced economic damage as a result of COVID-19. 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.
- 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 small businesses under this program through May 8, 2020, contingent on the availability of funds.
To Get Started:
- Review eligibility requirements and loan process.
- Download, complete and sign the application form.
- Gather required support documentation.
- Submit completed and signed application and support documentation to the Florida SBDC at USF or one of its subcenters.
How Do I Submit My Documentation and Completed Application Remotely?
- Email completed documents to USF@floridasbdc.org.
- Mail hard copies to: Florida SBDC Network Headquarters, C/O Florida Emergency Bridge Loan Process, 220 West Garden Street, Suite 301, Pensacola, FL 32502
- Fax 850-696-2693
For additional information or questions, please contact Javier Marin at email@example.com.