$40 Million to Assist Businesses Still Recovering from Hurricane Irma
During National Small Business Week, today Governor Ron DeSantis announced the launch of the Rebuild Florida Business Loan program with $40 million in state and federal funds to help small businesses that are still recovering from Hurricane Irma to rebuild and expand.
The Rebuild Florida Business Loan program, a resiliency loan fund provided through a partnership with the U.S. Economic Development Administration (EDA) and administered by the Florida Department of Economic Opportunity, will target industries that have been identified by the state as key strategic markets for future growth and will focus on creating and enhancing the diversification and resiliency of Florida’s economy.
“We are committed to providing support to Florida businesses before, during and after natural disasters,” said Governor DeSantis. “By building a business climate with smart regulation, low taxes and a steady, talented workforce, we can ensure businesses are successful and resilient. The Rebuild Florida Business Loan program will help all Florida communities impacted by Hurricane Irma recover and rebuild.”
“Governor DeSantis has made it clear that helping Florida families, businesses and communities rebuild is a top priority,” said Ken Lawson, Executive Director of the Florida Department of Economic Opportunity. “The Rebuild Florida Business Loan program is the next step in helping businesses recover from the impacts of Hurricane Irma. This program will give businesses access to critical financing that will allow them to reinvest in their businesses and create jobs for hardworking Florida families.”
The Rebuild Florida Business Loan program can provide up to $500,000 in financing for the following business purposes: inventory purchases, construction or renovation, working capital needs, capital start-up loans, machinery and equipment purchases, equipment financing, and more. Additional information on the Rebuild Florida Business Loan program, and how businesses can apply for the program, can found at RebuildFlorida.gov.
BACKGROUND
The Florida Department of Economic Opportunity applied for and was awarded $32 million from the U.S. Economic Development Administration (EDA) to strengthen and diversify Florida’s economy and create new jobs while helping businesses recover from disasters. These funds were matched with state funds, for a total of $40 million. This project is funded under the Bipartisan Budget Act of 2018 (PL 115-123) (PDF), in which Congress appropriated to EDA $600 million in additional Economic Adjustment Assistance (EAA) Program (PDF) funds for disaster relief and recovery as a result of Hurricanes Harvey, Irma, and Maria, wildfires, and other calendar year 2017 natural disasters under the Stafford Act.
Rebuild Florida is a program of the Florida Department of Economic Opportunity launched with federal funding to help Florida’s long-term recovery from the devastating impacts of Hurricane Irma and subsequent disasters.
