St. Pete Standard

Starting December 14, the City will re-open the application period for the South St. Petersburg CRA Microfund Program. The program provides businesses located in the South St. Petersburg Community Redevelopment Area (CRA) with funding as well as personalized capacity building through education, mentoring, and networking. This support allows businesses within the South St. Pete CRA to make targeted improvements without having to provide upfront capital.

“Strategic financial support and capacity building for small businesses is key to our plan for equitable economic development,” said Mayor Kenneth T. Welch. “We know from the first round of South St. Pete CRA Microfund recipients that this program is making a difference. We encourage more small business owners to take advantage of this opportunity that could take them to the next level. When they’re successful, all of St. Pete wins.”

This marks the second application period for the South St. Petersburg CRA Microfund Program. Earlier this year, the City awarded $440,000 to more than 50 diverse, small businesses and startups in the South St. Petersburg CRA through the program. More than $1.35 million will be distributed over multiple cohort periods in the coming months.

"As a growing business, sometimes it's hard to receive capital, but partnering with the City has been a big help," said Katrina Jenkins of Pathways Early Learning Academy, Inc. "Through the Microfund Program, they provided the educational piece, mentorship, and networking with other businesses, which is priceless."

APPLICATION INFORMATION

• The application will be open Thursday, December 14, 2023 and close Monday, January 15, 2024.

• The Greenhouse will have the following resources available to help applicants through the process:

• Microfund 101 Webinars and Workshops - Offered in-person on November 29 and December 7 and in-person and virtually on November 27 and December 4

• Virtual Office Hours - Offered various dates November 29 - December 13

• Applicants who applied for the previous cohort but weren't awarded funding will need to apply again during the upcoming application period.

• Interested applicants can find resources, FAQ's, toolkits on the website: www.stpete.org/Microfund. The application (when it's live) will also be posted to this webpage.

HOW THE PROGRAM WORKS

• Eligible applicants in this application period will be placed into three upcoming cohorts in 2024. Each cohort will hold 45 businesses, for a total of 135 businesses over the three cohorts.

• Businesses will be placed in cohorts on a first-come, first-placed basis until all spots are filled.

• Once the maximum number of participants is reached, any remaining applicants may apply for a future funding round. 

• A wait list will be utilized to fill spots that may become available.

ELIGIBILITY

• Applicants must own a business located within the South St. Petersburg Community Redevelopment Area (CRA) for at least six months. The South St. Petersburg CRA boundary map can be found at www.stpete.org/cra. 

• Microfund Program graduates may be eligible to submit an application for a different business three years after the date of their original program participation. 

• Spending plans will be developed to ensure funds deployed meet program eligibility standards.

About the South St. Petersburg Community Redevelopment Area:

The South St. Petersburg Community Redevelopment Area (CRA) was established to promote reinvestment in housing and neighborhoods, commercial corridors, business development, and education and workforce development. The 7.4 square-mile CRA is the largest in St. Pete and one of the largest in Florida. The CRA is comprised of Greater Childs Park, more than 20 neighborhood and business associations, and two Florida Main Street Districts. The South St. Petersburg CRA is generally bounded by 2nd Avenue North, Interstate 275, Interstate 175, and Booker Creek on the north; 4th Street South on the east; 30th Avenue South on the south; and 49th Street on the west. For more information, visit www.stpete.org/cra.

Original source can be found here.