Florida First Capital Finance Corporation

Governor Announces Hurricane Bridge Loans

Governor Jeb Bush activated Florida’s Small Business Emergency ‘Bridge Loan’ Program to provide emergency, short-term loans to businesses in counties severely impacted by Hurricane Wilma.

Applications are available for Broward, Collier, Glades, Hendry, Lee, Miami-Dade, Monroe, Okeechobee, Palm Beach counties and the Glades communities of Belle Glade, Pahokee, and South Bay. The Governor has allocated $20 million from General Revenue to fund the Bridge Loan Program. The appropriation is made through a budget amendment pursuant to the Governor’s emergency declaration.

The state’s emergency bridge loan program is designed to provide a source of expedient cash flow to businesses physically damaged during a major catastrophe, enabling them to quickly begin repairs and replace destroyed inventory. These short-term loans are intended to “bridge the gap” between the time a major catastrophe hits and when a business has secured other resources, such as profits from revived a business, payment of insurance claims or secured longer-term loans.

Short-term loans of up to $25,000 will be available to owners of small businesses (less than 100 employees) in those counties most impacted by Hurricane Wilma. The interest-free loans come in terms of 90-day or 180-day maturities. To be eligible, a business owner must have been operational for one full year prior to Hurricane Wilma (October 24) and have verifiable, physical damage to their business.

A five-member committee comprised of three local bankers, one community representative and one representative from Enterprise Florida, Inc. or the Governor’s Office of Tourism, Trade, and Economic Development reviews applications for approval. The time from application through closing of loans is as little as 72 hours.

For an application or more information on the program, please contact the Governor’s Office of Tourism, Trade, and Economic Development at (850) 487-2568, or the local economic development office in counties most severely impacted by Hurricane Wilma.