Small businesses the Tampa Bay region, and across Florida can now apply for bridge loans as the spread of coronavirus continues to affect operations.
The Florida Small Business Emergency Bridge Loan Program is currently available to small business owners located in all Florida counties statewide that experienced economic damage as a result of COVID-19.
Applications will be accepted by qualified for-profit, privately held small businesses that maintain a place of business in the state of Florida. All qualified applicants must have been established prior to March 9, 2020, and suffered economic injury as a result of the designated disaster. Qualified small business applicants must be an employer business with 2 to 100 employees.
Up to $50,000 is available for eligible small businesses. Loans of up to $100,000 may be made in special cases as warranted by the need of the eligible small business.
Only one loan may be made per eligible business. All previous bridge loans received MUST be paid in full.
Loans will be interest-free for the loan term (1 year). The Interest rate will be 12% per annum on the unpaid balance thereafter, until the loan balance is repaid in full. Loan default is subject to a normal commercial collection process.
Applications will be accepted through May 8, 2020, contingent on the availability of funds.
Click HERE to learn more and to obtain the proper application documents for submission.