Sanibel Captiva Community Bank partners with Charitable Foundation of the Islands to offer small business loans

Sanibel Captiva Community Bank has partnered with the Charitable Foundation of the Islands to offer loans to island small businesses still struggling to recover from Hurricane Ian.

The Accelerate Small Business Loan Program will only be available for a limited time and is made possible by the support of generous third-party investors committed to helping the island’s small businesses quickly return to normal operations.

“We’re honored to collaborate with the Charitable Foundation of the Islands on its small business loan program. This program will serve as a crucial resource for island business owners as they progress in their recovery and rebuilding efforts,” said Kyle DeCicco, Sanibel Captiva Community Bank president and CEO.

Currently, the program has $1.2 million to distribute through individual loans, with an average loan size of $100,000. The loans will have a competitive interest rate, with interest only paid in the first year and a four-year term thereafter. Loan criteria include:
• Business was established, profitable and open on Sanibel or Captiva before Hurricane Ian on Sept. 28, 2022.
• Retail, service and other types of businesses will be considered in this phase and preference is given to businesses that meet a critical need for island recovery as well as residents and guests, such as pharmacies, dry cleaners and mechanics.
• Hospitality-based businesses such as hotels and restaurants are not eligible for this round of funding due to a program made available through the Florida Restaurant Lodging Association which resulted in $1.9 million in grants to local businesses.

For more information on the loan program visit charitablefoundationoftheislands.org/accelerate. The Charitable Foundation of the Islands works collaboratively to address community issues and support local nonprofits. They work to ensure a vibrant, healthy community where every Sanibel and Captiva resident and employee of island businesses enjoy a beautiful and productive quality of life.