City Of West Palm Beach: Microloans Up To $20K Available To Eligible Small & Minority/Women-Owned Businesses In WPB

Press release from the City of West Palm Beach:

02/23/2022 1:00 PM

WEST PALM BEACH, FLA (February 23, 2022) -- The City of West Palm Beach has launched a new program to assist city-certified small and minority/women business enterprises in their continued recovery from adverse COVID-19 impacts. Offered by the city’s Office of Small Minority Business Programs (OSMBP) in conjunction with Pathway Capital Funding and Valley Bank, the Small and Minority/Women Business COVID-19 Recovery Assistance Program offers microloans in amounts between $5,000 and $20,000 with interest rates starting at 4.25% to qualified businesses. The program aims to support and promote strong business recovery and continuity within the community, after a recent survey revealed some businesses continue to suffer from the economic uncertainty presented by the pandemic.

“We are pleased to be able to offer this program in support of small and minority/women-business enterprises in the City of West Palm Beach,” said Mayor Keith A. James. “While many businesses are rebounding from COVID-19 impacts, we are aware of some businesses that need our continued support. This program is just one way West Palm Beach is becoming a community of opportunity for all. I encourage owners of eligible businesses to apply!”

To be eligible for the program, a business must meet the following qualifications:

• Located in the City of West Palm Beach,
• Have a valid business license,
• Be city-certified as a SBE and/or M/WBE (For those small, minority- and/or woman-owned businesses that are not certified, the city will provide the necessary information to enable interested businesses to obtain the applicable certification),

• Gross annual revenues cannot exceed $1,000,000,
• Have been open and operational for a minimum of 18 months at loan closing,
• Credit score of over 580,
• Under $150,000 in liquid assets,
• Properties must be free of any city lien encumbrances and code violations, and
• Property taxes on the property must be current if the business owner is the property owner.

For more information about this program or to contact the OSMBP, please contact Sandra Hammerstein at (561) 822-1273 (TTY: 800-955-8771).

This press release was produced by the City of West Palm Beach. The views expressed here are the author’s own.