Tallahassee businesses among first to be approved for small business loans

Tally mayor wants local relief package
Charity subs
Posted at 9:47 PM, Mar 20, 2020
and last updated 2020-03-23 15:23:12-04

Tallahassee mayor John Dailey is calling for additional resources to fund a hyper-local relief package for small businesses and workers negatively impacted by the coronavirus, as Gov. Ron DeSantis approved the first two Emergency Bridge Loans for two local small businesses impacted by COVID-19.

The first two loans went to Daniel and Tracey Shrine, the owners of Full Press Apparel, and Angelo and Kimberly Crowell, the owners of Jersey Mike’s Subs. Both businesses are based in Tallahassee.

They will receive the loans in an unprecedented, short three-day review process after the loan program was activated on Monday, March 19. The bridge loan program, managed by DEO, provides short-term, interest-free loans to small businesses that experienced economic injury from COVID-19.

“The Florida Small Business Emergency Bridge Loan is designed to get cash into the hands of small businesses so they can keep their doors open during a crisis,” said Governor DeSantis. “I am pleased to be able to provide our first loans to the small business owners who are in a tough time through no fault of their own. I look forward to other businesses following suit.”

DEO administers the Florida Small Business Emergency Bridge Loan Program in partnership with the Florida SBDC Network and Florida First Capital Finance Corporation to provide cash flow to businesses economically impacted by COVID-19.

The short-term, interest-free loans help bridge the gap between the time the economic impact occurred and when a business secures other financial resources, including payment of insurance claims or longer-term Small Business Administration loans. Up to $50 million has been allocated for the program.

Small business owners with two to 100 employees located in Florida affected by COVID-19 can apply for short-term loans up to $50,000.

These loans are interest-free for up to one year and are designed to bridge the gap to either federal SBA loans or commercially available loans.

To be eligible, a business must have been established prior to March 9, 2020, and demonstrate economic impacts as a result of COVID-19. The application period ends May 8, 2020. Businesses can apply at FloridaDisaster.BIZ.