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Business Observer Monday, Apr. 20, 2020 1 month ago

Business incubator launches COVID-19 aid program for area startups

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Tampa Bay Wave’s Rising Tide Relief Fund will provide near zero-interest micro loans that require minimal paperwork.

TAMPA — Tampa Bay Wave, a business incubator and co-working space in downtown Tampa that supports 60 tech startups, has launched a financial relief program for companies that have been affected by the COVID-19 economic crisis 

According to a press release, the Rising Tide Relief Fund will provide short-term, nearly zero-interest micro loans to area startups that need cash quickly to stay in business and avoid layoffs. The loans will be processed quickly, with minimal paperwork required. 

“We believe in and need our technology startups to survive this crisis so that we can prevent further job loss and ensure our region can maintain momentum once this storm has passed,” Tampa Bay Wave CEO Linda Olson states in the release. “Wave’s Rising Tide Relief Fund supports resiliency, builds community and develops healthy businesses that can drive economic growth for the long term.” 

More than 1,000 tech jobs are at stake because of the COVID-19 crisis, the release states. The Rising Tide Relief Fund is intended to get cash to startups more quickly than the federal CARES Act, which has received millions of applications that have led to processing delays. 

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