In response to the economic challenges faced by small businesses due to Hurricane Milton, Florida has activated the Small Business Emergency Bridge Loan Program. This initiative aims to provide immediate financial relief to affected businesses, offering short-term, zero-interest loans to help them recover and sustain operations.
Key Takeaways
- Funding Available: $50 million allocated for small businesses impacted by Hurricane Milton.
- Loan Amounts: Up to $50,000 for small businesses; up to $100,000 for agriculture and aquaculture.
- Eligibility: Open to businesses with fewer than 100 employees and a credit score of 600 or higher.
- Application Deadline: Applications accepted until December 4, 2024, or until funds are exhausted.
Overview of the Program
The Florida Small Business Emergency Bridge Loan Program is designed to assist small businesses in bridging the financial gap between the immediate impact of a disaster and the receipt of long-term recovery funding. This program is particularly crucial for businesses that have suffered economic injury or physical damage due to recent hurricanes.
Eligibility Criteria
To qualify for the program, businesses must meet the following criteria:
- Must be a small business or sole proprietor with fewer than 100 employees.
- Applicants should have a credit score of 600 or higher.
- At least 51% of the business must be owned by the applicant.
Loan Details
- Loan Amounts: Eligible small businesses can apply for loans of up to $50,000, while agriculture and aquaculture businesses may qualify for loans of up to $100,000.
- Loan Term: The loan term is set for one year, and it is important to note that these loans must be repaid.
Ineligible Businesses
Certain types of businesses are not eligible for this program, including:
- Short-term rentals
- Businesses involved in illegal activities
- Loan packaging and speculation ventures
- Gambling and investment or lending ventures
- Businesses with owners currently on parole
Application Requirements
Businesses interested in applying must provide the following documentation:
- Copy of driver’s license or passport for all owners.
- Current and previous year’s business tax returns (all pages).
- Personal tax returns for all owners (all pages).
- Proof of at least two employees or sole proprietorship status (e.g., business license, W-2s).
- A voided check.
How to Apply
Applications for the Florida Small Business Emergency Bridge Loan Program can be submitted online. Interested businesses should visit the official website to complete their applications before the deadline. It is advisable to prepare all necessary documentation in advance to ensure a smooth application process.
This program represents a significant step by the state of Florida to support its small business community during challenging times, ensuring that they have the resources needed to recover and thrive in the aftermath of natural disasters.
Sources
- Florida Small Business Emergency Bridge Loan Program City of West Palm Beach, City of West Palm Beach.
- Governor Ron DeSantis Activates the Florida Small Business Emergency Bridge Loan Program, Making $20 Million Available for Businesses Impacted by Hurricane Idalia | Executive Office of the Governor, Office of Governor Ron DeSantis.
