As we all continue to monitor Hurricane Irma, the Business Development Board (BDB) has a Bridge Loan program in place for area businesses if Palm Beach County suffers severe damage. Should the Governor Rick Scott declare Palm Beach County a disaster after assessment of the area, a Bridge Loan program will be activated.
- SBDC will provide a link to the bridge loan application form to partners, to be communicated to businesses
- SBDC loan committee reviews packages received from applicants and recommends loan decisions. Florida First Capital (FFC) receives/reviews SBDC loan committee recommendations. FFC issues payment and SBDC disburses funds to loan recipients.
- Bridge Loan – up to $25,000, term up to 6 months, 0% interest, no payment until end of loan term
- SBA Loan – up to $2 million, term up to 30 months, interest rate 3% to 8%, physical and economic damage
- FEMA – will be communicated by DEO if a disaster plan/allocation has been assigned
Note that these disaster resources are loans. The BDB is not aware of grants or forgivable loans available at this time (per SBDC, DEO).