Companies in Florida counties that are affected by the oil spill can now get state-sponsored unsecured personal loans. Emergency relief efforts in Florida consist of this set of short term loans. These interest-free loans are offered in conjunction with U.S. federal government installment loans for bad credit programs intended to help businesses rebound from the oil spill.
Qualifications for the Florida bridge loans
The personal loans available under Florida’s bridge loan system are interest-free. A business owner can get a loan up to $ 25,000, for one year, with no interest. Because these loans are intended for small companies, they could be offered only to businesses with 100 or fewer employees. In order to qualify for these loans, a business can have to have been open for a full year before the oil spill on April 20. The business has to prove, as well, that they have been “physically or economically damaged by the catastrophe.”
How Florida bridge loans are being funded
A program started by Charlie Crist is going to fund the Florida bridge loans. A total of $ 5 million has been allotted for these short term bridge loans. These unsecured loans are likely to be administered by the Governor’s Office of Economic Development. Administering these loans is going to also be shared by the Florida First Capital Finance Corporation.
Federal loan opportunities for damaged companies
There are a wide range of services and financial assistance loans accessible to companies that have been affected by the oil spill. There are 30-year low-interest loans offered through the Small business Administration. With loan rates as low as four percent, these installment loan are federally-supported. The Small company Administration suggests that business owners get these loans in order to fill the gap before insurance or British Petroleum pays up. Taking out an SBA loan, though, means promising to use any BP settlement to pay down that loan.
