Hurricane Ian has caused devastation all around Florida. I cannot drive to work without seeing businesses and homes that have been destroyed. It is truly heart-wrenching. Sales Lift is in the business of helping other small businesses increase profits mainly via web design, marketing, and integrating technology. How can a Florida small business find emergency loans, in an attempt to rebuild? Below are the two main sources currently available besides private funding.
Florida Small Business Emergency Bridge Loan Program
Governor Ron DeSantis has activated the Florida Small Business Emergency Bridge Loan Program, which instantly made $50 million dollars available, $10 million of that dedicated to assisting Agricultural businesses impacted by the hurricane. This loan has been made available to the following counties:
Charlotte, Collier, DeSoto, Flagler, Glades, Hardee, Hendry, Highlands, Hillsborough, Lake, Lee, Manatee, Monroe, Orange, Osceola, Pinellas, Polk, Putnam, Sarasota, Seminole, St. Johns, and Volusia counties.
These loans are being administered by the Florida Department of Economic Opportunity (DEO) and are being provided as short-term, zero-interest loans to small businesses that are impacted economically or physically by the damage of Hurricane Ian.
These loans are made to “bridge the gap” between the storm, and longer term recovery financing or recovery. Eligible small businesses may apply for loans upto $50,000.
Visit www.FloridaJobs.org/EBL for more information.
U.S. Small Business Administration
President Biden has implemented in the aforementioned counties two types of loans at the Federal level:
- Business Physical Disaster Loans – Loans to businesses to repair or replace disaster-damaged property owned by the business, including real estate, inventories, supplies, machinery and equipment. Businesses of any size are eligible. Private, non-profit organizations such as charities, churches, private universities, etc., are also eligible.
- Economic Injury Disaster Loans (EIDL) – Working capital loans to help small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private, non-profit organizations of all sizes meet their ordinary and necessary financial obligations that cannot be met as direct result of the disaster. These loans are intended to assist through the disaster recovery period.