Florida Governor Activates Emergency Loans For Small Businesses

TALLAHASSEE, FL — As search and rescue operations continue throughout the Florida Panhandle in the aftermath of Hurricane Michael, Florida Gov. Rick Scott said on Friday that he was activating the Florida Small Business Emergency Bridge Loan Program to assist businesses damaged by Hurricane Michael with up to $10 million in available short-term, no-interest loan money.

“The damage we have seen from Hurricane Michael is indescribable and unprecedented for the Panhandle. We are aggressively working to restore power in these communities so that our small businesses can get back on their feet," Gov. Scott said in announcing the loan program. "We will do everything we can to help our small businesses – that truly are the heart of the Panhandle. The small business bridge loan program will help small business owners and communities get back up and running, and I encourage all affected business owners to apply today."

Under the program, Florida businesses that have experienced physical or economic damage as a result of Hurricane Michael can apply for a short-term loan. The application period opened on Friday and runs through Dec. 7.

State officials said that the loans are intended to help bridge the gap between the time damage was incurred and when a business secures other financial resources, such as insurance payments or longer-term Small Business Administration loans. Up to $10 million has been allocated for the program.

The loans are managed by the Florida Department of Economic Opportunity (DEO) in partnership with the Florida SBDC Network.

"We know the first step to getting communities back on their feet is getting our business back on their feet," explained DEO Executive Director Cissy Proctor. "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.”

DEO is also surveying businesses in affected Florida counties. To participate in the business survey, click here and select “Hurricane Michael” from the drop-down menu. Response to the damage assessment survey is not part of the application for the loan program. Businesses that are interested in the bridge loan program must fill out a bridge loan application.

Small businesses with two to 100 employees in any of Florida’s 35 counties affected by Hurricane Michael can apply for short-term loans up to $50,000. The loans are interest-free for up to one year.

"To that end, DEO will work with every borrower to ensure that repayment of the loan isn’t an overwhelming burden," according to state officials. "To be eligible, a business must have been established prior to Oct. 7, 2018, and demonstrate economic injury or physical damage as a result of Hurricane Michael."

Michael Myhre, CEO and state director for the Florida SBDC Network, said that small businesses are important to the state's economy.

“We want our small business owners to know how important they are to our state and we are here to help walk them through the recovery process to get their employees back to work and growing their business," Myhre explained.

Visit www.floridadisasterloan.org to apply for a loan. For questions regarding the Emergency Bridge Loan Program, contact the Florida Small Business Development Center Network at 866-737-7232 or email Disaster@FloridaSBDC.org. The phone line will be answered during regular business hours. Officials said they plan to return voicemails and emails within 24 hours.

Photo courtesy Florida governor's office