Storm-Impacted Businesses Encouraged to Apply for SBDC Bridge Loan, Complete Disaster Assessment
Cooter Stew Cafe, St. Marks
The Pensacola-headquartered Florida SBDC Network, the state’s principal provider of business assistance, encourages small businesses impacted by Hurricane Michael to apply for assistance through the Florida Small Business Emergency Bridge Loan Program.
The program, activated Friday by Gov. Rick Scott, provides a source of expedient cash flow to small businesses physically and/or economically impacted 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 is a short-term, interest-free working capital loan intended to help small businesses “bridge the gap” between the time of a declared disaster and when the business has secured long-term recovery resources.
DEO Executive Director Cissy Proctor said, “We know the first step to getting communities back on their feet is getting our business back on their feet. Hurricane Michael has brought devastation to the Florida Panhandle and DEO is working with these businesses to make sure they can recover and be successful.”
Eligible businesses with two to 100 employees may apply for interest-free loans between $1,000 and $50,000 for up to one year. While the bridge loan is a