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BOYNTON BEACH COMMUNITY REDEVELOPMENT AGENCY APPROVED $500K IN FUNDING FOR SMALL BUSINESS DISASTER RELIEF FORGIVABLE LOAN PROGRAM

Since its inception in 1982, the Boynton Beach CRA (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 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.

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 its 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.

Eligible businesses with 50 or fewer employees can apply for a $10,000 interest free business loan to be used towards payroll, utilities, or inventory expenses within one year of the loan date.  The loan will be forgiven if the businesses can provide documentation of the eligible expenditures.

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 will be accepted starting at 8:30 a.m. on Thursday, April 23, 2020 until 5:00 p.m. on Wednesday, September 30, 2020 and may be downloaded at www.boyntonbeachcra.com or obtained by mail by calling (561) 600-9090. All applicants are required to speak with BBCRA staff to confirm eligibility prior to application submission. Applications will not be considered until all required documentation is received.  Interested parties are strongly encouraged to submit the application electronically to Bonnie Nicklien at nicklienb@bbfl.us or by mailing a hard copy to 710 North Federal Highway, Boynton Beach, FL 33435. Loans will be awarded on a first come, first serve basis, subject to availability of funds.

The BBCRA remains unwavering in its commitment to support the local business community during these uncertain and difficult times.

“It means so much to know that there are local resources here in Boynton actively reaching out to small businesses asking how they can help.I immediately feel less alone knowing you and the CRA are here to help in any way you can.​” – Danielle Tarrant, owner of Bailey’s Blendz (640 E Ocean Ave #16, Boynton Beach, FL 33435)