Cape Coral Redevelopment Agency (CRA) Establishes South Cape Cares Assistance Program
The Cape Coral Community Redevelopment Agency (CRA) approved a loan program to assist businesses in the South Cape CRA taxing district that are struggling due to the pandemic.
Overview
The CRA is investing $300,000 budgeted for incentives to provide immediate rent or mortgage assistance for businesses located within the boundaries of the CRA. The loan is intended to help those businesses that were closed or remain closed due to Covid-19 mandates.
Program highlights include:
- Up to $5,000 to qualifying businesses physically located within the CRA
- Funds can only be used to reimburse for rents or mortgages
- Payment will be made directly to the business’s landlord or mortgage company
- A business is only eligible for one grant per business.
- All applications will be time stamped and processed in order.
- Grants shall be forgiven on a sliding scale provided they remain open in the CRA:
Remain open in South Cape for one year – 25% forgiven
Remain open in South Cape for two years – 50% forgiven
Remain open in South Cape for three years – 100% forgiven
Eligibility
The are 700+ businesses licensed in the CRA taxing district. Out of the 700+ the Board identified 168 businesses that are eligible for the loan. Those eligible include restaurants, retail, and other non-essential businesses impacted by the Safer at Home Act are eligible. Ineligible businesses include nationals/chains, home-based businesses and essential businesses not forced to close or reduce capacity.
Timeline
The CRA will be accepting applications June 8-12.
How to Apply
Details about how to apply will be announced the week of June 1.