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Boca Raton considers loan program to aid small businesses

Chamber of Commerce proposes $5K loan
Posted at 2:51 PM, Apr 30, 2020
and last updated 2020-04-30 17:43:36-04

BOCA RATON, Fla.  — Many small businesses are still having trouble getting federal and state funding.

The city of Boca Raton wants to start a loan program to help those who are struggling to pay their bills.

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The owner of The Irishmen pub in Boca Raton said it’s been a long six weeks.

“We have been closed since March 16,” said owner Rossa Flood.

He said takeout wasn't profitable for them, so they’ve been doing small remodeling in the bar.

On Tuesday, the Boca Raton Chamber of Commerce proposed a small business loan program funded by the city.

Flood said any type of loan can help a business owner right now

“When we reopen, we have to have items to sell and stock. Food is out of date. We need to purchase beer and liquor,” said Flood.

Troy McLellan

“We suggested an original pot of money of $500,000 to small businesses that have gross revenue of less than $1 million,” said Troy McLellan, the president and CEO of the Boca Raton Chamber of Commerce.

McLellan said they proposed a $5,000 loan for struggling businesses.

City councilman Andy Thomson said the focus of the plan would be on the businesses who cannot get federal or state loans.

“This is meant for the small dogs and for the ones who couldn’t get PPP (Paycheck Protection Program) funding,” said Thomson.

The city wants to show support to their local businesses and help them survive this sharp downturn in the economy.

“We have in the city of Boca 13,000 business located here, and the vast majority are small businesses,” said Thomson.

Thomson said the city will work on putting a loan program together, and the city council will discuss it next Tuesday at their city workshop.