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Loan Program Instructions
- Designated Disaster Areas: Lake Okeechobee Discharge/Algae Blooms: Glades, Hendry, Lee, Martin, Okeechobee, Palm Beach and St. Lucie counties. Red Tide: Charlotte, Collier, Hillsborough, Lee, Manatee, Pinellas and Sarasota counties.
- Qualified Applicant: Applications will be accepted by qualified for-profit, privately held small businesses that maintain a place of business in the state of Florida. All qualified applicants must have been established prior to July 9, 2018, for Lake Okeechobee Discharge/Algae Blooms and August 13, 2018, for Red Tide and suffered physical damage and/or economic injury as a result of the designated disaster. Qualified small business applicants must be an employer business with a minimum of two (2) and maximum of one hundred (100) employees.
- Amount: Between $1,000 and $50,000 per eligible small business.
- Term: Loans may be for periods of up to 180 days.
- Limitation: Only one loan may be made per eligible business. All previous bridge loans received MUST be paid in full.
- Interest: Loans will be interest free for the term of the loan (180 days). The interest rate will be 18% per annum on the unpaid balance thereafter, until the loan balance is repaid in full.
- Payments: Loans must be repaid in full by the maturity date of the established term.
- Payment Process: Loan payments will be made directly by borrowers to Florida First Capital Finance Corporation, the state of Florida appointed fiscal administrator of the program.
- Use of Proceeds: A borrower will be required to sign an agreement that proceeds of the loan will be used only for purposes of maintaining or restarting the business in the designated area. Use of proceeds to pay off debts already incurred for qualifying business maintenance or restart purposes may be authorized on a case-by-case basis.
- Dedicated Sources of Payment: A borrower will be required to certify that the proceeds of insurance claims, other loans applied for or to be applied for, or other financial assistance the borrower receives after receipt of the loan shall be applied to the loan and restricted from any other use by the borrower until full satisfaction of the loan has been made.
- Loan Default Notice: Each loan must be repaid in full by the maturity date established in the loan promissory note. Any loan not repaid in full on or before the maturity date will be considered in default. A defaulted loan will incur interest and may be assigned to a collection agency. In the event of default, the borrower will be responsible for the full amount of the loan principal, interest, and collection agency fees.