Small Business

The program created to provide financing to assist businesses with resiliency efforts. The funds will address the current gap in available, affordable capital for businesses that can be used for inventory purchases, construction, working capital, equipment financing and more.

FloridaCommerce is pleased to report that the $40 million Rebuild Florida Business Loan Fund has been fully deployed. The Fund was designed to address gaps in available, affordable capital for businesses. The Fund is now a revolving loan fund with liquidity only available as loans are repaid. Please be aware that the success of the full deployment necessarily limits the ability to fund new loan applications. Interested parties apply with that knowledge and understanding. If further funds do become available from loan repayments, any pending applications will be reviewed for resiliency, job creation potential, policy areas of economic development focus, and partnership with private sources of capital.

However, an additional $10 million is still available to assist businesses in Hurricane Michael impacted counties: Bay, Calhoun, Franklin, Gadsden, Gulf, Holmes, Jackson, Leon, Liberty, Taylor, Wakulla and Washington.

For additional information, please see the Rebuild Florida Business Loan Fund FAQ under 'Additional Information'.

*This loan cannot be used to repay existing debt, to keep your business operational or to pay employees as a result of a disaster.

Lending Guidelines

Loan terms for the Rebuild Florida Business Loan Fund are:

• All owners of 20% or more of the borrowing entity must guarantee the loan and therefore provide all required documentation.
• An Experian credit score of 650 or higher (a score below 650 may be considered in certain circumstances and additional collateral may be requested).
• No bankruptcy within the last five (5) years.
• Provide contracts, bids or estimates for the following purchases:
  • Real estate, furniture, fixtures and equipment
• Refinancing existing debt is a prohibited use of loan funds unless you can demonstrate sound economic justification.
• Real Estate investment firms, when the real property will be held for investment purposes, or when property will be improved and resold, is not permitted
• Minimum loan size is $25,000.

Required Documents

In order for your application to be considered complete, you must provide the following:

• Copy of a valid ID for each owner;
• Copy of current county business license;
• Previous six (6) months of bank statements of all business accounts;
• Business plan;
• Project Plan
• Three-year schedule of jobs that will be created as a result of the loan with average wage annual salary;
• Signed Tax returns from previous three (3) years;
• Business organizational documents;
• Articles of Incorporation or Organization;
• Resumes of key management personnel; and
• Personal financial statement of owner(s);
• Business financial statement of owner(s);
• Business liability insurance policy.

Additional Information

For additional information, please visit the Rebuild Florida Business Loan Fund FAQ.
You may also call 1-833-989-2763 or email FloridaBusinessLoanFund@deo.myflorida.com.

Florida Small Business Emergency Bridge Loan Program

The Florida Small Business Emergency Bridge Loan program provides short-term, zero-interest working capital loans that are intended to “bridge the gap” between the time a disaster impacts a business and when a business has secured longer term recovery funding such as federally or commercially available loans, insurance claims or other resources.
Loans made under this program are short-term, personal loans using State of Florida funds – they are not grants and must be repaid. Florida Small Business Emergency Bridge Loans require repayment by the approved applicant. Owners may utilize funding from longer term financial resources, such as U.S. Small Business Administration economic injury disaster loans, to repay the Emergency Bridge Loan.

PROGRAM HIGHLIGHTS

Loans are available up to $50,000 per business per eligible applicant.
Loans made through this program are one year, zero-interest, personal business loans.
Florida Small Business Emergency Bridge Loans require repayment by the applicant.
Owners may utilize funding from longer term financial resources, such as U.S. Small Business Administration Economic Injury Disaster Loans, to repay the Emergency Bridge Loan.

Lending Guidelines

ELIGIBILITY REQUIREMENTS

Businesses in eligible counties are invited to apply.
Business must have been established prior to the event.
Businesses with less than 100 employees, including sole proprietors, are eligible.
Applicants must have a credit score of 550 or above.

LOAN TERMS

Loans may only be made to individuals who own at least 51% of an eligible business. The borrower(s) must serve as guarantors for the loan.
Ineligible businesses include those engaged in illegal activities, loan packaging, short-term rentals, speculation, multi-sales distribution, gambling, investment or lending, or where the business owner is on parole.

Required Documents

The following documents are required for all owners on the application to be considered complete:
A copy of the owner(s) driver's license(s) or passport(s) for all owners on the application. This must include the front and back of the document.
Current Business Tax Return, Most Current Year (All Pages) at a minimum, previous year’s Federal income tax returns for the applicant’s business, including all schedules, such as Form 1040, Form 1065, Form 1120, and Form 1120S (as applicable).
Current Personal Tax Return, Most Current Year (All Pages) for all owners on the application.
Documentation showing minimum of 2 employees (independent contractors or 1099s do count as employees). Documentation can be copies of employees’ W-2s, IRS Form 941 and/or Employer's Quarterly Federal Tax Return.
Copy of a voided check IRS transcripts are accessible at https://www.irs.gov/individuals/get-transcript

Additional Information

You will need to complete all sections and upload all required documents for your application to be considered complete and proceed to the review and loan decision process.
If you have any additional questions regarding our loan programs, please call 833-832-4494 (Monday through Thursday 9am-6om, Friday 8am-4pm) or email EmergencyBridgeLoan@commerce.fl.gov.

The Program provides financial assistance to local governments in the form of a loan or loan guaranty for projects that will maintain or create new jobs and increase the economic vitality and diversification of Florida's rural counties and communities. The program provides loans for uses such as the purchase of equipment; the acquisition, construction or improvement of buildings; and acquisition of land and water/sewer projects.

Originally created in 2010 and reauthorized as part of the American Rescue Plan Act of 2021, allocates funding through the United States Department of the Treasury (Treasury) to states for their own capital access initiatives. In the coming months, FloridaCommerce will submit a plan to the Treasury that details how Florida will utilize SSBCI funds to provide access to capital for targeted small business population(s).

More information will be available pending guidance from the Treasury.