economic development loans

The Housing and Neighborhood Development Services Division offers several grants and loan programs that benefit very low to moderate-income residents of Palm Bay.

The HANDS Office offers two economic development loan programs:

The Micro Loan Program assists new and existing businesses by providing up to $15,000 for working capital and/or fixed assets. The terms of the loan are set at a fixed rate of 10% per annum for a period not to exceed 10 years. The primary goal of the MICRO loan program is to assist businesses that provide goods and/or services and to create employment opportunities for low to moderate-income people in the community. It is available only to businesses that are unable to secure funding through traditional lending sources.

The Palm Bay Economic Development Loan (PEDL) Program is a gap financing loan program with up to $25,000 available at a fixed rate of 3% to 3.5% per annum for a period not to exceed 15 years. The program is designed to assist new businesses and entrepreneurs who wish to expand or relocate their business, all of which either create or retain a majority of jobs for low to moderate income persons. The PEDL program is intended to provide funds to the small business in order to secure a larger conventional loan from a lending institution. For example: if a business owner was able to secure a $100,000 loan from a bank but did not have the 20% down payment required, the PEDL program would provide the $20,000 down payment necessary to secure the loan.

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