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October 7, 2004

Lake-Sumter Community Colleges Business Assistance Center to Administer Floridas Emergency Bridge Loans

LEESBURG - Small businesses, damaged by recent hurricanes, can apply for short-term Emergency Bridge Loans until October 15 to help them get back-on-their-feet. Designed to enable businesses to quickly begin repairs and replace inventory, these loans "bridge the gap" until sufficient profits from revived business, receipt of payments on insurance claims and secured longer-term loans become available.

Four Lake County business were approved for Emergency Bridge Loans on October 6. A Loan Review Committee, chaired by Richard McAdams of Governor Jeb Bushs office, reviewed applications and determined loan amounts that ranged from $7,500 to $25,000, totaling $59,000. The loan program is administered by Lake-Sumter Community Colleges Business Assistance Center (BAC), in partnership with the State of Florida, the Lake County Economic Development Council, Enterprise Florida, Inc., and eight area banks.

The best feature of these loans is the quick turn-a-round time, said BAC Manager Ken Bragg. A loan application can be processed and a business owner have a check in hand within three or four days.

These short-term Emergency Bridge Loans, of up to $25,000, are available to owners of small businesses of less than 100 employees. 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 before September 7 (Hurricane Frances) and have verifiable, physical damage to their business. Loan applications are available at the BAC, located on LSCCs Leesburg Campus, the Lake County Welcome Center, or at any of the participating banks. Completed loan applications then need to be submitted to one of the following Lake County institutions: Center State Bank (242-1815), United Southern Bank (483-5897), Public Bank (315-1074), Harbor Federal (516-4629), First National Bank (383-2111), BankFirst (429-4552), Citizens First Bank (259-3266), and SunTrust Bank (326-4531). The banks loan officers will then recommend qualified applicants to the Loan Review Committee for final approval. For additional information, call LSCCs Business Assistance Center at 365-3579.