WEST PALM BEACH, FLA (October 6, 2021) – The City of West Palm Beach (“the city”) is offering a new loan program to help small businesses and minority-/woman-owned business in the city recover from the negative economic effects of the COVID-19 pandemic.
The West Palm Beach Small and Minority/Woman Business COVID-19 Recovery Assistance Program aims to provide eligible businesses with microloans between $5,000 and $20,000 to help them recover from epidemic-related shortfalls. Local businesses that have been certified by the city as a Small Business Enterprise (SBE) and/or a Minority/Woman Business Enterprise (MWBE) will be eligible to apply for a 60-month microloan, which may carry an interest rate of up to 10%.
Program eligibility requirements for applicants are:
- Business must be located within the city’s jurisdiction,
- Be legally authorized to do business within the city by virtue of a valid business license,
- Be certified as a SBE and/or M/WBE with the city,
- Properties must be free of any city lien encumbrances and code violations,
- Property taxes on the property must be current if the business owner is the property owner,
- Business must have been opened and be operational for a minimum of 18 months at loan closing,
- Business gross annual revenues cannot exceed $1,000,000,
- Credit score of over 580 is required to qualify,
- Business liquid assets of under $150,000.
Approved during the September 20, 2021 meeting of the City Commission, the program is facilitated by the city’s Office of Equal Opportunity (OEO).
“The pandemic has impacted businesses of all types,” said Mayor Keith A. James, “With this assistance program, the city hopes to provide critical aid to small businesses that are so important to our community’s economic health and our city’s continued economic resilience.”
The OEO was established by Mayor James in 2019 to ensure fair business practices in the city. The OEO is responsible for coordinating and facilitating programs that foster workforce development, business development, and professional education and training. The OEO welcomes small-, minority-, and women-owned businesses to be active participants in the city’s procurement process. The OEO educates and informs all businesses of how to work with the city. The office also tracks the compliance of city departments and prime contractors on their inclusivity, diversity and accessibility of procurement solicitation.
To learn how to do business with the city, click here! For more information about this program or to contact the OEO, please call (561) 822-1273 (TTY: 800-955-8771).
