Monthly Archives: November 2021

Fort Pierce FPRA Commercial Façade Grant

The City of Fort Pierce Launches FPRA Commercial Façade Grant 

 

 

The City of Fort Pierce announced the launch of the Fort Pierce Redevelopment Agency (FPRA) Commercial Façade Grant. The pre-application period is now open until November 24, 2021. The intent of the Commercial Façade Grant Program is to support the revitalization of the commercial corridors in the FPRA district by stimulating private investment in improvements that enhance the appearance of buildings and properties and eliminate blight and non-conforming design standards. This program is designed to encourage redevelopment of the FPRA by enhancing its visual aesthetics which will lead to increased property values, tenant occupancy, economic development, and job creation.

The grant is a reimbursable dollar-for-dollar matching grant up to $25,000. To be eligible the building must be located within the FPRA District and be commercially zoned. To apply and for a complete list of eligibility requirements, please visit:
https://choosefortpierce.com/969/FPRA-Incentive-Program

This will be the first of several grants that were recently approved by the FPRA Board.
To request a paper application in person or in the mail, or for more information about the Commercial Façade Grant program, please call 772-465-4170 or email [email protected]

Nov. 1, 2021|

SBA Announces Signature Lending Programs

SBA Administrator Guzman Announces $44.8 Billion Through Signature Lending Programs

 

 

In fiscal year 2021, 7(a) and 504 loan programs provided more than 61,000 loans, but gaps in access to capital for underserved communities remain

On October 29, 2021U.S. Small Business Administration (SBA) announced they have reached $44.8 billion in funding to small businesses through more than 61,000 traditional loans for fiscal year (FY) 2021.

“In the midst of a once-in-a-generation pandemic, the SBA’s mission-driven team delivered a record number of SBA’s traditional loans to our nation’s small businesses – in addition to more than $1.1 trillion in COVID-related relief since the start of the pandemic,” said SBA Administrator Guzman. “While progress has been made, our data also tells a deeper story:  historic inequities in accessing capital persist, and we must do more to lower the barriers of entry to opportunity for all our entrepreneurs. We will continue to build on our impactful programs to meet small businesses where they are and connect them with the resources needed to thrive.”

“The SBA continues to make headway in helping small businesses access much-needed capital, but much more work remains to be done,” said Patrick Kelley, Associate Administrator for the Office of Capital Access. “Our flexible, low-interest 504 loan program grew in loan volume by 41%, and the SBA team is already at work for the fiscal year 2022 to support job and entrepreneurial growth across the country.”

Addressing Equity Challenges That Persist Throughout the Small Business Economy:

Despite significant progress in its traditional lending programs, the agency is acutely aware of gaps that persist for certain communities in accessing capital. The SBA’s existing loan programs serve an important role in credit markets for small businesses, particularly those with collateral and demonstrated revenue that are denied a loan by a commercial bank or often lack relationships with established lenders.

Over the past five years, loans issued to the smallest borrowers through the SBA-backed 7(a) loan, Express, and Community Advantage decreased by over 45%. However, the decline in the proportion of small-dollar loans is not unique to SBA loan portfolios. Federal Deposit Insurance Corporation (FDIC) data on commercial small business lending by regulated banks shows an overall 3% decline (translating to over 600,000 loans) in the proportion of loans under $100,000. This lack of small-dollar loan appetite from lenders has led to disproportionate impacts on minority business owners. Firms with non-Hispanic Black ownership and firms with $100,000 or less in revenues were only half as likely as firms with non-Hispanic white ownership to obtain bank funds (23%, 24%), and Latino-owned firms were similarly lower (34%).

Addressing the systemic gap in access to capital for the smallest and underserved businesses has been Administrator Guzman’s north star and will continue to be a top SBA priority in FY 22 and beyond.

For more information about SBA’s loan programs, financial assistance, and other services, visit www.sba.gov.

 

Nov. 1, 2021|

It’s a perfect time for small business owners to explore borrowing options

In traveling throughout the Treasure Coast region, speaking with business owners, operators and economic development leaders, one issue is clear — the region is growing
Nov. 1, 2021|