EVOLVE Business and Professional Magazine August 2020 | Page 18

I recommend a business have a minimum of
three to six months in cash, or equivalent, in
reserve for emergencies.”
governments the report card may not look as bad as first feared.
Bruce Page, president and CEO at Intracoastal Bank, said
business plans should include emergency cash reserves.
“I recommend a business have a minimum of three to six
months in cash, or equivalent, in reserve for emergencies,”
he said. “Fortunately, the federal government provided an
unprecedented amount of the fiscal and monetary stimulus to
help support businesses and citizens with this crisis.
According to statistics from the Volusia County Department
of Economic Development, through mid-July, more than 395,000
business across Florida have received money through the
Paycheck Protection Program, designed to help businesses keep
paying employees during the pandemic.
Page said Intracoastal Bank has provided more than 300 of
those PPP loans, totaling more than $22 million.
“To put this in perspective, during March and April we
produced the equivalent of one-and-a-half years of our typical
level of loan volume,” he said.
Page said the bank quickly saw the program as a vital need in
the community, while anticipating the demands it would place on
the bank.
“Everyone on our team said this was the most challenging
period of their careers based on the complexity and vast
workload required for the program,” he said. “But the entire
Intracoastal Bank team said this was also the most gratifying
experience of their careers.”
“Early in the government’s developmental stages of PPP it
became evident to Intracoastal management our bank needed
to participate in the program,” he said. “This was clear from the
overwhelming need expressed by our business customers.”
Page said one business owner, Pete Tavolacci of Dominics
Deli, was vocal in his appreciation.
“The timing was difficult for the Tavolaccis as they had
recently opened their Daytona Beach location,” he said. “The
loan program became available while they were still in the launch
phase, which is always a challenging period for any business.
Pete and his team stayed open when possible and he was able to
maximize his employment levels in spite of the constraints from
Covid-19.”
Page said the government intervention has been key to
mitigating the economic and financial impact of the pandemic.
“The government response has been phenomenal and has
been the equivalent of throwing a lifeline to the most impacted
businesses and citizens,” he said. However, that doesn’t take the
place of emergency planning.
“The federal government has limited resources and
businesses should not count on that support going forward,”
Page said.
It is important to note that not all of the government
assistance for businesses has come from Washington, D.C. Local
governments, including the Volusia County Council, have
stepped up to offer help as well.
“Much like the rest of the country, Volusia County businesses
are suffering from the consequences of the Covid-19 pandemic,”
said county economic development director Helga van Eckert.
“The extraordinary level of economic disruption requires us to
prioritize the support of our existing businesses and help them
retain some level of stability while dealing with Covid operating
requirements.”
Van Eckert said the level of collaboration between the county,
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