Small Pinellas County Businesses Hurt By COVID-19 Can Apply For Bridge Loans

From the Pinellas County Government:

March 17, 2020

Florida’s Small Business Emergency Bridge Loan Program is now available to offer short-term, interest-free loans to businesses impacted by COVID-19. Florida Gov. Ron DeSantis opened the program Tuesday, and the application period runs through May 8.

The working capital loans are intended to “bridge the gap” between the time a major catastrophe hits and when a business has secured longer term recovery resources, such as sufficient profits from a revived business, receipt of payments on insurance claims or federal disaster assistance. The application form and additional details can be found at http://www.FloridaDisasterLoan.org.

Information for Applicants
Loans will only be made to an individual or individuals who own, individually or collectively, at least 51 percent of an eligible business. The eligible business owners must serve as guarantor for the loan and only one loan may be made per eligible business.

Amount (Max):
o Businesses with less than two employees: $25,000 per business maximum
o Business with two to 100 Employees: $50,000 per business maximum
o (loans of up to $100,000 may be made in special cases)
Terms:
All loans will be due one year from the date of the promissory note.

Interest: Loans are interest free for the term of the loan (one year). The Interest rate will be 12 percent per annum on the unpaid balance thereafter, until the loan balance is repaid in full. Loan default is subject to a normal commercial collection process.

Limitation: Only one loan may be made per eligible business. All previous bridge loans received MUST be paid in full.

Businesses located in Pinellas County can visit www.pced.org/SBDChelp and complete the appointment form. Our staff at the Florida SBDC at Pinellas County Economic Development will email or call to help you with your application(s) for assistance. Please do not visit the FSBDC at Pinellas County Economic Development. In accordance with the Center for Disease Control's best practices for containing COVID-19, we will assist our small business clients by phone or email only.

This press release was produced by the Pinellas County Government. The views expressed here are the author’s own.