Mayor Ken Welch announced the $1.35 million South St. Petersburg CRA Microfund Program in May.
ST. PETERSBURG — Starting Dec. 14, the city will re-open the South St. Petersburg CRA Microfund Program application period. The program provides businesses in the South St. Petersburg Community Redevelopment Area (CRA) with funding and personalized capacity building through education, mentoring, and networking.
This support allows businesses within the South St. Pete CRA to make targeted improvements without providing upfront capital.
“Strategic financial support and capacity building for small businesses is key to our plan for equitable economic development,” said Mayor Ken. 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, Dec. 14, and close Monday, Jan. 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 Nov. 29 and Dec. 7 and in-person and virtually on Nov. 27 and Dec. 4
- Virtual Office Hours – Offered various dates Nov. 29-Dec. 13
- Applicants who applied for the previous cohort but weren’t awarded funding must apply again during the upcoming application period.
- Interested applicants can find resources, FAQs, and toolkits at www.stpete.org/Microfund.
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 stpete.org/cra.
- Microfund Program graduates may be eligible to apply 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 Second Avenue North, Interstate 275, Interstate 175, and Booker Creek on the north; Fourth 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.
