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Council agrees to explore small‑business grant pilot with WeVenture and CRA advisory board
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Summary
Council asked staff to work with the CRA advisory committee to evaluate a pilot small‑business grant/mentorship program, modeled on Cocoa’s partnership with WeVenture, to provide mentorship and modest forgivable grants for vetted local startups.
Council heard a city‑sponsored concept from Councilmember Marcus Smith to create a small‑business pilot that would provide mentorship and conditional grants or forgivable loans to startups and growing businesses, modeled on a Cocoa/WeVenture program.
Marcus Smith proposed a program that would pair financial incentives (suggested awards in the $5,000–$15,000 range) with mentorship through WeVenture’s Ignite 360 program. Catherine Rudloff, executive director of WeVenture Women’s Business Center, described Cocoa’s experience: the city and CRA fund scholarships to send applicants through a 6‑month mentorship program (approx. $2,500 per participant is typical), then finalists present to a decision committee and the CRA awards $15k/$10k/$5k prizes to vetted businesses. WeVenture said the program helps projects that would not otherwise secure traditional bank or angel funding and increases survival beyond the two‑year mark.
Council indicated consensus to ask staff to consult the CRA advisory committee on whether a downtown pilot or similar CRA‑backed program would be appropriate and to return with options and cost estimates; staff noted CRA rules and budget constraints and said any pilot would go through formal CRA advisory and council review.
Next steps: staff will bring options to the CRA advisory committee for vetting and return to council with a recommended pilot structure and budget.
