Florida DEO announces over $3 million in emergency loans for flood-affected businesses
Broward County, Florida – The Florida Department of Economic Opportunity (DEO) has declared the availability of over $3 million in loans designed to support 90 businesses adversely affected by the exceptional flooding event in Broward County. The relief comes in the form of the Florida Small Business Emergency Bridge Loan Program, a measure enacted by Governor DeSantis on April 20, 2023.
The program is designed to offer short-term, interest-free loans to local enterprises that have suffered financially or physically due to the severe flooding in Broward County. Prospective applicants can submit their applications up until June 19, 2023, or as long as the funds are available. Further details and the application form are accessible on www.FloridaJobs.org/EBL.
Enterprises spanning sectors such as retail, food service and hospitality, construction, and manufacturing have utilized these funds to maintain operations, pay staff, and navigate the recovery process.
DEO’s Acting Secretary, Meredith Ivey, noted, “Following Governor DeSantis’ directive, the DEO team was promptly deployed to Broward County after the flooding to evaluate the immediate needs of the affected businesses. These emergency bridge loans serve as crucial resources, injecting capital into small businesses and enabling them to recover and continue operating.”
The Small Business Emergency Bridge Loan Program serves to cushion businesses in the period between a disaster and when they can secure long-term recovery funding. Eligible small businesses may apply for these short-term, zero-interest loans, amounting to up to $50,000 per applicant, funded by the state of Florida. It should be noted that these are loans and not grants, and they must be repaid by the approved applicant.
Interested parties can visit www.FloridaJobs.org/EBL to explore more about the program, view the lending guidelines and necessary documentation, and submit an application before the June 19, 2023, deadline. Business owners who need further program information may call 833-832-4494 Monday through Friday, 8:00 a.m. to 5:00 p.m., Eastern Time.
