FOR IMMEDIATE RELEASE

Additional Fact Sheet and Bank Locations Attached

Media contact:  Jennifer Dunn, Economic Development Office

                           (239) 851-8973

Help Available to Businesses Impacted by Charley
Lee County Economic Development Office Serves as Local Resource

FORT MYERS, FL (August 25, 2004) – 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 Charley.

“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 Charley. 
 

Applications are currently available in Lee County at participating banks, and online at www.leecountybusiness.com, where a list of participating banks is also listed with addresses.  For additional information businesses can also call the Lee County Economic Development Office at (239) 338-3161. 

Applications are also available at the following Small Business Development Centers:

FGCU SBDC
12751 Westlinks Drive
Building III, Unit 8
Fort Myers, FL  33913
(239) 225-4220

Fort Myers Beach Chamber of Commerce
17200 San Carlos Blvd.
Fort Myers, FL
(239) 454-7500

To get the process started businesses simply fill out the 2-page application and take it to the participating bank or SBDC of their choice. 

"Hurricane Charley impacted every aspect of the communities it hit, including the thousands of small businesses located there and the employees who work in them," said Governor Bush. "A vital part of
our recovery from the devastation of Hurricane Charley will be the quick revitalization of our small businesses.  By offering an immediate source of cash flow for businesses most in need, these short-term loans can serve as a bridge from being "Out of operation" to 'We're back in business'! " 

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.  

Short-term loans of up to $25,000 are available to owners of small businesses in counties most impacted by Hurricane Charley.  The interest-free loans come in terms of 90-day or 180-day maturities.  To be eligible, a business owner must have been operational for one full year prior to Hurricane Charley, 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 five-member committee—comprised of three local bankers, one community 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. (See attached fact sheet for additional information.)  Loan committee meetings are being held daily.

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.