Indian River County businesses are eligible for Florida’s Small Business Emergency Bridge Loan Program. If you own a small business in IRC and suffered because of this year’s larger than normal red tide, you may qualify for an emergency bridge loan. The state is offering this program for both red tide and Hurricane Michael related issues. In Indian River County, it’s active for red tide economic damage assistance.
These loans are short-term, interest-free loans to serve as working capital. The State of Florida’s Small Business Emergency Bridge Loan Program is accepting applications for a couple more weeks from qualified businesses. To qualify, the Indian River County Business must have been established before August 13th of this year and suffered physical or economic damages as a result of the larger than normal red tide this summer. The business must have between two and 100 employees to qualify. These loans are for up to $50,000.
Interest is free on these loans for 180 days. After that, the interest rate is 18 percent per annum on the unpaid balance only and until the balance is fully repaid. Any borrowers have to sign an agreement to use the loans only for purposes of maintaining or restarting the business in Indian River County. On a situational basis, the loans can be authorized to repay debts already incurred.
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