Florida Small Business Emergency Bridge Loan Program

Published on October 11, 2024

October 11, 2024

FOR IMMEDIATE RELEASE

Contact:              

Diane G. Papadakos, Director of Communications
City of West Palm Beach – Mayor’s Office 
dpapadakos@wpb.org 
(561) 822-1411 (TTY: 800-955-8771)

Rabi Sami, Economic Development Specialist
City of West Palm Beach – Mayor’s Office
rsami@wpb.org
(561) 822-1224

City of West Palm Beach Encourages Eligible Small Businesses to Apply for the
Florida Small Business Emergency Bridge Loan Program

WEST PALM BEACH, FL — The City of West Palm Beach encourages local small business owners affected by Hurricane Milton to take advantage of the Florida Small Business Emergency Bridge Loan Program. With $50 million in funding available, this state program aims to provide financial relief to small businesses in Palm Beach County, and other counties, that were impacted by Hurricane Milton.

Program Overview

The Florida Small Business Emergency Bridge Loan Program offers short-term, zero-interest loans to help businesses bridge the financial gap between disaster impact and the receipt of long-term recovery funding. Eligible businesses may apply for loans of up to $50,000, while agriculture and aquaculture businesses may qualify for loans of up to $100,000.

Eligibility Criteria:

• Open to small businesses and sole proprietors with fewer than 100 employees.

• Applicants must have a credit score of 600 or higher.

• Businesses must be at least 51% owned by the applicant.

Loan Terms:

• Loan amounts up to $50,000 for eligible small businesses, and up to $100,000 for agriculture and aquaculture businesses.

• The loan term is one year. This is not a grant and must be repaid.

Ineligible Businesses:

The following types of businesses are ineligible for the program:

• Short-term rentals

• Businesses involved in illegal activities

• Loan packaging

• Speculation

• Multi-sales distribution

• Gambling

• Investment or lending ventures

• Businesses with owners currently on parole

Application Requirements:

To apply, businesses must provide the following documentation:

• Copy of driver’s license(s) or passport(s) for all owners

• Current and previous year’s business tax returns (all pages)

• Personal tax returns for all owners (all pages)

• Proof of at least two employees or sole proprietorship status (e.g., business license, W-2s)

• A voided check

Application Deadline:

Applications are open until December 4, 2024, or until the $50 million fund is exhausted. To apply, visit FloridaJobs.org/EBL.

For more information, please contact the City of West Palm Beach Economic Development Specialist Rabi Sami at rsami@wpb.org or (561) 822-1224, or visit the Florida Department of Economic Opportunity website.

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About the City of West Palm Beach:

The City of West Palm Beach is a vibrant and dynamic City located on the Atlantic coast of Florida. With a rich history, a thriving arts and cultural scene, and a commitment to sustainability, the City of West Palm Beach is a great place to live, work, and play. As one of the three largest cities making up the South Florida region, and the central City of Palm Beach County, West Palm Beach is a vibrant, growing, waterfront City that seamlessly blends the business advantages available in the region with a more refined and relaxed environment for living and working, making it an exceptional destination for both residents and professionals alike. To learn more about the City of West Palm Beach, visit us on our official website, or follow us on our social media: Facebook, Instagram, X (formerly known as Twitter), and/or LinkedIn.

About the West Palm Beach Community Redevelopment Agency (CRA):
A Community Redevelopment Agency (CRA) is a dependent district established by City government to carry out redevelopment activities that include reducing or eliminating blight, improving the economic health of an area, and encouraging public and private investments in a CRA district. The CRA is governed by State Statutes, Chapter 163, Part III. The West Palm Beach Community Redevelopment Agency is funded through Tax Increment Financing (TIF). Learn more about the CRA on our official website, or follow us on social media: Facebook, Instagram, and LinkedIn.