ST. PETERSBURG, Fla. — With a focus on putting the spotlight on local small businesses, the city of St. Petersburg announced a new program that will provide accessible funding opportunities for them.
During a news conference Tuesday, St. Pete Mayor Ken Welch explained the new South St. Petersburg Community Redevelopment Area (CRA) Microfund Program will distribute a $1.35 million "boost" to local small businesses.
Welch says the program is an investment that will bolster the city's small business capacity along with supporting equitable economic development.
"In the city of St. Petersburg, we put small businesses first because when they're competing and thriving, they're the heart of a healthy, vibrant and diverse community that we all love," the mayor explained.
The funding will be distributed over four application rounds, with the first round starting in May of this year. $350,000 dollars will be divided and distributed to 45 accepted applicants, which reportedly includes five early-stage startups and 40 eligible businesses.
The CRA Microfund Program allows business owners to make "targeted improvements without providing any upfront capital or matching."
"We are thankful for your commitment to work and live in St. Pete, and we are truly blessed for what you give back to our communities," Welch said, thanking local business owners who were in the audience. "Today, we are investing in you."
The application period opens Tuesday, May 9, and closes Wednesday, May 31 – or until maximum program numbers are met.
According to the city of St. Pete, the funding levels include:
- Existing Brick and Mortar - $10,000
- Existing Family Childcare - $10,000
- Existing Home-Based Business - $5,000
- Existing Shared Commercial Space - $5,000
- Early-Stage Startup - $2,500
For anyone interested in the program, city leaders say some highlights of the Microfund Program are:
- The Microfund is a no-match program.
- The Program offers personalized capacity building through increased education, mentoring, and networking in exchange for CRA funding so business owners can make targeted and planful improvements without having to provide upfront capital.
- Cohort will be given up to 45 business days to complete the assigned capacity-building curriculum which may require up to 15 hours of attendance and/or engagement.
- Program periods are expected to recur upon the completion of each cohort, approximately every four months.
- Following the completion of the first Cohort, the program will be reviewed for effectiveness, and modifications will be implemented as needed.
"We believe this could be a game changer for South St. Pete businesses as they work to compete, survive and thrive," Welch said. "This is what Inclusive Progress looks like."
Click here to find more information on the South St. Petersburg CRA Microfund Program and eligibility requirements.