If your Florida construction business has been impacted by COVID19/coronavirus, you might be eligible for a disaster loan to provide liquidity for your business. Florida is providing a short term (<1 year), $50,000 bridge loan at https://floridadisasterloan.org, which is helpful if you need cash now. If you can afford to look at other options, I recommend the Small Business Administration’s disaster loans which have traditionally offered longer repayment terms for eligible borrowers (https://disasterloan.sba.gov/ela/). A multi-year loan might save your bond program. In the eyes of your surety, a short term loan is a current liability that counts against working capital. If you can secure a multiyear term loan from the SBA or other lender, you will have more working capital available now and more opportunities to be part of rebuilding our economy after this disaster. If you have questions about other metrics your surety will track related to these loans, like debt-to-equity ratio, please give us a call at Florida Surety Bonds.
