—Studer Establishes Interest-Free Loan Program for Businesses Impacted by Palafox Construction—
Quint Studer is setting up an interest-free loan program to help downtown Pensacola businesses impacted by the upcoming Reimagine Palafox street reconstruction project, scheduled from Jan. 5 through May 24, 2026.
- The program will be administered by Studer’s CPA and financial advisor, Mort O’Sullivan, who will evaluate applications and manage the loans independently. Studer will not review individual business financial information.
Background: During the Community Redevelopment Agency meeting on Nov. 11, Studer spoke in favor of Reimagine Palafox and shared his perspective “as a business owner who currently pays over $1,032,000 in property taxes for downtown properties — and has guaranteed $400,000 in loans for some Palafox business owners (none of whom lease from me).”
He offered to help businesses on South Palafox affected by the road construction.
- “If any store owner is concerned about cash flow during construction, I encourage them to contact me.”
How the Program Works
Studer and O’Sullivan yesterday laid out the details of how the assistance will be handled. The program’s framework will be similar to BP oil spill recovery assistance, in which businesses had to demonstrate actual losses to receive help.
- To ensure the privacy of business owners, O’Sullivan will sign a non-disclosure agreement to protect confidential financial information
Businesses seeking assistance must:
- Provide monthly financial statements for the previous two years
- Submit current year projections or budget information
The two-year comparison requirement accounts for anomalies like last January’s snowstorm, which could skew single-year comparisons.
Once approved, businesses will receive interest-free loans to cover cash flow shortfalls during the construction period. Recipients must provide monthly financial updates throughout the construction.
- Loans are to be repaid within two years after construction completion, with preference for one-year repayment. The loans are unsecured with no collateral required.
Businesses can contact O’Sullivan directly to apply for assistance. Email mortosullivan3@gmail.com or reach him by phone/text at 850-572-1403.
