SWFL Bank, foundation partner on $1.2M Ian recovery loan program

While much of the recovery chatter on the west coast of Florida, for obvious reasons, is focused on Hurricanes Helene and Milton, some business, particularly on Sanibel and Captiva islands remain in struggle mode from Hurricane Ian.

The Sanibel Captiva Community Bank, in partnership with the Charitable Foundation of the Islands, seeks to help those businesses through what has been dubbed the Accelerate Small Business Loan Program, according to a statement. The program, the release states, 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.”

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, the release states. 

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.

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

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.

Founded in 2003, Sanibel Captiva Community Bank has eight locations open throughout Lee County. A ninth branch is planned on Fort Myers Beach, expected to open in 2026. The bank employs more than 120 employees and $913 million in assets.