CITY COUNCIL AGENDA ITEM
Memo Date: April 27, 2021
Agenda Date: May 11, 2021
Prepared By: Angela Essing, Economic Development Manager
Through: Nancy A. Bunt, Community Services Director
Requested Action:
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Adopt a Resolution to create an Upstart Cocoa Minority and Small Business Program, approving the Upstart Cocoa Policies, Procedures, and Conditions and granting the ability to execute an agreement with weVENTURE WBC.
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BACKGROUND:
City Council has requested that staff formulate an incentive to promote the growth of minority-owned businesses throughout the City. The Upstart Cocoa Minority and Small Business Program is a forgivable loan that has been created for such. The program and forgivable loans will be available to minority and/or women owned small businesses. The goal of the Upstart Cocoa Loan(s) is to empower entrepreneurs to succeed in the City of Cocoa, attract small minority business to the area, contribute to the economic vitality by promoting small business, and to cultivate vibrant neighborhoods through the encouragement of diverse businesses. Awards made to businesses will encourage business to locate or relocate to Cocoa and support minority entrepreneurs with business skill sets, start-up and marketing expenses. The Upstart Cocoa Loan program is designed as a three-year forgivable loan program with a community enrichment component to "pay back" 25% of the grant to the community within three years. After three years of maintaining the business in Cocoa and successful completion of the "pay back" the loan will be forgiven at 100%.
The success of the businesses/entrepreneurs is dependent on an appropriate level of business savvy and a comprehensive understanding of executing a well thought out business plan. Thus, we are proposing to collaborate with weVENTURE WBC (weVenture) to provide a customized education tract. weVENTURE will develop a customized program to guide businesses through their business plan and compl...
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