TALLAHASSEE, Fla. (WTXL) — On Monday, Governor Ron DeSantis activated the Florida Small Enterprise Emergency Bridge Mortgage Program to help small companies impacted by COVID-19.
The bridge mortgage program, managed by the Florida Division of Financial Alternative, will present short-term, interest-free loans to small companies that skilled financial damage from COVID-19. The appliance interval opens March 17 and runs by Might 8, 2020.
“As we mitigate towards the unfold of COVID-19, the well being, security and well-being of Floridians comes first,” stated Governor DeSantis. “I perceive the hurt mitigation methods may have on small companies all through our state. By activating the Florida Small Enterprise Emergency Bridge Mortgage, we’re offering the chance for Florida’s small companies to obtain money instantly to make sure they’ll reduce the impacts felt because of COVID-19.”
DEO will administer the Florida Small Enterprise Emergency Bridge Mortgage Program in partnership with the Florida SBDC Community and Florida First Capital Finance Company to supply money movement to companies economically impacted by COVID-19.
The short-term, interest-free loans assist bridge the hole between the time the financial impression occurred and when a enterprise secures different monetary sources, together with cost of insurance coverage claims or longer-term Small Enterprise Administration loans. As much as $50 million has been allotted for this system.
“Governor DeSantis has been a real chief within the combat to stop the unfold of COVID-19 and has prioritized the security of all Floridians,” stated Florida Division of Financial Alternative Government Director, Ken Lawson. “The Florida Small Enterprise Emergency Bridge Mortgage will assist Florida’s small companies get by this unsettling time. We admire the Governor’s efforts to maintain Florida’s small companies prime of thoughts and our companions on the Florida SBDC Community and Florida First Capital Finance Company to assist them get well.”
Small enterprise homeowners with two to 100 staff positioned in Florida affected by COVID-19 can apply for short-term loans as much as $50,000. These loans are interest-free for as much as one 12 months and are designed to bridge the hole to both federal SBA loans or commercially accessible loans. DEO will work with each borrower to make sure that compensation of the mortgage isn’t an awesome burden.
To be eligible, a enterprise will need to have been established previous to March 9, 2020 and reveal financial impacts because of COVID-19.
DEO is presently surveying companies all through the state of Florida who’ve been impacted by COVID-19. Companies and non-profits can entry the Enterprise Injury Evaluation survey at FloridaDisaster.BIZ then Choose “COVID-19” from the drop-down menu on the survey web page.
Companies within the bridge mortgage program should fill out a bridge mortgage utility.
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