Sarasota County loan program aims at helping small businesses

Sarasota County

SARASOTA, Fla. (WFLA) – Sarasota County and the Economic Development Corporation of Sarasota County have teamed up to help small business owners struggling during the COVID-19 pandemic. Starting Monday morning, the Sarasota County Small Business Resiliency Loan program will be open for applications.

The $4.3 million program is expected to support between 175 to 200 small businesses in Sarasota County. There are 35 slots set aside for childcare facilities.

The loan program is only for for-profit businesses that have been in Sarasota County for at least three years and have 50 or fewer employees.

The maximum loan is capped at $25,000 per business. The first year is interest-free. After that, there’s a 3.5% interest rate for three years. If a business owner pays back the loan in the first year, 20% of the loan will convert into a grant.

“That allows us to recycle that money back into the program for other businesses out there in need,” said CEO of the Economic Development Corporation of Sarasota County Dave Bullock.

In order to apply for the loan program, you will need :

  • Sarasota County Business Tax Receipt (also known as Business License) number found on your annual Sarasota County business tax renewal
  • Completed Paycheck Protection Program Application: download here
  • Completed Ownership Roster Template
  • Copy of your Driver’s License or U.S. Passport
  • Completed Form W-9 
  • Supplementary documentation to justify the loan amount requested (more details here)

To sign up for updates and alerts regarding the Sarasota County Small Business Resiliency Loan program, click here.

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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