WEST PALM BEACH, Fla. (April 23, 2020) – The West Palm Beach Downtown Development Authority (DDA) board unanimously approved an additional $100,000 in funding to the City of West Palm Beach’s Recovery Assistance Program at the organization’s monthly board meeting on April 21, 2020. The DDA had previously donated $50,000 to the program, which provides micro-loans to City businesses in need of assistance. All money from the DDA will be allocated specifically to businesses within the downtown district.
“Small business is the backbone of the Downtown West Palm Beach experience, economically the heart of our investor and visitor appeal,” said Raphael Clemente, DDA Executive Director. “It is important that we do everything we can to provide support when they need us now, more than ever.”
The City’s Recovery Assistance Program makes $5,000 to $10,000 loans available for small businesses to assist them in paying essential bills such as rent or utilities so they can remain viable during the COVID-19 pandemic. Developed in partnership with Valley National Bank and the Urban League of Palm Beach County, the short-term loans offer flexible terms at a 2% interest rate to make them as effective as possible in helping keep businesses afloat. The latest donation from the DDA brings the total amount of funds available to $409,000.
The additional $100,000 from the DDA came from services that are currently on hold due to guidelines currently in place due to the global health crisis, including trolley and landscaping services, among others. To date, the DDA has approved $30,000 in loans for several Downtown businesses.
For more information on the Recovery Assistance Program, including eligibility requirements and how to apply, visit www.wpb.org/covid19.
About the Downtown Development Authority
The West Palm Beach DDA is an independent taxing district created in 1967 by a special act of the Florida Legislature. Its mission is to promote and enhance a safe, vibrant Downtown for our residents, businesses and visitors through the strategic development of economic, social and cultural opportunities.
For more information about the DDA or Downtown West Palm Beach, please visit DowntownWPB.com or call the DDA at (561) 833-8873.