FloridaCommerce activates bridge loan program for small businesses impacted by Milton

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As Florida digs out and assesses the damage from Hurricane Milton, FloridaCommerce officials are urging small-business owners to apply for state-sponsored loans to help them offset any losses due to the monster storm.

Some $50 million is now available for small businesses in the state as FloridaCommerce activated the Small Business Emergency Bridge Loan Program Thursday. It’s the same program the state made available after Hurricane Helene hit the Big Bend area about two weeks ago, and when Hurricane Debby slammed Florida in early August.

Small-business owners adversely impacted by Milton need to go to the website FloridaJobs.org/EBL to apply for the loans, which have 0% interest and are designed to act just as the title says: a bridge to keep businesses afloat so they can reestablish revenue, ultimately repaying the loans. Small-business owners may be bogged down in the cleanup process and other tasks immediately after Milton, which is why FloridaCommerce keeps applications open until Dec. 4 or until funds are exhausted.

Most small businesses in the state can apply for up to $50,000 in bridge loans. Agriculture and aquaculture businesses can apply for loans up to $100,000. Citrus and cattle businesses can seek up to $150,000 in loans.

The bridge loan programs are for specific Florida counties. But it covers a large swath of the state, including: Alachua, Baker, Bradford, Brevard, Broward, Charlotte, Citrus, Clay, Collier, Columbia, DeSoto, Dixie, Duval, Flagler, Gilchrist, Glades, Hamilton, Hardee, Hendry, Hernando, Highlands, Hillsborough, Indian River, Lafayette, Lake, Lee, Levy, Madison, Manatee, Marion, Martin, Miami-Dade, Monroe, Nassau, Okeechobee, Orange, Osceola, Palm Beach, Pasco, Pinellas, Polk, Putnam, Sarasota, Seminole, St. Johns, St. Lucie, Sumter, Suwanee, Taylor, Union and Volusia counties.

FloridaCommerce officials stress, though, that the program is for short-term loans.

“Loans made under this program are short-term, zero-interest, personal loans using state of Florida funds. They are not grants and loans must be repaid by the approved applicant,” a FloridaCommerce news release said Thursday.