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Help Available to Businesses Impacted By Hurricane Wilma
Nov 3, 2005 FOR IMMEDIATE RELEASE Media contact: Jennifer Dunn, Economic Development Office Help Available to Businesses Impacted by Hurricane Wilma Lee County Economic Development Office Serves as Local Resource FORT MYERS, Fla (November 3, 2005) - The Lee County Economic Development Office (EDO) is serving as a local resource in assisting businesses to return to normal in the wake of Hurricane Wilma. "There are several resources businesses can use to get up and running quickly," says Regina Smith, executive director of Lee County EDO. "Our office is serving as a resource to disseminate all of the information to the businesses that need assistance." Governor Jeb Bush activated Florida's Small Business Emergency 'Bridge Loan' Program to provide emergency, short-term loans to businesses located in counties most severely impacted by Hurricane Wilma. There will be a million dollars in funding available for Lee County. However, it is important that businesses in need of assistance apply quickly since funds are on a first come, first serve basis. To get the process started businesses simply fill out the 2-page application and take it to the participating bank of their choice. "Hurricane Wilma impacted millions of Floridians, including hundreds of small businesses and the employees who work in them," said Governor Bush. "The quick revitalization of our small businesses is a vital part of the State's recovery from the devastation of Hurricane Wilma. Offering an immediate source of cash flow for businesses in need allows impacted businesses to quickly re-open their doors in the wake of the storm. I thank the Florida Legislature for their expedient and thoughtful response to Hurricane Wilma recovery efforts, in part through requesting the reactivation of the bridge loan program." The State's emergency bridge loan program is designed to provide a source of expedient cash flow to businesses impacted by a major catastrophe, enabling them to quickly begin repairs, replace inventory, keep employees on the payroll, etc. The short-term loans are intended to "bridge the gap" between the time a major catastrophe hits, and when a business has secured other resources to operate successfully (e.g., sufficient profits from revived business, receipt of payments on insurance claims, secured longer-term loans to include U.S. Small Business Administration (SBA) disaster loans). The Florida Small Business Emergency Bridge Loan Program was first activated in the aftermath of Hurricane Andrew in an effort to provide short-term emergency funds to businesses in need of immediate cash flow. The bridge loan program has subsequently been used to minimize economic impacts of the Winter Storm of 1993, the Northwest Florida Floods of 1994, Hurricane Opal, and most recently, Hurricane Georges and Hurricane Charley. Short-term loans of up to $25,000 are available to owners of small businesses in counties most impacted by Hurricane Wilma. The interest-free loans come in terms of 90-day or 180-day maturities. To be eligible, a business owner must have been operational prior to October 17, 2004 and have verifiable, physical damage to their business. In Lee County, the Horizon Foundation and the Economic Development Office will administer the program in direct cooperation with the State of Florida, Enterprise Florida, and local participating banks. A committee-comprised of local bankers, an EDO representative, and one representative from Enterprise Florida or the Governor's Office of Tourism, Trade, and Economic Development-reviews applications for approval. Intended to be an agile process, the time from application through closing of loans can be as little as 72 hours. Loan committee meetings will be held daily as necessary. The Economic Development Office of Lee County works to attract new and diversified businesses resulting in high-wage, high-skilled jobs; retains and encourages expansion of existing businesses; and works to improve the overall business environment of Lee County. www.LeeCountyBusiness.com The Horizon Foundation is a charitable 501 (c) 3 organization established as a fundraising vehicle enabling individuals and businesses to actively support the marketing efforts and success of the Horizon Council and the Economic Development Office. |