St. Petersburg city officials unveiled a new program designed to provide financing to businesses in the South St. Petersburg Community Redevelopment Area. Petersburg.
Mayor Ken Welch announced on May 2 the launch of the ARC microfund program in South St. Petersburg said the city would distribute more than $1. 35 million over 4 bidding cycles.
In this month’s first funding circular, officials will divide and distribute $350,000 to forty-five successful applicants. This includes five startups and 40 eligible corporations in South St. Petersburg.
The app era opens on May nine and closes on Wednesday, May 31 or until the maximum number of systems is reached.
“Business owners can use investment from the CRA’s microfund program south of St. Petersburg to make targeted innovations without offering upfront capital,” Welch said. “Small businesses are the engine of our economy. We believe this can be a game-changer for our businesses in South St. Petersburg as they work to compete and thrive. This is what inclusive progress looks like.
Funding grades come with $10,000 for existing brick-and-mortar businesses and existing family circle child care centers. Existing home-based businesses and shared advertising spaces are eligible for $5,000 increases.
The Microfund is a no-quid pro quo program, according to city officials. It provides the construction of customized layer cities through higher education, mentoring, and networking in exchange for CRA funding. This means commercial homeowners can make specific innovations without having to provide them upfront. capital.
For more information on the ARC South St. Petersburg and eligibility requirements, visit www. stpete. org/microfund.