Microfund Program makes comeback to help boost St. Pete businesses
ST. PETERSBURG, Fla. - A program dedicated to boosting local businesses in St. Petersburg is making a comeback.
From Dec. 14 to Jan. 15, the South St. Pete Community Redevelopment Agency will reopen the application portal for its second launch of the Microfund Program.
Between the COVID-19 pandemic, supply chain issues and inflation, the South St. Pete CRA and The Greenhouse began to develop the free program two years ago. In Spring 2023, the CRA set aside $440,000 to launch the program with its first cohort of 53 businesses.
READ: Bay Area woman brings shareable closet of clothes to rent with Valhalla Resale
Each participant is paired with a business navigator and mentor.
"In doing that, they have the opportunity to work on business plans, capacity building, networking with other businesses, and at the end of that, they leave the program with a completed business plan and also have access to grant funding," said Tracey Smith, small business liaison and co-manager of The Greenhouse.
Smith explained that the grants are based on the type of business that completes the program, including:
- Existing Brick and Mortar - $10,000
- Existing Family Childcare - $10,000
- Existing Home-Based Business - $5,000
- Existing Shared Commercial Space - $5,000
- Early-Stage Startup - $2,500
Local painter, Vivia Barron, joined the first cohort. She described her art as, "It is about us, black people. I'm from Jamaica originally, so I'm very, very connected to the water."
MORE: St. Pete business chosen as first FRESH Pace Healthy Neighborhood Store
Barron said she faced hurdle after hurdle over the past few years.
"You had to look at the shock of your business completely dissipating, because art is the last thing people are thinking about after all that devastation," she explained. "Art is not on the list of things to purchase when things are so expensive. It's tough out there right now."
Through her business navigator and mentor, she learned she had to pivot her business to cater more to the digital world.
"I was able to define my brand a little bit more and get help with social media marketing. I noticed a difference immediately. Really, it was immediate," she said.
Smith said the relaunch of the 60-day intensive program will accept 135 participants, split between three cohorts. For more information, click here.