Florida Bridge Loans and SBA Economic Injury Disaster Loans

148

for Lee County Small Businesses
Impacted by COVID-19

https://www.leegov.com/covid-19/

LEE COUNTY, FL
(March 23rd, 2020)

Governor Ron DeSantis has activated the Emergency Bridge Program for small businesses and the U.S. Small Business Administration is offering low-interest federal disaster loans for working capital to Florida small businesses suffering substantial economic injury as a result of COVID-19.

Lee County businesses can now apply for a Florida Small Business Emergency Bridge Loan. These short-term, interest-free working capital loans are intended to “bridge the gap” between the time a major catastrophe hits and when a business has secured longer term recovery resources, such as sufficient profits from a revived business, receipt of payments on insurance claims or federal disaster assistance. You can then apply for the SBA Loan and use the funds to pay back the Bridge Loan. The application period runs through May 8, 2020.

The application form and additional details can be found at http://www.FloridaDisasterLoan.org

SBA Economic Injury Disaster Loans offer up to $2 million in assistance per small business and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.

-These working capital loans are intended to assist small businesses in meeting their financial obligations through the disaster recovery period.

-These loans may be used to pay fixed debts (Bridge Loan), payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact.

– The application is available online at https://disasterloan.sba.gov/ela

-The interest rate for businesses is 3.75% with loan terms up to 30 years.

-SBA offers loans with long-term repayments to keep payments affordable for businesses without the financial ability to weather the adverse impacts of COVID-19.

The Applicants may call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomer-service@sba.gov for more information on SBA disaster assistance. Individuals who are deaf or hard-of-hearing may call (800) 877-8339. The deadline to apply for an Economic Injury Disaster Loan is Dec. 18, 2020. Disaster declaration details:
https://disasterloan.sba.gov/ela/Declarations/DeclarationDetails?declNumber=6063372

For more information about available SBA resources and services, please visit: www.SBA.gov/coronavirus.

Businesses located in Lee County can visit https://fsbdcswfl.org/ to complete the appointment form.

Our staff at the Florida SBDC at Lee County Economic Development will then email or phone to help you with your application(s) for assistance. In accordance with the Center for Disease Control’s best practices for containing COVID-19, we will assist our small business clients by phone or email only.

Additional resources for businesses impacted by COVID-19.

Florida Small Business Emergency Bridge Loans

SBA Economic Injury Disaster Loans

Lee County Government COVID-19 

Lee County Economic Development Office

Florida SBDC

SWFL CareerSource

SBA’s Customer Service Center at (800) 659-2955