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West Palm Beach plans loan program, sheltered-market projects to help small and minority-owned businesses
Summary
Economic Opportunity staff described a sheltered-market contracting program, bank partnerships to provide bridge financing for contractors and a planned loan program for certified SBEs and MWBEs offering $5,000–$20,000 loans.
City officials told FIU panelists that West Palm Beach is expanding tools to help small and minority-owned businesses compete for municipal work. Frank Hayden, director of the city’s Office of Equal Opportunity/Economic Opportunity, described a sheltered-market program that reserves some city projects for certified small businesses and said the city is developing partnerships with local banks to provide short-term financing so small firms can perform city contracts.
“We've developed a relationship with some local banks here so that if a business gets a contract with us, they can go to that bank and the bank…will provide them with some upfront money so that they can perform their job,” Frank Hayden said. Hayden also said the city will start a loan program when the new fiscal year begins Oct. 1 that will offer certified SBEs and MWBEs loans from $5,000 to $20,000 for hiring, equipment or working-capital needs tied to city projects.
Hayden said the city also offers training so small firms can gain the skills to win and perform municipal work. Panelists said these measures are intended to break down barriers that have historically limited minority-owned businesses’ access to public contracting; officials encouraged business owners to seek certification with the city to qualify for targeted opportunities.
Panelists did not provide loan-fund capitalization amounts, application details or exact program rules during the discussion; Hayden said the loan program will open when the new fiscal year begins on Oct. 1.
