On Tuesday, May 12, 2020, the Boynton Beach Community Redevelopment Agency (BBCRA) Board approved an additional $500,000 to be added to its Small Business Disaster Relief Forgivable Loan Program, bringing the total Program funding to $1 million.
The Small Business Disaster Relief Forgivable Loan Program, will be open to eligible businesses with 50 or fewer employees can apply for a $10,000 interest free business loan to be used for payroll, utilities, or inventory expenses within one year of the loan date. The loan will be forgiven if the business can provide documentation of the eligible expenditures.
During the last month, communities across the globe have experienced the devastating effects of the COVID-19 pandemic on their local economy as businesses have been forced to close its doors to comply with executive orders issued to slow the spread of the virus. In response to the crisis, at the April 21, 2020, Special Meeting, the BBCRA allocated $500,000 to its new Small Business Disaster Relief Forgivable Loan Program. The new Program was developed to supplement the SBA’s Paycheck Protection and Florida Small Business Emergency Bridge Loan Programs, provide immediate relief to the local businesses within its area, and protect the public investments through the years. The initial funding was quickly distributed to more than 45 qualified businesses.
Examples of qualified businesses include, but are not limited to, restaurants, bakeries, gourmet food markets, professional offices, fitness facilities, specialty retail, boutiques, hair/nail salons, and florists.
Applications are being released at 5:00pm on Friday, May 15, 2020 and will be accepted beginning at 10:00 a.m. on Monday, May 18, 2020, until 5:00 p.m. on Wednesday, September 30, 2020, and maybe downloaded at www.boyntonbeachcra.com or obtained by mail by calling (561) 600-9090. All applicants are encouraged to speak with BBCRA staff to confirm eligibility prior to application submission.
Program funding is limited. Applications are processed on a first-come, first-served basis and an application will not be considered “complete” until all required documentation is received. Interested parties are strongly encouraged to submit the application electronically to Bonnie Nicklien at email@example.com or by mailing a hard copy to 710 North Federal Highway, Boynton Beach, FL 33435.
Since its inception in 1982, the BBCRA has been redeveloping and revitalizing Boynton Beach’s east-west commercial corridors along US1/Federal Highway, from Gulfstream Boulevard to NE 26th Avenue. To spur economic development, the BBCRA has utilized tax increment revenue as incentive funding to recruit new businesses and assist in the expansion of existing businesses through its various grant programs and creative marketing strategies to promote and support its local businesses. The BBCRA remains unwavering in its commitment to support the local business community during these uncertain and difficult times.