FOR PROGRAMS & ASSISTANCE
Governor Ron DeSantis Activates Emergency Bridge Loan Program
Tallahassee, Fla. – Today, Governor Ron DeSantis activated the Florida Small Business Emergency Bridge Loan Program to support small businesses impacted by COVID-19. The bridge loan program, managed by the Florida Department of Economic Opportunity (DEO), will provide short-term, interest-free loans to small businesses that experienced economic injury from COVID-19. The application period opens tomorrow, March 17, 2020 and runs through May 8, 2020.
“As we mitigate against the spread of COVID-19, the health, safety and well-being of Floridians comes first,” said Governor DeSantis. “I understand the harm mitigation strategies will have on small businesses throughout our state. By activating the Florida Small Business Emergency Bridge Loan, we are providing the opportunity for Florida’s small businesses to receive cash immediately to ensure they can lessen the impacts felt as a result of COVID-19.”
STAY UP TO DATE
Broward Businesses Seeking Assistance Quick Facts:
Bridge Loan Program Eligibility:
- For Profit Business in the State of Florida
- Located in a designated disaster area (Broward County)
- Business must have been established prior to March 9, 2020
Required:
- Government ID
- Federal Business Tax Returns the last 2 completed years
- Personal Tax Returns for the last 2 completed years
For the complete list of eligibility requirements, and necessary documentation, please visit the Florida Business Disaster website at:
Again, the Office of Economic and Small Business Development encourages ALL BUSINESSES to be sure to complete the Business Damage Assessment Survey. The Damage Assessment Survey is critical to determining what additional support and resources are needed by Florida’s small businesses. The Survey can be accessed at floridadisaster.biz/
For the most up-to-date information, visit our website Broward.org/EconDev.
EMERGENCY BRIDGE LOAN UPDATE
DEO will administer the Florida Small Business Emergency Bridge Loan Program in partnership with the Florida SBDC Network and Florida First Capital Finance Corporation to provide cash flow to businesses economically impacted by COVID-19. The short-term, interest-free loans help bridge the gap between the time the economic impact occurred and when a business secures other financial resources, including payment of insurance claims or longer-term Small Business Administration (SBA) loans. Up to $50 million has been allocated for the program.
Small business owners with two to 100 employees located in Florida affected by COVID-19 can apply for short-term loans up to $50,000. These loans are interest-free for up to one year and are designed to bridge the gap to either federal SBA loans or commercially available loans. DEO will work with every borrower to ensure that repayment of the loan isn’t an overwhelming burden. To be eligible, a business must have been established prior to March 9, 2020 and demonstrate economic impacts as a result of COVID-19.
As provided to the Office of Economic and Small Business Development by the Office of Emergency Management, Florida Department of Economic Opportunity (DEO):
ALL Broward Businesses please note the following:
- On Monday March 16, 2020 Governor Ron DeSantis activated the Florida Small Business Emergency Bridge Loan Program to support small businesses impacted by COVID-19. The bridge loan program will provide short-term, interest-free loans to small businesses that experienced economic injury from COVID-19.
- The application IS NOW OPEN as of March 17, 2020 and will remain open through May 8, 2020. More information is at FloridaDisasterLoan.org
- The Governor has requested the federal Small Business Administration (SBA) make the Economic Injury Disaster Loan program available for Florida’s small businesses impacted by COVID-19. The Florida Department of Economic Opportunity (DEO) stands ready to assist Florida’s small businesses in accessing this funding when available.
The Office of Economic and Small Business Development is strongly encouraging EVERY Broward County business to compete the Florida Business Damage Assessment Survey which has been activated to assess the impact of COVID-19 on Florida’s local business operations. The survey, managed by DEO, will evaluate businesses affected by COVID-19 and the impacts the virus has had on the local economy, so actions to implement appropriate relief programs can begin. The survey can be taken online at https://floridadisaster.biz/.