WHAT'S AVAILABLE:
The City of Hallandale Beach CRA is reopening applications for the Coronavirus Small Business Sustainability and Recovery Loan Program effective Thursday, May 7, at 12:00pm. A large number of applications received when the program was opened in April did not meet the program’s requirements. As a result, a portion of the $500,000 designated by the CRA Board to fund this program remains available.
There are two different loan options offered under this program. Eligible businesses may apply for one of the two available loan programs, not both.
Please remember your business must be located and registered within the boundaries of the Hallandale Beach CRA to be considered for these loan programs.
Applications must be submitted with all of the required documents. Applications found to be missing required documentation will be considered incomplete and not processed.
The City of Hallandale Beach CRA will continue to accept and process applications until available funds for the program are exhausted.
Business Employment Bridge Loan Program
- This is a loan of up to $50,000.00.
- The loan has a two year term with 0% interest.
- Similar to the Federal Paycheck Protection Program, this loan can be fully forgiven if at least 75% of the funds are used to cover payroll costs.
- Applicants must demonstrate they pay a living wage to employees.
- For restaurants & food based businesses, food that would normally be thrown away must be given to a local shelter or food pantry.
Emergency Business Cash Infusion Program
- This is a loan of up to $15,000.00.
- Loans of up to $5,000 made through this program are fully forgivable.
- This loan has an 18-month term with 0% interest as long as payments are made on time.
WHO CAN APPLY:
Small businesses that have experienced severe economic impact due to the COVID-19 national health crisis may apply for this loan.
Eligible businesses must be physically located within the Hallandale Beach CRA boundaries and have between 2 and 100 full time employees.
The City of Hallandale Beach CRA boundaries are I-95 to the west, Pembroke Road to the north, County line Road to the south, and NE 14 Ave to the east
Eligible types of businesses:
- Restaurant/food service – family-oriented restaurant, ice cream shop, coffee shop, micro-brewery, meat market
- Merchandise retail – clothing store, newspaper/magazine stand, florist, general merchandise store.
- Service retail – grocery store, drug store, dry cleaner.
- Destination retail.
- Professional services – barber shop, salon, tax preparer.
- Small theatre (movies and live performances).
- Fitness facility.
- High Tech.
- Co-working spaces.
- Performing/creative arts – gallery, studio, arts-oriented business; and other uses as approved.
HOW TO APPLY:
A signed application and all required supporting documentation must be returned to the City of Hallandale Beach CRA via the online upload option.
You must also complete and submit a BUSINESS LOAN APPLICATION SURVEY as part of the required documents.
Please note all of the loan documents submitted to the City of Hallandale Beach CRA are subject to disclosure upon request under Florida Public Records Law Chapter 119.