provided to The Santiva Chronicle
Sanibel and Captiva Island businesses still struggling to recover from Hurricane Ian may be eligible for a loan made available through the Charitable Foundation of the Islands (CFI), in partnership with Sanibel Captiva Community Bank.
Funding for the time-limited Accelerate Small Business Loan Program is made possible by generous third-party investors who wish to help speed the islands’ small businesses toward normal operation as soon as possible.
“We are proud to partner with the Charitable Foundation of the Islands on their small business loan program,” says Kyle DeCicco, Sanibel Captiva Community Bank president and CEO. “This initiative will be a vital resource for island business owners as they continue to move forward in their recovery and rebuilding efforts.
“As the only community bank chartered on Sanibel, we believe it is our mission to support our fellow business owners – the backbone of our island – in any way we can.”
Currently, the program has $1.2 million to distribute through individual loans, with an average loan of $100,000. The loans will have a competitive interest rate, with interest only paid the first year and a four-year term thereafter.
Loan criteria include:
*Business was established, profitable and open on Sanibel or Captiva prior to Hurricane Ian on Sept. 28, 2022.
*Retail, service and other types of businesses will be considered in this phase Preference given to businesses that meet a critical need for island recovery as well as residents and guests, such as pharmacies, dry cleaners and mechanics.
*Not eligible in this round of funding are hospitality-based businesses, such as hotels and restaurants due to the successful Florida Restaurant Lodging Association (FRLA) program made available last year which resulted in $1.9m in grants to local businesses which applied.
“CFI is grateful to Sanibel Captiva Community Bank and the investors who treasure this community and its continued success,” says Dolly Farrell, CFI’s executive director. “This program will assist businesses that are heavily relied upon and missed. We also hope to incentivize new businesses in phase two.”
Those interested should email Accelerate@sancapcfi.org to request an application or call (239) 322-3818, select option 3. For more information, visit MyCFI.org.
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