City of Ocala MicroEnterprise Loan Program
The goal of the City of Ocala MicroEnterprise Loan Program is to prevent small businesses from closing and to retain employees during the COVID-19 pandemic by offering funds for certain qualified expenses including rent/mortgage, payroll, utilities, business supplies, etc.
Target Market
- Business must have five (5) or less employees
- Business physically located in the City of Ocala
- In business for a minimum of 1-year
- Must be able to demonstrate support need as direct result of COVID-19 pandemic
- The following types of businesses are not eligible:
- Chain or franchise business
- Non-profits are not eligible for this program
Program Guidelines
- Business must be operational at the time of funding
- Business must provide sufficient information documenting that negative affect COVID-19 pandemic has had on business
- Must be prepared to submit following financial documents:
- RT-6 Form – Employers Revenue Report
- Prior year’s Business Tax Returns
- Most Recent Balance Sheet
- Profit and Loss Statements for the past year, by individual month
- Must submit a brief plan for how these funds will help sustain them to recovery
Qualified Use of Funds
- Payroll
- Rent/Mortgage
- Utilities
- Certain Qualified Debts
Monitoring and Evaluation
- Applicants must complete three (3) hours of technical assistance with CEP staff prior to submitting funding application
- Applicants must complete seven (7) hours of technical assistance with CEP staff post funding approval, over a period of one (1) year
Application Process
- Complete Pre-Qualification Application online & Submit.
- Complete the Mandatory Financial Review Video PRIOR to initial appointment.
- A CEP Staff Member will review your submittal & evaluate your qualification for the program.
- MicroEnterprise Program Manager Cherrietta Prince will contact you directly to schedule your initial 1-hour Technical Assistance (TA) appointment to begin the full application process.
- Applicants will complete three (3) hours’ worth of TA in order to qualify for MicroEnterprise funding approval.
Mandatory Financial Review Program
To receive funds, a recipient must complete a 1-hour financial overview class which will be available online
** Please watch the video below before submitting an application for the City of Ocala MicroEnterprise Loan Program
Pre-Qualification Application
Questions?
Check out our FAQs to learn more.
Contact
Cherrietta Prince
cherrietta@ocalacep.com