Florida Emergency Bridge Loans to Assist Pinellas Businesses Impacted Coronavirus

by
  • Florida’s Small Business Emergency Bridge Loan Program is now available to offer short-term, interest-free loans to businesses impacted by COVID-19
  • Businesses should visit https://floridadisasterloan.org to begin the Bridge Loan application process.
  • Assistance is available at the Florida Small Business Development Center (FSBDC) at Pinellas County Economic Development by visiting http://www.PCED.org/SBDChelp to complete a form for a response by phone or email.

Governor Ron DeSantis announced the activation of the Florida Small Business Emergency Bridge Loan Program to support small businesses impacted by COVID-19. The bridge loan program provides short-term, interest-free loans to small businesses that experienced economic injury from COVID-19. 
These short-term, interest-free 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 period opens tomorrow, March 17, 2020, and runs through May 8, 2020. The application form and additional details can be found at http://www.FloridaDisasterLoan.org
Florida’s Small Business Emergency Bridge Loan Program supports small businesses that are impacted by Coronavirus (COVID-19). 

Information for ApplicantsLoans will only be made to an individual or individuals who own, individually or collectively, at least 51% 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):

  • Businesses with less than two (2) employees: $25,000 per business maximum.
  • Business with two (2) to 100 Employees: $50,000 per business maxium.
  • (loans of up to $100,000 may be made in special cases)

Terms: All loans will be due one (1) year from the date of the promissory note

Interest: Loans are interest free for the term (1 year) of the loan. 

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

Interest Rate: Loans will be interest-free for the loan term (1 year). The Interest rate will be 12% 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.

Application Period: Applications will be accepted by qualified Florida agricultural producers under this program through May 8, 2020, contingent on the availability of funds.

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 then email or phone 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.

Additional resources for businesses impacted by COVID-19.

Information courtesy of Pinellas County Economic Development.

About Pinellas County Economic Development: Pinellas County Economic Development (PCED) works with existing businesses to encourage expansion and seeks to attract new companies with high-wage careers to our community. Through investment tools, business classes, professional consulting services, trade missions to open new markets, and strategic partnerships, PCED fosters a pro-business environment and promotes the ideal business climate of Pinellas County, Florida. Learn more at www.PCED.org and find customized business consulting to grow your company at www.PCED.org/sbdc.

Leave a Comment