More support is coming to Delray Beach business owners. The city has launched a new Community Development Block Grant for qualifying businesses.
The city received $312,450 from the federal government. If approved, business owners can be awarded a one-time payment of up to $35,000. Funds must be used for job retention.
The requirements for the loan include:
- Business open since October 1st 2019
- Located in the targeted area
- Is not a publicly-traded company
- Was impacted by COVID-19
- Had not received any COVID-19 relief funds exceeding $35,000
Neighborhood Services Administrator Ferline Mesidort said a portion of the funds the city received are also being allocated for individual rental assistance.
“75% of the funds were used for business grants, 25% was set aside for residential rental. So an individual that is residing in the CDBG target area can also come in and apply for a payment of delinquent rent up to three months,” Mesidort said. “We are hoping that with this small pot of funds we will be able to make some change, we are expected to receive another allocation hopefully in the future and we will utilize this grant process to create a better and bigger program.”
The application process is now open.