Bridge Loan Helps Winter Haven-based Company with Repairs
Cypress Tire of Polk County
Cypress Tire has been operating in Winter Haven for 58 years. The company specializes in new and used tire service, mechanical repair and vehicle maintenance. As Hurricane Irma ripped through Central Florida in September 2017, Cypress Tire’s roof was peeled back, exposing the inside to water and wind damage.
Lisa Endres was seeking solutions to hold the company over when she came across the State of Florida’s Emergency Bridge Loan program. That’s when she reached out the Florida SBDC at University of South Florida, located at the Lake Wales Administration Building, for assistance in applying for the interest-free loan. The Florida SBDC at USF handles all applications for the program.
When asked about her experience with the storm and the assistance received, Endres recalled:
What type of damage occurred?
The main damage was the roof. It basically peeled back away from the top which left a lot of area exposed in the building – a lot of water damage.
How will the Bridge Loan help?
I think it’s going to be very helpful because right off the bat your first concern is how you’re going to pay for the repairs and knowing that your insurance money is gonna probably take a while to come around. This is a great safety net and I see it being able to hold us over until we get the money that we’ll be receiving from our insurance.
How was the Florida SBDC at USF helpful during this process?
Extremely helpful. It seemed like it was just within two or three days that I had my answer. It was just a very smooth and quick process.