SOUTH ST PETE CRA REDEVELOPMENT MICROFUND PROGRAM
The South St. Petersburg Community Redevelopment Area (CRA) was established to promote reinvestment in housing and neighborhoods, commercial corridors, business development, education and workforce development, and non-profit capacity building within the South St. Petersburg CRA. The 4,777-acre CRA is the largest in St. Petersburg and one of the largest in Florida. The CRA encompasses Greater Childs Park more than twenty neighborhood and business associations, and two Florida Main Street Districts.
The South St. Petersburg CRA Dependent Special District is generally bounded by 2nd Avenue North, Interstate 275, Interstate 175 and Booker Creek on the north; 4th Street South on the east; 30th Avenue South on the south; and 49th Street on the west.
The Redevelopment Microfund Program provides funding to small businesses within the South St. Petersburg Community Redevelopment Area (CRA) in exchange for their successful completion of business capacity training. The purpose of the program is to ensure that all businesses within the CRA can take advantage of the capital access initiative that is one of the hallmarks of the South St. Petersburg Community Redevelopment Plan (Plan). The program offers the opportunity for businesses to develop capacity through increased education, mentoring and building connections to receive CRA funding to make targeted and planful improvements without having to provide upfront capital, as required through the other CRA commercial grant programs. In fact, the Redevelopment Microfund Program has been specifically created to address the concerns of many small businesses that they are unable to meet other CRA commercial program requirements.
In addition, the program will build on the network of partnerships that have been developed since the inception of The Greenhouse. Although the program is overseen by the Greenhouse, its many partners in the local business community will be leveraged to involve them in all facets of the Microfund program, including curriculum development, business assessment, and mentoring.
While designed to assist locally owned businesses, the grant program recognizes that national commercial franchises, healthcare providers and not-for-profit agencies are present on most of the CRA’s commercial corridors and that maintaining their buildings in good repair is essential for remedying blight and preventing its spread. They often employ CRA residents and help assist in the economic uplift of South St. Petersburg, while not-for-profit agencies and healthcare providers provide essential services to the CRA. Finally, the CRA’s national franchises also contribute revenue to the South St. Petersburg redevelopment trust fund that pays for this grant program.
There is a total of $1.35 million in funds for the Redevelopment Microfund Program, with an award for qualifying businesses up to $10,000 to be used for eligible future expenses upon successful completion of the assigned capacity building program.
To be announced soon.
Sign up to receive formal announcement of program (select South St. Pete CRA Microfund option):