Coronavirus Florida: Sarasota-Manatee businesses can seek disaster loans

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Small businesses in Sarasota and Manatee counties that are suffering economic losses from the coronavirus pandemic can apply for emergency loans through the Small Business Development Center at the University of South Florida.

The SBDC has been designated to facilitate the loan process for the Florida Small Business Emergency Bridge Loan Program for 10 counties in the Tampa Bay region.

A number of restaurants, bars and other businesses have curtailed or suspended operations in the Sarasota-Manatee area, cutting off their revenue streams during what is traditionally one of their busiest times of year.

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The U.S.Small Business Administration offers larger disaster loans for businesses running low on cash, but they can take longer to process.

Bridge loans are designed to help cover a temporary drop in revenue or unexpected expenses resulting from a disaster. Borrowers must show they have the ability to repay the loans.

To qualify, applicants must be for-profit, privately held small businesses that maintain a place of business in Florida and employ between two and 100 employees.

The loans are interest-free for one year. Businesses can qualify for up to $50,000 in most instances. Loans of up to $100,000 may be made in special cases.

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Applications are being accepted through May 8.

Businesses can start the process online at SBDCTampaBay.com/coronavirus/.

"We understand the urgency surrounding the Florida Small Business Emergency Bridge Loan program," said Eileen Rodriguez, regional director of the Florida SBDC at USF. "We are here to help and will work with small business owners as quickly as possible, as we are experiencing a high volume of inquiries right now."

Gov. Ron DeSantis activated the loan program on Monday and earmarked $50 million.

The SBDC at USF also is accepting applications from DeSoto, Hardee, Hernando, Highlands, Hillsborough, Pasco, Pinellas and Polk counties.

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Decisions on these loans are made by an independent committee made up of economic development and finance professionals from within the region, according to the SBDC. Financing is provided by the state with public funds.

The loans also can bridge the gap until larger, longer-term economic injury disaster loans are processed through the SBA. Those loans offer up to $2 million in assistance for affected small businesses.

Businesses in Southwest Florida and throughout the state have used those loans in past years to recover from hurricane damages.

This week the SBA revised criteria to make it easier and faster for states to seek disaster assistance. The Trump administration has talked of earmarking up to $50 billion for SBA loans to help businesses stay afloat during the pandemic.

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