FOR IMMEDIATE RELEASE: November 2, 2005
CONTACT: DEENA REPPEN (850) 488-5394 or SCOTT
OPENSHAW (850) 487-2568
Governor Bush Announces Emergency "Bridge Loans" Available for Small Business Severely Impacted by Wilma
~Governor responds to request from
Florida Legislature to activate loan program ~
TALLAHASSEE - Governor Jeb Bush today activated Florida’s
Small Business Emergency ‘Bridge Loan’ Program to provide
emergency, short-term loans to businesses in counties
severely impacted by Hurricane Wilma. Applications will be
available by Friday in Broward, Collier, Glades, Hendry,
Lee, Miami-Dade, Monroe, Okeechobee, Palm Beach counties and
the Glades communities of Belle Glade, Pahokee, and South
Bay. The Governor has allocated $20 million from General
Revenue to fund the Bridge Loan Program. The appropriation
is made through a budget amendment pursuant to the
Governor’s emergency declaration.
“Hurricane Wilma impacted millions of Floridians,
including hundreds of small businesses and the employees who
work in them,” said Governor Bush. “The quick revitalization
of our small businesses is a vital part of the State’s
recovery from the devastation of Hurricane Wilma. Offering
an immediate source of cash flow for businesses in need
allows impacted businesses to quickly re-open their doors in
the wake of the storm. I thank the Florida Legislature for
their expedient and thoughtful response to Hurricane Wilma
recovery efforts, in part through requesting the
reactivation of the bridge loan program.”
The state’s emergency bridge loan program is designed to
provide a source of expedient cash flow to businesses
physically damaged during a major catastrophe, enabling them
to quickly begin repairs and replace destroyed inventory.
These short-term loans are intended to “bridge the gap”
between the time a major catastrophe hits and when a
business has secured other resources, such as profits from
revived a business, payment of insurance claims or secured
longer-term loans.
The Florida Small Business Emergency Bridge Loan Program
was first activated in the aftermath of Hurricane Andrew in
an effort to provide short-term emergency funds to
businesses in need of immediate cash flow. The bridge loan
program has subsequently been used to minimize economic
impacts of the Winter Storm of 1993, the Northwest Florida
Floods of 1994, Hurricane Opal, Hurricane Georges, Hurricane
Charley, Hurricane Frances, Hurricane Ivan, Hurricane
Jeanne, and Hurricane Dennis.
Short-term loans of up to $25,000 will be available to
owners of small businesses (less than 100 employees) in
those counties most impacted by Hurricane Wilma. The
interest-free loans come in terms of 90-day or 180-day
maturities. To be eligible, a business owner must have been
operational for one full year prior to Hurricane Wilma
(October 24) and have verifiable, physical damage to their
business.
A five-member committee comprised of three local bankers,
one community representative and one representative from
Enterprise Florida, Inc. or the Governor’s Office of
Tourism, Trade, and Economic Development reviews
applications for approval. The time from application through
closing of loans is as little as 72 hours.
For an application or more information on the program,
please contact the Governor’s Office of Tourism, Trade, and
Economic Development at (850) 487-2568, or the local
economic development office in counties most severely
impacted by Hurricane Wilma:
- Broward County contact the Broward Alliance at (954)
524-3113 or the Broward County Economic Development
Council, Pat Taylor at (954) 831-3847
- Collier County contact Tammie Nemecek at (239)
263-8989
- Glades, Okeechobee, and the Glades communities of
Belle Glade, Pahokee, South Bay contact Lynn Topel at
(800) 620-3602
- Hendry County contact Janice Groves at (863)
675-6007
- Lee County contact Regina Smith at (800) 330-3161
- Miami-Dade contact the Beacon Council at (305)
579-1300
- Monroe County contact the South Florida Regional
Planning Council at (800) 985-4416
- Palm Beach County contact the Business Development
Board at (561) 835-1008
U.S. SBA also provides long-term, disaster assistance
loans to support businesses and non-profit organizations to
repair damage to real estate, machinery, equipment, and
inventory as a result of Hurricane Dennis. The SBA business
disaster loans are provided at low interest and long-term
(up to 30 years). For more information on SBA disaster
assistance loans, go to
www.sba.gov. To apply for SBA disaster assistance,
victims of Hurricane Dennis are urged to contact
1-800-621-FEMA to register for disaster assistance with FEMA,
who will also refer business recovery needs to SBA for
priority loan consideration.
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