Brought to you by the Beacon Council
In the aftermath of Hurricane Irma, this edition of The Miami-Dade Beacon Council’s (MDBC) weekly newsletter has been abbreviated in order to concentrate on information the business community can use in its recovery from the storm.
The first step in any recovery process should be to download a business-oriented recovery guide. The MDBC, Small Business Development Center (SBDC) and Miami-Dade County have combined their knowledge to develop a one-stop Disaster Recovery tool kit for Florida businesses recovering from Irma.
The kit includes contact and other information about organizations and agencies that have now been activated to provide crisis support to local businesses.
Process for Seeking Assistance
Damage Assessment Survey & Bridge Loan Resources
The Department of Economic Opportunity (DEO) damage survey is now active. Businesses are encouraged to complete the damage assessment survey.. The survey assists theState with determining which resources should be deployed to properly assist businesses following the storm. We encourage you to do this as soon as you can since the information shared on this survey will determine the amount allocated for Bridge Loans in Miami-Dade.
Once the damage is determined, the Small Business Development Center (SBDC) will make the bridge loan application form available online to local partners and businesses. Additional information about the Florida Small Business Emergency Bridge Loan Program can be found at www.floridadisasterloan.org.
The SBDC loan committee then actives a process where it reviews the applications and recommend loan decisions. Florida First Capital (FFC) reviews the SBDC committee recommendations to finalize payments. The FFC then issues payment information and SBDC disburses funds to loan recipients.
Additional Details and Resources:
• Bridge Loan – up to $25,000, term up to 6 months, 0% interest, no payment until end of loan term;
• SBA Loan – up to $2 million, term up to 30 months, interest rate 3% to 8%, physical and economic damage;
• FEMA – resources will be communicated by DEO if a disaster plan/allocation has been assigned.
As we have mentioned in previous communiques, bridge loans are intended to be temporary funds to keep your business operational until a more permanent funding source can be secured.
The SBA loans were put in place as a lower rate long term lending option for businesses to consider.
Banks are also options that should be considered. Steve Leth, Miami-Dade Beacon Council’s Banking & Finance Committee Chair said, “we extend our support to our community’s businesses. Please know that our doors are open to assist with business recovery efforts in the aftermath of Hurricane Irma.”