Bridge Loan Helps Medical, Chiropractic Company Pay Invoices, Make Payroll

Disaster is a team effort. Read this story about the Florida Department of Economic Opportunity, Florida First Capital Finance Corporation, and the Florida SBDC Network’s partnership to help Florida’s small businesses recover from Hurricane Irma.

Monahan Chiropractic suffered physical and economic injury from Hurricane Irma. Seeking help, owner Clark Monahan turned to the Florida SBDC at UNF for assistance.Located in St. Augustine, Monahan Chiropractic Medical Clinics is a six-day a week chiropractic, acupuncture, and medical clinic.

In September 2017, the company suffered physical and economic injury from Hurricane Irma. Seeking assistance, owner Clark Monahan turned to the Florida SBDC at the University of North Florida for help securing a Florida Small Business Emergency Bridge Loan. When asked about the assistance received, he recalled:

What type of damage occurred?

Flood and wind from Hurricane Irma. We were closed to patients during repairs.

How helpful was the Bridge Loan?

Very helpful. It helped us pay invoices and payroll.

How helpful was the SBDC?

Marge Cirillo was so very helpful every step of the application process. We really appreciate her kindness and professionalism.

About the Florida Small Business Emergency Bridge Loan Program

Administered by the Florida Department of Economic Opportunity, in collaboration with the Florida SBDC Network, and supported by Florida First Capital Finance Corporation (FFCFC), the Florida Small Business Emergency Bridge Loan is a short-term, interest-free working capital loan intended to help small businesses “bridge the gap” between the time of a declared disaster and when the business has secured long-term recovery resources, such as insurance proceeds or federal disaster assistance. Governor Rick Scott activated the Florida Small Business Emergency Bridge Loan program on Thursday, September 14 and the first loan was distributed the following Monday. Eligible businesses with two to 100 employees could apply for loans up to $50,000 for 90 or 180-day terms. The application deadline was November 30, 2017.

As a principal responder in the state’s Emergency Support Function for Business, Industry, and Economic Stabilization, the Florida SBDC Network supports disaster preparedness, response, recovery, and mitigation through its Business Continuation Services. As part of its service offering, Florida SBDC professionally certified consultants and disaster specialists are available to provide confidential, no-cost consulting to help affected businesses prepare disaster loan applications and with other post-disaster challenges.

"Marge Cirillo was so very helpful every step of the application process. We really appreciate her kindness and professionalism."

- Clark Monahan, Owner - Monahan Chiropractic Medical Clinics, Inc.

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