The City of Fort Lauderdale Community Redevelopment Agency (CRA) announces an Emergency Business Investment Program designed to provide relief for businesses affected by the COVID-19 pandemic. The program will provide up to $10, 000 in forgivable loans that may be used toward rent or mortgage payments, employee payroll, or utilities.
Applications are being accepted for eligible small businesses located in Fort Lauderdale’s Northwest Progresso Flagler Heights Community Redevelopment Area (NPFCRA) as well as the Central City CRA. Also, eligible businesses in low- and moderate-income areas of the City of Fort Lauderdale and businesses that employ low-and- moderate income workers throughout the City of Fort Lauderdale may also apply.
“Small businesses are the backbone of our economy, and many are struggling as a result of the COVID-19 pandemic, ” said Mayor Dean J. Trantalis. “We have created an Emergency Business Investment Program to help support them in these difficult times. The assistance can help pay bills and stabilize operations. As a city, we need to do all we can to assist in the long-term economic recovery.”
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Providing small businesses with financial support through the Emergency Business Investment Program can bring stability to the local economy, reduce commercial vacancy rates, and help balance rents in the two CRA areas and the community-at-large. The initiative is targeted to business entities that are less likely to be served by the Small Business Administration, including those owned by minorities and women, those that have changed their business models to retain hourly workers, and those that are vital anchors in the Fort Lauderdale community.
Applications for the Emergency Business Investment Program will be available online beginning July 15, 2020 and will be accepted until funding is exhausted. The City allocated $1.34 million to fund the emergency relief program. The three grant funding sources include: $500, 000 from the NPFCRA, $340, 000 from the Central City CRA, and $500, 000 from Community Development Block Grants through the CARES Act.
Applicants must meet program criteria in order to be eligible to receive a forgivable loan. Businesses must be located in the NPFCRA or the Central City CRA or an eligible low- and moderate-income community (as defined by the U.S.Department of Housing and Urban Development (HUD)) and have been in operation for at least six months. Eligible applicants may employ up to 10 people and earn up to $1 million in annual revenue. Applicants should also have a current Business Tax Receipt (BTR) and have not received federal or state COVID-19 assistance or relief at the time of the application. Additional qualifications may apply. The loans will be zero-interest for 24 months. The loans maybe forgiven, if all conditions are met, otherwise they must be repaid at the end of that term.We are the primary resource for business information, recruitment, development and assistance. Our professional team is here to work with you in a variety of capacities. We offer professional and timely services. We invite you to contact us today to learn more and our programs and services. We can be reached at (954)-828-6130 or businessfriendly@fortlauderdale.gov.
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If you are seeking a site for your startup, relocating, or expanding enterprise throughout the Fort Lauderdale CRA area, we offer complementary site selection services that can assist you in identifying the most suitable potential locations. This includes lease or own options.
We understand the sensitive nature of negotiating a business relocation, development project, or incentive deal. The CRA team is glad to help you coordinate the various elements of your project with other City departments, to help ensure success at critical junctures.
Assessing market feasibility is an important step in the process of any business venture. The CRA team and our affiliates can provide you with data that allows you to assess demographics, demand, competition, and market share in the CRA areas.
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Small Business. Big Impact. That is what we believe and strive for at the CRA. The CRA team has a thorough understanding of the needs of small and independent enterprises and provide technical assistance services to address those needs. Whether it’s individual counseling, business development services, or financial planning that you seek, we can connect you to the right expert to arm you with the tools you need to succeed.
The CRA offers a variety of local grant and incentive programs, allowing us to compete on a regional, national and global level for jobs, businesses and private investment. In addition to our own programs, CRA’s connections to various lenders and economic development organizations make it easy for us to help identify additional funding opportunities for businesses to support job creation, expansion into new markets, and growth acceleration.From now until November 16, small business owners in Broward County that have been affected by COVID-19 can apply to get a grant through the Broward County CARES act program.
The Broward County Commission has allocated $25 million in federal CARES Act funding to the small business grant and an additional $10 million for non-profit applicants. These funds can be used to reimburse the costs of business expenses caused by COVID-19’s restrictions. The grant also does not have to be paid back.
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Sandy McDonald, the Director of the Broward County Office of Economic and Small Business Development, explained how the program will be beneficial to the county’s large business community.
“We understand that there are different loans and grants being offered by different organizations and cities, but this program is for some of the smallest businesses in Broward County, ” he said during a Facebook session.
“We recognize that there are not enough funds for every single business – there’s over 74, 000 businesses in the county and 89% of that are businesses with 20 employees or less. Some of them were able to get federal funds but others haven’t. So that’s what the Broward CARES program is about – trying to provide assistance to some of the businesses that haven’t gotten any help.”
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McDonald also stated that some businesses with zip codes from Lauderhill, Hollywood, Pompano Beach and the wider Fort Lauderdale will be given priority for grants.
“As a priority for these grants, we’re looking for our Prosperity Broward zip codes. If you’ve received less than $15, 000 of the federal funds (including those that have received nothing) and happen to have a business in any of these zip codes: 33023, 33069, 33309, 33311, 33313 and 33319, you’re gonna be listed as one of the priority businesses.”
The program will be administered through the County’s Office of Economic and Small Business Development, while local partners will provide free technical assistance to applicants. Broward entrepreneurs can visit https://www.broward.org/cares/Pages/default.aspx to apply.
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CNW Network is South Florida’s number one Caribbean news network that comprises of , National Weekly newspaper and CNW TV. Embedded in the community for over 20 years, we have established ourselves as Florida’s primary access to the Caribbean community.The Paycheck Protection Program (PPP) is a loan designed to provide a direct incentive for small businesses to keep their workers on payroll. Borrowers may be eligible for PPP loan forgiveness. The American Rescue Plan provides an additional $7.25 billion, which expands eligibility to additional nonprofits and digital news services.
First Draw PPP loans made to eligible borrowers qualify for full loan forgiveness if during the 8- to 24-week covered period following loan disbursement:
Second Draw PPP loans made to eligible borrowers qualify for full loan forgiveness if during the 8- to 24-week covered period following loan disbursement:
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A borrower can apply for forgiveness once all loan proceeds for which the borrower is requesting forgiveness have been used. Borrowers can apply for forgiveness any time up to the maturity date of the loan. If borrowers do not apply for forgiveness within 10 months after the last day of the covered period, then PPP loan payments are no longer deferred, and borrowers will begin making loan payments to their PPP lender.
Expanded by the CARES Act, the EIDL program has been around for a couple of years and is intended to provide economic relief to businesses that are currently experiencing a temporary loss of revenue during a declared disaster.
The COVID-19 Targeted EIDL Advance was signed into law on December 27, 2020, as part of the Economic Aid to Hard-Hit Small Businesses, Non-Profits, and Venues Act. The Targeted EIDL Advance provides businesses in low-income communities with additional funds to ensure small business continuity, adaptation, and resiliency.
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Advance funds of up to $10, 000 will be available to applicants in low-income communities who previously received an EIDL Advance for less than $10, 000, or those who applied but received no funds due to lack of available program funding.
The SBA offers debit relief to existing SBA loan borrowers whose businesses have been impacted by COVID-19. The SBA will pay 6 months of principal, interest, and any associated fees that borrowers owe for all current 7(a), 504, and Microloans in regular servicing status as well as new 7(a), 504, and Microloans disbursed prior to September 27, 2020. This also includes information about Disaster Home and Business Loans.
The Shuttered Venue Operators Grant (SVOG) program was established by the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, and amended by the American Rescue Plan Act. The program includes over $16
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