The Riviera Beach Community Redevelopment Agency is using cold hard cash to lure businesses to the city.
The CRA approved a $5 million small business loan fund to be dispersed over five years to new or relocating companies in the city. The loans can range from $10,000 to $1 million for an existing business that’s moving to Riviera Beach or $10,000 to $500,000 for a startup business.
“These loans will help local entrepreneurs and investors find the capital they need to start a business, which will in turn create badly needed jobs for our residents and help grow the tax base,” CRA Executive Director Tony Brown said in a news release.
Viking Development is leading the $375 million redevelopment of Riviera Beach, seen in this rendering.
The CRA wants to encourage business to move into the Ocean Mall on Singer Island, the Broadway and Blue Heron corridors and the Riviera Beach Marina, which is undergoing a $375 million redevelopment.
Neighborhood Lending Partners, a consortium of banks, will administer the program for the CRA. Businesses that receive the loan may be eligible for matching funds through the U.S. Department of Treasury’s Community Development Financial Institutions Fund.