Florida Short Term Loans – A Reliable Way To Cope With Financial Hardships

Today the problem of oil spill caused by outburst of BP oil platform was called by thus President Barack Obama to be one of the most terrific catastrophes of the USA of all times. Nowadays many businesses affected by this catastrophe try to solve their financial problems with the help of Florida short term loans. These loans became an integral part of emergency relief program. They go hand in hand with government loan program aimed to save Florida businesses from the oil catastrophe.

Advantages of short term loans in Florida

The main strong point of Florida short term payday loans is that they are really intended to help businessmen due to which they are interest-free. So what are terms? The loans offer $ 25,000 per year free of any interest. However these paycheck loans are applied only to small business with maximum 100 employees. Furthermore only the companies created a year or more before the day of oil spill, the 20th of April, can qualify for the interest-free loans. Such companies firstly have to provide evidences of the damages and losses incurred by them due to the catastrophe.

Who funds the interest-free loans?

Florida short term loans became available for small Florida companies as an integral part of specific government program initiated by Governor Charlie Crist. To fund these short term paycheck loans the state of Florida represented $ 5 million. The Governor’s Office of Tourism, Trade and Economic Development together with the Florida First Capital Finance Corporation will administrate and monitor the interest-free loans program.

Are there any other alternatives?

Yes there are other options for the businesses damaged by the oil spill except short term payday loans in Florida. The companies can apply for low-interest loans for 30-years’ period as a part of Small Business Administration. With these installment loans the interest rate is about four percent. It is recommended that small companies would rather apply for low-interest loans than wait for the insurance or BP settlement. And the settlement provided by BP should be used to pay-back the Florida short term loans.