Sep 6 2018

Bridge loan#Bridge #loan

bridge loan

Bridge loan

  1. Review eligibility requirements and loan process .
  2. Download, complete and sign the application form Small Business or Citrus Business .

  • Contact and provide completed and signed application and support documentation to your local Florida Small Business Development Center (SBDC). Find your local SBDC at .
    • Be a for-profit, privately held small business that maintains a place of business in the state of Florida.
    • Be a citrus business who maintains a citrus grove in production in the state of Florida. Citrus business means any business that is (a) primarily engaged in activities designated by one or more of the following NAICS codes: 111310 – Orange Groves and 111320 – Citrus (except Orange) Groves; (b) provides evidence that it owns or leases one or more parcels of land on which citrus is produced; and (c) completes the Citrus Production Report provided within the Citrus Emergency Loan Program Application.
    • Be located in a Florida county designated as a disaster area. The designated area for Hurricane Irma is all 67 counties in Florida.
    • Be established prior to Sept. 4, 2017; the date of the designated disaster.
    • Be able to demonstrate physical damage and/or economic injury as a result of the designated disaster. The need for the loan and use of proceeds must be directly related to the physical damage and/or economic injury caused by the designated disaster.
    • Be an employer business with a minimum of two (2) and maximum of one hundred (100) employees. Documentation of employee compensation must be provided at the time of application. Note: This requirement does not apply to citrus businesses .
    • The following list of business types are not eligible for assistance because of the activities they conduct:

      • Businesses deriving more than one-third of gross annual revenue from legal gambling activities;

      • Businesses engaged in any illegal activity;

      • Businesses that present live performances of an indecent sexual nature or derive directly or indirectly more 2.5% of gross revenue through the sale of products or services, or the presentation of any depictions or displays, of an indecent sexual nature;

      • Businesses that have a primary purpose of facilitating polyamorous relationships;

      • Hot tub facilities; and

        • Loans will be made to individuals who, individually or collectively, own at least 51% of the equity of the business. Only one loan may be made per eligible business.
        • A borrower will be required to sign an agreement that the proceeds of the loan will be used only for purposes of maintaining or restarting the business in the designated area. Use of proceeds to pay off debts already incurred for qualifying business maintenance or restart purposes may be authorized on a case-by-case basis.
        • A borrower will be required to certify that the proceeds of anticipated receipts, insurance claims, other loans applied for, or to be applied for, or other financial assistance will be used to repay the loan.

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