CFI Deploys Over $560K In Accelerated Loan Program To Support Local Business Recovery

provided to The Santiva Chronicle

The Charitable Foundation of the Islands, in partnership with Sanibel Captiva Community Bank, is proud to announce that more than $560,000 of the $1.2 million available has been deployed to six island small businesses on Sanibel and Captiva through the Accelerate Loan Program. Two other loans are currently in the review stages.

Spearheaded by CFI, the Accelerate Loan Program was launched in direct response to the economic challenges following Hurricanes Ian, Milton, and Helene. The program is designed to provide critical financial support to locally owned businesses that were operating and profitable prior to the storms, with a focus on those offering essential goods and services.

“Small businesses are at the heart of our community,” said Dolly Farrell, Executive Director of CFI. “This program reflects our commitment to helping them not only survive but thrive. It would not be possible without the collaboration with our generous investors, Sanibel Captiva Community Bank, and our Investment Advisory Committee members.”

About the Program:
• Led and funded by the Charitable Foundation of the Islands.
• Expertise and operational support provided by Sanibel Captiva Community Bank
• More than $560,000 deployed to date – an additional $640,000 is available.
• Created to support businesses with priority given to those that meet critical community needs, were open and profitable prior to September 28, 2022 (Hurricane Ian).
• Average loan size: $100,000.
• First-year interest-only payments; four-year repayment term thereafter.
• Competitive interest rates.
• Revolving Loan Fund established with philanthropic dollars to ensure evergreen funding is available to Island businesses.

How to Apply: Interested business owners can begin the process by emailing Accelerate@sancapcfi.org to request an application. Qualified applicants will participate in a pre-screening call before submitting a full application for review. Final loan decisions are made in partnership by CFI, Sanibel Captiva Community Bank, and a community investment advisory committee.

About Charitable Foundation of the Islands: (MyCFI.org) The mission of the Charitable Foundation of the Islands (CFI) is to inspire philanthropy, leadership, and collaboration for the vitality of the Island community. CFI has served the Sanibel and Captiva communities since the 1990s through the Francis Bailey Society and was officially incorporated as a 501(c)(3) organization in 2011.