State sponsored secured loans with zero interest are now being offered to companies in Florida that have been hurt by the oil spill. Emergency relief efforts in Florida include this set of short term loans. These interest-free loans are offered in conjunction with U.S. federal government short term loans programs intended to help companies rebound from the oil spill.
Article Source: Short Term Bridge Loans offered to Florida businesses
How companies can qualify for bridge loans
The short term loans accessible under Florida’s bridge loan system are interest-free. These loans offer up to $ 25,000 for a one-year time period with no interest. These loans are intended just for small businesses – businesses with less than 100 employees. A business may have had to open up by April 20, 2009 in order to qualify for the loan. The business has to prove that it has been “physically or economically damaged by a catastrophe.”
How Florida bridge loans are being funded
The Florida bridge loans that have been made accessible to businesses are a part of a program activated by Governor Charlie Crist. These short term bridge loans are funded with $ 5 million from the Florida general fund. The loan program will be administered through the Governor’s Office of Tourism, Trade and Economic Development. The Florida First Capital Finance Corporation is assisting with the loan administration.
Federal loans available for companies damaged by the oil spill
Businesses affected by the oil spill qualify for various types of financial assistance, including federal loans. The federal loans are Small business Administration loans that businesses can pay back on for 30 years, and have low interest. With loan rates as low as four percent, these installment loans for bad credit are federally-supported. Before BP or insurance pays up, the SBA suggests business owners get this loan in order to fill the gap. The settlements that BP may eventually make with these entities can be used to repay the SBA loans.
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