In response to COVID-19 and its impact on businesses, the Cape Coral Community Redevelopment Agency (CRA) recently established a loan program to assist businesses with rent or mortgage assistance. The CRA is investing $300,000 in businesses located within the CRA special taxing district that were negatively impacted due to closures and other restrictions as a result of the pandemic.

Beginning today, June 8, 2020, eligible business owners can apply for up to $5,000 in rent or mortgage payment assistance. The deadline to submit completed applications and any required documents is Friday, June 12 at 4 p.m. Incomplete applications will not be reviewed.

To apply, please visit capecoral.net/COVID-19 and select “CRA South Cape Cares Assistance Program” from the navigation menu located along the left side of the web page. Completed applications and any required documents should be returned via email to southcapecares@capecoral.net.

Paper applications will be available beginning Monday, June 8 at the Chester Street Resource Center. Completed paper applications and any required documents must be returned in-person by the application deadline. The Chester Street Resource Center, which is located at 4816 Chester Street in the South Cape, is open Monday through Friday from 8 a.m. to 4 p.m.

Businesses that are eligible for the “South Cape Cares Assistance Program” include restaurants, retail outlets, and other businesses deemed as “non-essential” by Florida’s “Safer-At-Home Act”. Ineligible businesses are those businesses that were not significantly impacted by closures or other mandates related to the pandemic. These businesses include national chains, home-based businesses, and other businesses deemed “essential” under the Act.

Program highlights:

• Up to $5,000 to eligible businesses physically located in the CRA District since January 2019
• Funds can only be used for rental or mortgage payments
• Payment will be made directly to the applicant’s landlord or mortgage company
• Businesses are only eligible for one loan per business
• All completed applications will be time-stamped and processed in order
• Loans shall be forgiven on a sliding scale provided they remain open in the CRA District

           Remain open in South Cape for one year:      25% forgiven
           Remain open in South Cape for two years:     50% forgiven
           Remain open in South Cape for three years:  100% forgiven

For application questions or assistance, please email southcapecares@capecoral.net or call (239) 242-3737.