Micro Loans

City of West Palm Beach Small & Minority/Woman Business Assistance Program

Pathway Capital Funding is excited to announce our partnership with The City of West Palm Beach’s Small & Minority/Woman Business Assistance Program. The City of West Palm Beach is offering a new loan program to help small businesses and minority-/woman-owned business in the city recover from the negative economic effects of the COVID-19 pandemic COVID-19 by providing funding for short term finance gaps necessary for business to remain open or viable.

ELIGIBILITY

Local businesses that have been certified by the city as a Small Business Enterprise (SBE) and/or a Minority/Woman Business Enterprise (MWBE)

The SBE Business must be located within the city’s jurisdiction

Must have a valid business tax receipt from the City of West Palm Beach

If your business operates from commercial property owned by you, it must be free of any city lien encumbrances and code violations and property taxes on the property must be current if the business owner is the property owner

Business must have been opened and be operational for a minimum of 18 months at the time of the loan closing

Business gross annual revenues cannot exceed $1,000,000

The borrower’s credit score of over 580 is required to qualify

Business liquid assets of under $150,000

Loan Size

About the Micro Loan Product

0

Use of Proceeds

Loan proceeds may be used for any legitimate business purpose and may include:

Working capital

Materials and inventory

Machinery and equipment purchases

Technology upgrades

Contract mobilization funding

Refinance predatory small business loans

Term

Maximum term of 60 months or 5 years with first 12 months interest only

Interest Rates

Interest rates range from Prime + 1% to maximum rate of 10%

Application Fee

$150

Closing Fees

Borrower is responsible for all applicable legal and loan closing expenses including UCC filings and discharge.

Technical Assistance

12-month access to online training platform

Access to technical assistance programs

If you are interested in applying for this program, follow these simple steps.

STEP 1

The first step in applying to the Loan Program is to contact Office of Small and Minority/Woman Business Programs is to reach out to the contact listed below

Sandra Hammerstein

Procurement Programs Compliance Officer

Office of Economic Opportunity, 2nd Floor
401 Clematis Street
West Palm Beach, FL 33401

This email address is being protected from spambots. You need JavaScript enabled to view it.

561-822-1273

STEP 2

The city will verify the status of your SBE or MWBE certification, if you possess a valid business tax receipt and confirm that there are no outstanding liens, encumbrances or code violations owed to City of West Palm Beach.

STEP 3

After verification is complete, you will be referred to Pathway and assisted by the loan team through the application process.

2019 Balance Sheet
2019 Income Statement or Tax Return
2020 Balance Sheet
2020 Income Statement or Tax Return
Current Interim Balance Sheet
Current Interim Income Statement
Copy of the West Palm Beach business tax receipt