A $13.1 million bridge loan has been awarded to the City of Sanibel through the Local Government Emergency Bridge Loan Program.
The program is administered by the Florida Department of Economic Opportunity to support government operations that may have been impacted by hurricanes Ian or Nicole. These funds bridge the gap for local governments while their revenues recover after a natural disaster.
Today’s award builds on the $25 million awarded to Lee Countyand $11.9 million awarded to the Town of Fort Myers Beach to bring the total awarded in this program to $50 million.
The Local Government Emergency Bridge Loan is a one-time $50 million appropriation to fund governmental operations within eligible Florida counties and municipalities located in the Federal Emergency Management Agency disaster declarations for hurricanes Ian or Nicole between the time of the hurricane and the time additional funding sources or revenues are secured.
A local government applying for a bridge loan must demonstrate that a hurricane may cause or has inflicted substantial loss of tax or other revenues. They must also establish the need for financial assistance to continue performing governmental operations.
For more information about the Local Government Emergency Bridge Loan Program, please visit www.FloridaJobs.org/LocalGovernmentBridge.
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