UpStart Cocoa Small Business Development Grant

UpStart Cocoa Small Business Development Grant is sponsored by City of Cocoa, Florida. A three-year forgivable loan program supporting minority- or woman-owned businesses in Cocoa, Florida, to start or expand operations.

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Communication and Economic Development UpStart Cocoa Forgivable Loan UpStart Cocoa Forgivable Loan Helping Small Businesses Thrive in the City of Cocoa The City of Cocoa is committed to building a vibrant, diverse, and thriving business community.

Through the UpStart Cocoa Small Business Program , launched in 2021, we offer financial assistance and expert mentoring to help entrepreneurs start, grow, or expand their businesses right here in Cocoa. Forgivable Loan: Up to $10,000 for new or recently opened businesses, or businesses relocating to Cocoa. Diamond Square CRA: Up to $15,000 for businesses opening in the Diamond Square Community Redevelopment Area.

Forgiveness: Keep your business in Cocoa and meet program requirements for three years, and your loan is forgiven. Mentorship: Includes enrollment in the IGNITE 360® ADVANTAGE Business Mentoring Program through weVENTURE Women’s Business Center at Florida Tech. Mentoring First: $2,500 of the award funds the IGNITE 360® ADVANTAGE program, a 4–8 month business mentoring course tailored to your needs.

Funding Next: After completing the program and City Council approval, the remaining funds are awarded as reimbursements for eligible start-up or expansion expenses. Up to $7,500 for approved costs (Citywide) Up to $12,500 for approved costs (Diamond Square CRA) Forgiveness: No interest, no payments—just maintain your business in Cocoa for three years and meet all program conditions.

Funds (reimbursed after mentoring completion) may cover: Rent subsidy (up to 3 months, base rent + CAM only; excludes home-based businesses) City fees (permits, utility deposits, business tax receipts) Inventory (up to 25% of total loan) Marketing & advertising (up to 25% of total loan) Moving large equipment or furniture Membership in the Cocoa Beach Regional Chamber of Commerce and/or Space Coast Black Chamber of Commerce Other start-up costs approved by weVENTURE Applications are evaluated based on: Long-Term Success Potential – Clear ability of the business to thrive in Cocoa.

Location Impact – How the business location benefits the City. Commitment to Education – Willingness and readiness to complete the mentoring program. Strength of Business Plan – Solid plan or strong potential to refine it.

Community Enrichment – Ways the business will give back or add value to Cocoa. Uniqueness & Fit – A concept that’s new to the community or complements existing businesses. Motivation – Strong drive to launch or grow in Cocoa.

Awareness – Understanding of start-up or expansion challenges and opportunities. Relevant Experience – Past experience in the industry or type of business. Strategic Use of Funds – Well-defined plan for applying UpStart funding.

Local Residency – Applicants living within Cocoa city limits receive extra points (not a requirement). Any business, with 10 employees or less, that will be opening inside the City limits of Cocoa or any business that is looking to expand or move into the City limits of Cocoa. A Cocoa business that is less than 3 years old or a business located in Diamond Square that is less than 5 years old is eligible to apply.

UpStart Cocoa isn’t just about funding—it’s about setting you up for long-term success . Our goal is to help you thrive, contribute to Cocoa’s economic vitality, and strengthen our neighborhoods through diverse, locally-owned businesses. UpStart Cocoa Application Schedule The next round of reviews for applicants will restart in October 2025.

Applicants are encouraged to apply year-round, as you will be included in the queue for the next round of reviews. Next Review Committee Meeting : TBD. Steps in the Process to Complete the UpStart Program Apply: All applicants must be eligible to participate in the program and complete the application in full by the posted deadline with all of the required documentation.

Applications that do not have all of the required documentation will not be considered for the program. Before the next step and to help prepare applications, the applicants must speak with someone from the local SBDC for guidance and preparatory application review. Application Review: Once all applications have been received, the UpStart Cocoa and UpStart Diamond Square committees will review applications.

Q&A with Review Committee: All applicants that have submitted the required documentation and qualify for the program will then present to the UpStart Review Committee and undergo Q&A. Participant Selection: The UpStart Cocoa and Diamond Square committees will then choose candidates to participate in the program at a Cocoa City Council Meeting.

Begin 24-Week weVENTURE Program: The chosen businesses will then begin the 24-week business IGNITE 360® coaching and mentorship program with weVENTURE and work to refine their business plan. Funding Recommendation: Once the applicants have completed the coursework with weVENTURE, weVENTURE will provide a funding recommendation to the City of Cocoa regarding eligible expenses for the forgivable loan.

This will be based on the applicant's performance in the program and the strength of the refined business plan. Loan Agreement: Once the recommendation is made to the City for eligible expenses, the applicant will enter into a loan agreement with the City or the CRA. (See a template of the loan agreement .)

Submit Reimbursement Requests: Once the loan agreement is signed, the eligible business may start submitting reimbursement requests for eligible expenses up to the amount awarded (not to exceed the remaining loan amount of $7,500, or $12,500 for Diamond Square awardees).

Fulfill Terms of Agreement for 3 Years: The approved applicants will be required to stay in business for three years and fulfill the terms of the loan agreement including a community enrichment element where the business gives back to the Cocoa community. Once this occurs, the loan will be 100% forgiven. Government Websites by CivicPlus®