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Palm Beach County believes that it is appropriate to utilize all available resources to facilitate economic growth in Palm Beach County. To that end, the Board of County Commissioners (BCC), through its Department of Housing and Community Development (HCD) has created a source of funding which will enable entrepreneurs, businesses, and appropriate community-based agencies to conceive and implement business ventures that will create jobs, revitalize communities and enhance the overall quality of life for all Palm Beach County residents. Additional funding, through low-interest loans, are also available from other agencies to assist small businesses to become more self-sufficient. SOURCES OF FUNDING Since FY 1998, in accordance with BCC Directives, HCD has allocated 10% of the County’s annual Community Development Block Grant (CDBG) entitlement to create the “Set-Aside Program for Economic Development”. Annually, approximately $700,000 is set-aside to fund this program. The program is administered by the Palm Beach County Office of Economic Development (EDO). Information on the program can be obtained by going to the EDO website at www.pbcgov.com/edo. Information on the program can also be obtained by calling EDOt (561) 355-3624. EDO is located at: 301 N. Olive Avenue (Government Center), 10th Floor, West Palm Beach, FL 33401 Monday - Friday 8:00AM to 5:00PM EDO also administers a Section 108 Loan Program. The Program assists eligible businesses with funding for fixed assets and working capital financing. This Program is funded by the U.S. Department of Housing and Urban Development (Section 108 Loan Guarantee Program) and administered by Palm Beach County. These loan funds are federal dollars and will be provided as fixed or floating rate loans. Additional information on this program can be obtained at EDO's website (www.pbcgov.com/edo) OTHER SOURCES OF FUNDING In Palm Beach County, the Business Loan Fund of the Palm Beaches provides low-interest loans to small or micro-businesses. Information on this program (and other financial programs administered by them) can be obtained by going to www.blfpbc.org. Additional information on other economic development programs in Palm Beach County can be obtained by contacting EDO at www.pbcgov.com/edo or by calling them at (561) 355-3624. |
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