This incentive program offered by the West Palm Beach Downtown Development Authority (DDA) is intended to assist businesses located in the DDA district during the pandemic COVID - 19.
West Palm Beach Downtown Development Authority District (DDA)
Please click here for Boundary Map.
Grant amounts may be available up to $2,500 per month for 6 months with a maximum set at $15,000. Funding is approved by the DDA and disbursed to the Tenant.
- The Tier One Grant Program shall not exceed $15,000 for 6 months. The Total Grant Amount may be less based on DDA (Staff, Review Committee and Board) Recommendations;
- If Approved, payment is issued to the tenant; installments will need receipt of payment from Landlord and/or written notification.
- All applications must include appropriate documentation outlined in Eligibility and Application Requirements. Inadequately documented applications may be rejected.
- Applications shall be reviewed by the DDA (Staff and Retail Loan and Grant Review Committee) in the order they are received;
- Grants will no longer be approved once all allocated funds are exhausted. Grant is available August 1, 2020 - September 30, 2021;
- Once the Retail Loan and Grant Committee has reviewed the application(s), it is submitted to the DDA Board of Directors for review and approval. This grant whether approved or denied is at the discretion of the DDA Board. The applicant will receive notification detailing all of the terms and conditions of the grant, including but not limited to the amount of the grant, the approved uses for the proceeds, any reporting requirements to be met by the applicant, and any conditions required to be met prior to closing. The processing and approval of projects may take up to 12 weeks.
ELIGIBILITY AND APPLICATION REQUIREMENTS
Applicants are required to provide the following:
- Application Fee - $94.74; per applicant, includes processing fee (non-refundable);
- Proof that property is free of liens and outstanding taxes;
- A cover-letter with a brief history of your company;
- Financial Statements for one (1) year or three consecutive quarters;
- A copy of proof of the lease. This information must reflect lease rate and term information.
- A minimum three (3) year lease with a minimum of one (1) year remaining on lease agreement;
- The business must be open and operating for a minimum of one (1) year;
- Must be current and in good standing with the landlord.
- The following industries will have priority consideration for funding: Food & Beverage, Retail, Tourism, Hospitality, and Fitness.
Additional information may be requested by the DDA (Staff, Review Committee or Board).
Inadequately documented applications will not be reviewed. Be sure to include all necessary documentation.
For additional information contact:
Teneka James - Feaman, Associate Executive Director
West Palm Beach Downtown Development Authority
300 Clematis Street, Suite 200
West Palm Beach, FL 33401