FREE
April 9-15, 2020
Sailer Report: How pandemic is changing multifamily market
BEAT
PAGE 10
jaxdailyrecord.com
the virus
support your lo
LV1 88 34
cal er
g ou Br
ht
businesses!
to
yo u
by Dai ly
Record a
d& cor nd Re
r se Ob
v
JACKSONVILLE
Record & Observer Businesses urged to ‘get ahead of the curve’
CITY-VYSTAR SMALL BUSINESS LOAN PROGRAM JACKSONVILLE
Record & Observer For cash-starved firms, a potential safety net Jacksonville-based investment banking firm Heritage Capital Group offers advice to companies working through pandemic.
JACKSONVILLE
Record & Observer BY MARK BASCH CONTRIBUTING WRITER
JACKSONVILLE
Record & Observer LOAN FACTS Lender: VyStar Credit Union
How the city and VyStar created a loan and grant program to help small businesses hurt by the coronavirus pandemic. BY MIKE MENDENHALL STAFF WRITER
T
he weekend before Jacksonville Mayor Lenny Curry’s March 13 state of emergency because of COVID-19, administration officials knew the order would lead to decisions that could flatten the curve but hurt the local economy. “Based on the early impacts that we knew were coming and had begun, it was clear that particularly small business service industry
people were going to be taking at least the first substantial wave of the economic hit,” said city Chief Administrative Officer Brian Hughes during a telephone interview April 8. Behind the scenes, Curry’s staff started looking at local stimulus options, although Hughes said they expected federal small business and individual assistance to come. Before city officials started negotiating with VyStar Credit Union on a small business coronavirus relief loan program, Hughes said officials ruled out direct payments to Duval County workers and businesses. Unlike the federal government, Hughes said the city did not have the infrastructure to get cash to people quickly.
Interest rate: 5.99% Amount: Up to $100,000 City grant: The city will provide an immediate $1,000 grant to the first 3,000 businesses approved for the loan, as well as all interest payments for the first year. How to apply: Visit vystarcu. org/coronavirus
THE STEPS
Chart takes a look at the steps businesses will take to establish a loan. Page 4
SEE LOAN, PAGE 4
Many businesses are experiencing financial hardships as the COVID-19 pandemic forces them to shut down or sharply curtail operations. While banks are trying to help their clients though the downturn, business owners need to be prepared before visiting the bank to seek assistance, according to Jacksonvillebased Heritage Capital Group. “You want to have a plan,” said Mac Hol- Holley ley, one of six principals of the investment banking firm who held a webinar April 8 on working through the pandemic. “You don’t want to just walk into your banker and say ‘I’ve got a problem, what can you do to help me?’ ” Holley said. A live poll of more than 100 participants in the webinar found about 80% have been somewhat or substantially affected negatively by the pandemic. “Most companies have been negatively affected,” said Heritage President Don Wiggins. “Some sectors have been hard hit more than others.” Holley said businesses that do SEE HERITAGE, PAGE 4
THE BASCH REPORT
Shoppers stocking up on Maxwell House coffee Sales jump at parent Kraft Heinz. PAGE 6 VOLUME 2, NO. 45 • ONE SECTION