Table of Contents hide Small Business Loans for Hurricane Ian Florida Small Business Emergency Bridge Loan Program Disaster Assistance Programs Initiatives for Emergency Relief from the SBA Small Business Administration Financial Aid for Disasters Caused by Economic Losses (EIDL) In Florida Small Business Loans for Hurricane Ian Ron DeSantis has lifted eligibility conditions for the Florida Small Business Emergency Bridge Loan Program for sole proprietors in the marine fisheries industry. Removing the eligibility conditions expands the small business loan options for hurricane Ian. Governor Ron DeSantis made it possible for sole proprietors in the marine fisheries sector to operate businesses in Charlotte, Collier, DeSoto, Hardee, Lee, and Sarasota counties in Tallahassee, Florida, to apply for and receive emergency bridge loans from the Florida Small Business Emergency Bridge Loan Program. Governor DeSantis requested that the U.S. Secretary of Commerce declare a federal fisheries disaster to receive federal aid. Emergency Management Agency Division of Emergency Management Director Kevin Guthrie and Economic Opportunity Secretary Dane Eagle met with marine industry representatives at a temporary Disaster Recovery Center to aid Floridians working in the marine fisheries sector. After learning about the difficulties encountered by the businesses in the wake of Hurricane Ian, Secretary Eagle and Director Guthrie were able to offer assistance. Governor Ron DeSantis claims that Hurricane Ian significantly impacted the nation’s maritime resources. “Helping Floridians whose livelihoods depend on the water is important to me, and I am committed to maintaining Florida’s fishing industry.” Florida Small Business Emergency Bridge Loan Program The program provides $50 million to small businesses in the following counties: Brevard, Charlotte, Collier, DeSoto, Flagler, Glades, Hardee, Hendry, Highlands, Hillsborough, Lake, Lee, Manatee, Monroe, Orange, Osceola, Pinellas, Polk, Putnam, Sarasota, Seminole, St. Johns, and Volusia. The plan would provide $10 million in loans to small agricultural producers. Charlotte, Collier, DeSoto, Hardee, Lee, and Sarasota counties, home to the most affected small businesses, will be prioritized as reports come in. DEO Secretary Dane Eagle announced that “sole proprietors in the Marine Fisheries Industry” in Charlotte, Collier, DeSoto, Hardee, Lee, and Sarasota counties can apply for the funding. Strong leadership and compassion from Governor DeSantis have helped Floridians, and their businesses bounce back from Hurricane Ian’s destruction. To get a short-term loan for your Florida small business, visit www.FloridaJobs.org/EBL. Disaster Assistance Programs Sole proprietors in the Marine Fisheries Industry in the Florida counties of: Charlotte, Collier, DeSoto, Hardee, Lee, Sarasota Interested businesses in the Florida Small Business Emergency Bridge Loan Program, must provide documentation proving their businesses are Marine Fisheries Industry operations. The Florida Department of Economic Opportunity offers short-term loans to small businesses that suffered damages from Hurricane Ian (DEO). No later than December 2, 2022, applications will be accepted (or until the available funds are gone, whichever occurs first). Short-term loans from the Emergency Bridge Loan Program help businesses recover and go forward after suffering a setback. The affected companies can apply for and receive longer-term support for recoveries, such as federal or private loans, insurance payouts, or other options. Participating small enterprise businesses can apply for loans of up to $50,000. Personal loans of up to $2,000 are with zero percent interest as part of this program, and funding is by the state of Florida. The approved candidate must repay loans but not grants. DEO, in partnership with Florida First Capital Finance Corporation, is responsible for managing the budget for the Emergency Bridge Loan Program. Apply before December 2, 2022, by visiting www.FloridaJobs.org/EBL and finding out more about the program and loan terms. You can contact them if you have any queries about the program by reaching a representative by dialing 833-832-4494 between 8 a.m. and 5 p.m. Eastern Time, M – F. Sunwise Capital recognizes the importance of the country’s small enterprises as the backbone of the economy. An extraordinary challenge lately faced by business owners in Southwest Florida continues to interrupt operations and cause significant financial losses. A Sunwise Capital representative stated, “We’re here to provide you with the resources accessible after Hurricane Ian. Both the local and national economies benefit when small businesses thrive.” Initiatives for Emergency Relief from the SBA Low-interest loans and other assistance are available from the SBA in disaster-stricken communities. To support businesses getting back on their feet, the SBA, https://www.sba.gov/, offers readily available, directly supported emergency loans. People, including business owners, can apply for disaster aid through the Small Business Administration. Finance for Property Damage A physical damage loan from the SBA isn’t just for business owners, despite what you might think. Low-interest loans are available to businesses, NGOs, homeowners, and renters in areas hit by declared disasters. You must be a resident of the declared disaster area during the announced disaster period. The SBA has made it easy to determine if your area is in a disaster zone. Access the official SBA application and submit a help request to see if you meet the qualifications. Small Business Administration Financial Aid for Disasters Caused by Economic Losses (EIDL) In Florida The Economic Injury Disaster Loan program (EIDL) is a subset of the SBA’s disaster aid. EIDL loans are long-term, low-interest loans for qualified enterprises harmed by natural disasters such as hurricanes and floods. The SBA will provide EIDL assistance to affected Florida small businesses if your company cannot get financing through alternative means. In the event of a natural disaster, businesses may qualify for both a traditional loan and an economic impact disaster loan (EIDL). The SBA might provide up to $2 million to help with debt and operating expenditures for revenue losses if the tragedy hadn’t happened. Application Process To give the SBA permission to examine your tax records, you’ll need to fill out IRS Form 4506-T and have it signed and dated before submitting your online application. Reservists’ economic losses and the need for a disaster loan Military Reservist Economic Injury Disaster Loan(MREIDL) Those military employees may be needed when disaster strikes. Because this could leave you short-handed and struggling, the Small Business Administration has created the Military Reservist Economic Injury Disaster Loan (MREIDL) program to help mitigate the financial fallout. You can borrow up to $30 million at an interest rate of 4% for a term of up to 30 years if your business can show it has the financial wherewithal to do so. Loans from the MREIDL must be secured if the amount is over $50,000, although there are no fees or penalties for paying them off early. From the time an essential employee receives word that they will be summoned to active duty until the time that they are released or dismissed from service, a year passes during which they can file for unemployment benefits. To learn more about MREIDL Eligibility, visit the SBA’s website. Tools for Disasters Preparation is critical before a disaster occurs. The process of disaster planning can be overwhelming, but there are free internet resources that can help you become organized and cover the essentials. Example: FEMA’s hurricane preparedness toolkit is an excellent place to begin. Business owners may use the kit’s resources to understand their risks better, create a strategy, and map out the next steps. Information on encouraging those in your community to take safety measures is a part of the kit. Obtaining a line of credit is another method you can use to assist your business stay afloat while you rebuild. A business line of credit functions similarly to a credit card because it is a revolving loan from which the owner can withdraw funds as needed. When income drops but expenses remain the same, having access to a credit line can make all the difference and make a critical shift easier to implement. Business Finance Florida-based Sunwise Capital is there to help small business owners get the money they need before, during, and after a crisis. At Sunwise Capital, we have loan experts conversing with all the intricacies of various funding options. We’re all well aware of how challenging it is to run a small business. Check out the business success stories section for inspiring anecdotes of the struggles and triumphs of other business entrepreneurs. Extremely high gusts, a storm surge, copious amounts of rain, and widespread flooding were just some of the effects Hurricane Ian had on the United States. We hope that those affected by the storm will recover quickly.