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