A Message from Visit Sarasota County President, Virginia Haley
Today, April 8, the Sarasota County Commission approved a new emergency loan program for small businesses funded through an existing $4.3 million economic fund at the county. They directed the Sarasota County Economic Development Corporation to roll out the details of the program and application process with a goal of providing relief to local businesses as they await funding from the larger federal programs. The application for this loan will be made available within the next 2 weeks and we will alert you as soon as it is ready. Here is general information about the program:
- This program will use the same application and requirements used for the federal Payroll Protection Program (PPP) being managed by local banks. Applicants to the Sarasota program must have already applied for PPP. However, you do not need a PPP decision to apply.
- The loans are for amounts up to $25,000 based upon personnel, utilities and lease costs.
- There are enough funds for approximately 172 businesses and 35 of the loan slots will be for licensed child-care businesses. The loans will be accepted on a first come basis.
- This program is for Sarasota County licensed businesses who have been operating for a minimum of three years.
- The loan will be zero interest with no payments for the first 12 months and then convert to 3.5% interest with a repayment over the next 3 years.