TALLAHASSEE, FL (352today.com) – FloridaCommerce is pushing out the Florida Small Business Emergency Bridge Loan Program in response to businesses affected by Hurricane Milton.
The program reportedly grants $50 million to eligible small business owners needing cost assistance from damages caused by the storm. With all counties incorporated in the North Central Florida area eligible to apply, small businesses can apply for loans of up to $50,000 through the program. Loans of up to $100,000 are available for agriculture and aquaculture small businesses, and loans of up to $150,000 are available for citrus and cattle operations, according to FloridaCommerce.
FloridaCommerce states the loans approved through the program are intended to “bridge the gap” between the time a disaster impacts the business and when they have secured longer-term recovery funding through other resources.
According to FloridaCommerce, loans made under this program are short-term, zero-interest, personal loans using State of Florida funds. They reiterate that loans are “not grants” and must be repaid by the applicant receiving them.
Those who wish to apply can do so through December 4, 2024, or until the money runs out.
Along with the loan program, FloridaCommerce has released a Business Damage Assessment Survey, where owners can report physical and economic damages caused by Hurricane Milton.
FloridaCommerce says survey responses will allow the state to expedite Hurricane Milton recovery efforts by assessing the needs of impacted businesses.