SBDC at IRSC Here to Help Area Small Businesses Respond to COVID-19

March 30, 2020 Tom Kindred

The Florida Small Business Development Center at Indian River State College (FSBDC at IRSC) serves as the business community’s primary contact to the Florida Small Business Emergency Bridge Loan Program—the State’s disaster loan program. Now activated, the Florida Small Business Emergency Bridge Loan Program (EBL) is designed to support small businesses impacted by COVID-19.

The application period for Bridge Loans opened on March 17, 2020, and the FSBDC at IRSC has already requested $350,000 on behalf of multiple small businesses on Florida's Treasure Coast. The Bridge Loan program will be open through May 8, 2020.

Bridge Loans serve as the first step in assistance for an impacted business and offer timely turn around for approval and distribution of funds. As the name implies, the “Bridge Loan” allows the business quick access to working capital–bridging the business to a longer-term federal financial solution, such as an SBA or FEMA loan.

For example, in the aftermath of Hurricane Irma, the FSBDC at IRSC provided 36 regional businesses with access to over $2.7 million in working capital through the EBL Program. This expeditious access to cash assisted local businesses in making repairs, covering payroll, replenishing inventory, and more—allowing those businesses to quickly return focus to revenue generation.

The Florida FSBDC at IRSC has begun and will continue to update businesses through the Center’s new statewide Small Biz Florida Podcast program available at https://smallbizflorida.podbean.com. The “America’s SBDC Blog” found at https://americassbdc.org/blog/, also provides a wealth of information to help business respond and adapt to COVID-19.

To apply for the Bridge Loan Program, visit https://floridadisasterloan.org/. For additional information and assistance in completing the application for the Florida Small Business Emergency Bridge Loan contact the Florida SBDC at IRSC: fsbdc@irsc.edu or at 772-462-7631.