Florida SBDC at USF administers more than $7.5 million in small business Bridge Loans

The Florida SBDC at University of South Florida facilitated 141 State of Florida Emergency Bridge Loans, totaling $7,515,100 in funding.

The Florida Small Business Emergency Bridge Loan Program was activated by Governor Rick Scott on Sept. 14, 2017, as a result of Hurricane Irma.  On October 6, the program was expanded to include Florida’s citrus businesses.

This interest-free loan program was available to small business owners and citrus businesses throughout Florida that experienced physical and/or economic damage as a result of the storm.  Small business owners could qualify for up to $50,000, while citrus growers could apply for up to $150,000.

“We were all very proud to assist small businesses affected by Hurricane Irma,” Eileen Rodriguez, FSBDC at USF Regional Director, said. “It reminds us why we do this on a daily basis – because we love helping businesses.”

Business consultants at the Florida SBDC at USF closed the following for its 10-county region:

County                                                # of Loans                               Total Loan Amount

Desoto County                                     3                                              $335,000

Hardee County                                    8                                              $915,000

Hernando County                                8                                              $300,000

Highlands County                                29                                            $2,393,000

Hillsborough County                           21                                            $715,000

Manatee County                                 6                                              $285,000

Pasco County                                       8                                              $199,000

Pinellas County                                   13                                            $476,400

Polk County                                         25                                            $1,256,200

Sarasota County                                  20                                            $640,500

The Florida SBDC at Florida Gulf Coast University closed an additional $50,000 Bridge loan in Desoto County.

Of the approximate $7.5 million in Bridge loans, nearly $4 million were citrus loans, concentrated in Desoto, Hardee, Highlands and Polk counties.

The Florida SBDC at USF has been processing loans since the week after Hurricane Irma hit, as the State of Florida’s loan administrator.

Additional disaster recovery resources can be found online at SBDCTampaBay.com/resources.