To support the small businesses in West Palm Beach, the City has created a partnership with the Downtown Development Authority, Urban League of Palm Beach County and Valley National Bank developing a fund to issue short term loans. The City and Downtown Development Authority have dedicated funds to create the COVID 19 Recovery Assistance Program.
If you have filled out an loan application and have a question on the status of the loan of your application please access the portal here: https://portal.neighborlysoftware.com/westpalmbeach/Participant
Any additional questions, please contact us at EcoDev@wpb.org or call 561.822.1416
Step 1: Review the Eligibility Requirements:
- Is the business is located within the jurisdiction of the City of West Palm Beach?
- Is the business legally authorized to do business within the City of West Palm Beach by virtue of a valid business license (proof by a Business Tax Receipt)?
- Was the business adversely impacted by the COVID-19 pandemic economic fallout?
- Is the business property free of any City lien encumbrances and code violations?
- Are the Property taxes on the property current (applicable if business owner is property owner)?
- Has the business been opened and operational for a minimum of 18 months?
- Are the business gross annual revenues less than one million ($1,000,000) dollars?
- Is the business owner's credit score over 620?
- Does the business have less than $150,000 in liquid assets?
- Has the business registered with SBDC for business assistance (SBDC at FAU)?
IF YOU ANSWERED 'NO' TO ANY OF THE ABOVE QUESTIONS, YOUR BUSINESS WILL NOT QUALIFY FOR THE COVID-19 ECONOMIC DEVELOPMENT RECOVERY ASSISTANCE LOAN.
Step 2: Required Documentation:
Be sure to have the following required documentation ready prior to beginning the application process, as this will be needed to complete the application:
- Business Income Statement
- Company’s Business Registration
- Past 3 months Bank Statements for Business
- Photo ID
Step 3: Fill Out Online Application:
Program Overview and Summary
To support the small businesses in West Palm Beach, the City has created a partnership with the Downtown Development Authority, Urban League of Palm Beach County and Valley National Bank developing a fund to issue short term loans. The City and Downtown Development Authority have dedicated the following amounts to create the COVID 19 Recovery Assistance Program.
City of West Palm Beach - $259,000 – City wide businesses
Downtown Development Authority (DDA) - $50,000 – For businesses in the DDA District
The COVID-19 Economic Development Recovery Assistance Program is designed to provide financial assistance to businesses to achieve the following objectives:
- Provide financial assistance to assist small businesses with meeting basic obligations such as rent, payroll and utilities to remain viable over a 30-60-day period;
- Initiate a process that leverages other public assistance programs and private dollars;
- Encourage businesses to maintain their labor force;
- Loans available between $5000 and $10,000.00
For additional information or if you have questions please reach out to the City of West Palm Beach at EcoDev@wpb.org or if you are a Downtown West Palm Beach business you can contact the DDA.