SMBs Encouraged to Apply for Post-Disaster Loans with BCM Professionals’ Help
In the wake of Hurricane Michael, a Category 4 storm that made landfall in the Florida panhandle Oct. 10 and has caused billions in damage, small and medium sized businesses (SMBs) are already working to recover, without the resources of their larger private sector counterparts. To alleviate strain, the Florida Small Business Development Center (SBDC) Network — which includes many DRI Certified Professionals — is encouraging those in need to apply for assistance through the Florida Small Business Emergency Bridge Loan Program.
As reported by Sunshine State News, the loan is a short-term, interest-free capital loan designed to help SMBs bridge the gap between the initial impact of the disaster, and when the business has secured long-term recovery resources.
The Florida SBDC Network, a public-private partnership helping small business growth in the state, also supports disaster preparedness, recovery, and mitigation. To assist SMBs in preparing disaster loan application, SBDC consultants are on hand to assist at no cost. Many of these consultants are DRI Certified Professionals.
The state Department of Economic Opportunity is also recommending that businesses impacted by the storm complete the Business Damage Assessment Survey, used to assist state and federal officials in determining the extent of damage and need for federal disaster assistance.