As the Panama City Real Estate Team and I continue to monitor the Gulf Oil spill,  we will continue to provide information we hope you find useful and of assistance…

Released yesterday by the Governor’s office – Thanks to Kathy Hallmon at Vision Bank…

Short-term loans of up to $25,000 will be available to owners of small businesses (less than 100 employees) in counties impacted by the recent oil spill.  The interest-free loans come in terms of 12 month maturities.  To be eligible, a business owner must have been operational for one full year prior to the Deepwater Horizon Oil Spill on April 20, 2010, and demonstrate physical damage or economic injury as a result of the oil spill.

Applications for businesses will be available Monday, June 14, 2010.  To receive an application or more information on the program, please contact the Governor’s Office of Tourism, Trade, and Economic Development at (850) 487-2568.

The Emergency Bridge Loan program authorized today is in addition to a federal loan program that was requested by Governor Crist and approved by the U.S. Commerce Secretary on May 14, 2010.  The federal Economic Injury Disaster Loan can help eligible small businesses meet the necessary financial obligations they could have met, had the disaster not occurred.

Interest rates for businesses and small agricultural cooperatives are as low as four percent, and for non-profit organizations rates are as low as three percent, with terms up to 30 years.  Affected business owners can visit the SBA website for more information on this program at www.sba.gov/services/disasterassistance.

Jennifer Mackay
850-774-6582
Panama City Real Estate | Florida

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