The Tampa Bay Wave came together in 2008, so they know what it's like to function in the middle of an economic crisis.
And now they're creating a fund to help their startups stay afloat during a time when many industries are struggling.
The Wave announced it is looking to launch an "emergency fund" to offer a lifeline to startups while they are awaiting financial assistance from programs like the Small Business Administration's Federal Disaster Loan Assistance or the Coronavirus Aid, Relief, and Economic Security (CARES) Act recently passed federally.
"These programs that are out there are designed to quickly get cash into the hands of the company," Linda Olson, executive director of the Tampa Bay Wave, said. "So they don't have to lay off staff, so they can pay rent and payroll and stay afloat the next couple months."
However, after a contact of hers at the Small Business Development Center stated they received 20,000 applications within one weekend alone, she decided the startups needed a way to get funds faster.
"As much as banks, lenders, everybody is going to be sending applications as quickly as possible, there is a reality this could take weeks, if not months for companies," Olson said. "So, we are in the process of putting together this emergency disaster loan program which is really designed to be a bridge for these companies until they get funding from other sources."
The Wave is currently in discussions with both public and private entities for partnerships and has received more than a dozen individual donations.
The ultimate goal, beyond helping keep startups afloat in the interim, is to create a somewhat solid infrastructure in the economy that remains once coronavirus concerns begin to dwindle.
"What we're finding is there are folks out there not only trying to figure out how to solve getting food on the table for their kids and families in the community, but that also understand if we can help keep people in jobs, it's not only helping people maintain their dignity but it's actually helping them position our business community here to be able to recover more quickly when the economy starts to recover."
Olson wanted to make clear the Tampa Bay Wave, a nonprofit, will not be receiving any portion of the funds in the emergency loan program and is creating a separate account entirely.
She also acknowledged out of the 60 to 70 companies the organization currently oversees, not all would receive the funding and the board is being careful about who will get them.
"We're trying to come up with a fair process so we're not giving lifelines to companies that would not have made it regardless," she said. "Startups are risky anyway — there are no guarantees. We have experienced people on our board and others helping us navigate this."
If you want to donate, you can text "WAVE" to 26989.
