State sponsored unsecured personal loans with zero interest are now being offered to companies in Florida that are hurt by the oil spill. These loans were began as part of the emergency relief efforts in Florida. The Small business Administration is also offering short term loans that business owners can take out, though they are not no-interest loans.
How companies can qualify for bridge loans
Bridge loans that are available in Florida are interest-free secured loans administered by the government. These loans are $ 25,000 and can last for up to one year with no interest. Because these loans are intended for small businesses, they could be offered only to companies with 100 or fewer employees. In order to qualify for these loans, a business may have to are open for a full year before the oil spill on April 20. The business has to prove, as well, that they have been “physically or economically damaged by the catastrophe.”
How Florida bridge loans are being funded
The Florida bridge loans that have been made accessible to companies are a part of a program activated by Governor Charlie Crist. . Florida Governor’s Office of Tourism, Trade, and Economic Development is being tapped to administer these secured loans. The Florida First Capital Finance Corporation is assisting with the loan administration.
Federal loans accessible for companies damaged by the oil spill
You will find a wide range of services and financial assistance loans accessible to companies that are affected by the oil spill. The federal loans are Small business Administration loans that companies can pay off on for 30 years, and have low interest. These installment loans have a interest rate that can go as low as four percent. The SBA is recommending that business owners take out these low interest loans rather than waiting to settle with insurance or BP. Part of getting an SBA emergency cash loans, though, is promising that any settlement from BP be used to pay off part or all of the principle of the SBA loan.
