Governor Crist Activates Emergency Bridge Loan Program for Businesses Affected by Gulf Oil Spill~Program provides $5 million in short-term funds to help small businesses in designated impact counties~
In an effort to assist businesses impacted by the Deepwater Horizon oil spill, the Florida’s Small Business Emergency Bridge Loan Program has been activated to provide emergency, short-term loans to established small businesses in our area.
The Florida Small Business Emergency Bridge Loan Program provides an expedient cash flow to businesses which are physically or economically damaged by a major catastrophe. The short-term loans help bridge the gap between the time the catastrophe hits and when a business secures other resources, including profits from a revived business, payment of claims, or longer-term loans.
The Governor has allocated $5 million from General Revenue to fund the bridge loan program. Short-term loans of up to $25,000 will be available to owners of small businesses (less than 100 employees) in counties impacted the recent oil spill. The interest-free loans come in terms of 12 month maturities. To be eligible, a business owner must have been operational for one full year prior to the Deepwater Horizon Oil Spill on April 20, 2010, and demonstrate physical damage or economic injury as a result of the oil spill.
For an application and program instructions visit www.floridaoilhelp.com.