The City of Orlando works through programs and services to help improve the economic development of the region. To achieve its economic development goal, the City supports the growth and expansion of women-owned businesses through opportunities, including contracting, funding, networking, and other benefits.
The Business Assistance Program (BAP)
The purpose of the Business Assistance Program is to provide matching funds in form of grants to women-owned businesses to facilitate their relocation, expansion, or redevelopment in the City of Orlando. The program support is available to both female-owned startups and businesses already existing in the market and needs expansion. The program funds can be used to settle fees related to development, acquiring building permits, new installation, relocation, or renovation of commercial structures. The program is administered by the Economic Development Department of the City of Orlando. The Department is in charge of monitoring the programs’ progress and processing applications. Upon approval, the program pays half of the operational fees your business needs, which is $20,000 maximum. You will need to cover the rest of the costs as the eligible female-business founder. Who is eligible for the program assistance? to qualify for BAP, your enterprise must be located or planning to relocate to the City of Orlando. The program focuses only on startups and existing businesses seeking expansion support. Your business must meet the small business standards as defined by SBA. Both the new and existing women-owned businesses should have Business Tax Receipt. For more details about the program, please visit https://www.orlando.gov/Building-Development/Business-Incentives/Business-Incentive-Programs/Business-Assistance-Program.
Minority and Women Business Enterprise Program
The Minority and Women Business Enterprise program is designed to enhance opportunities for women and minority-owned businesses to participate in the city procurement services, including contracting. The program must ensure that equal opportunities are given to women and minority-owned businesses in the City of Orlando. The program services include facilitating women-owned businesses registration, certification, recertification, and connecting female entrepreneurs and minority groups with programs and services, including vocational training opportunities within the City of Orlando. Visit https://www.orlando.gov/Our-Government/Departments-Offices/Executive-Offices/CAO/Minority-and-Women-Business-Enterprise to read more about the program and further requirements for the available services.
Downtown Orlando – Business Incentives
The Downtown Development Board works to support women-owned businesses through programs that provide incentives to help them achieve success for their enterprises. The programs include:
- Special Event Funding. The purpose of this funding program is to finance the special events held within the City of Orlando, designed to connect women with education, resources, and training for further development. This enables them to enhance their operations as they reopen their businesses and enhancing the growth of the local and state economy. Read more at https://www.downtownorlando.com/Business/Incentives/Special-Event-Funding.
- Downtown Events and Meetings Program. The DBB’s Downtown Events and Meetings Program supports women-owned lodgings within Orlando and strives to make them competitive to survive the condition of the marketplace. Want to read more? Please visit https://www.downtownorlando.com/Business/Incentives/Downtown-Events-and-Meetings-Program.
- Downtown Commercial & Residential Building Improvement Program. The purpose of this program is to fund building improvements through grants ranging from $15,000 t0 $120,000. To qualify for these grants, the commercial building must be located within the boundaries of the downtown Orlando Community Redevelopment Agency (CRA). Visit https://www.downtownorlando.com/Business/Incentives/Downtown-Commercial-Residential-Building-Improvement-Program for more details.
- Retail Stimulus Program. If you need support with paying rent expenses for your business, the Retail Stimulus Program can help you. through this program, you can receive up to $75,000 to partly help with Tenant Improvements cost. Visit https://www.downtownorlando.com/Business/Incentives/Retail-Stimulus-Program to learn more about the program.
Disadvantaged Business Enterprise Program
The goal of this program is to support the growth of businesses owned by people regarded as economically or socially disadvantaged, including women. The program ensures that women-owned businesses have access to equal opportunities to participate in the city projects. to qualify for the program assistance, you need to seek certification as a Disadvantaged Business Enterprise in the City of Orlando. This exposes to more procurement opportunities in the city, including improving your business visibility and improving your chances of becoming one of the city vendors. Read more about the program at http://www.cityoforlando.net/mwbe/disadvantaged-business-enterprise/.
Small Business Façade, Site Improvement, and Adaptive Reuse Program (FSARP)
The purpose of FSARP is to help make improvements to the business corridors and abandoned buildings that could be turned into commercial use. The program helps through the financing of the site and building improvements. The goal of this program is to promote the economic growth of the City of Orlando by supporting women-owned businesses and making improvements to the business corridors. The loans provided by this program are forgivable and are designed to encourage the reuse of abandoned buildings for commercial purposes and make the City a better place. What are the eligibility requirements for this program? Well, the building to be improved must be located within the city of Orlando. The properties funded by this program must be paying for ad valorem taxes. The applicants of the program must either be a commercial property owner, a new business relocating to an exiting commercial site, or simply an existing business in the City of Orlando. Find out more at https://www.orlando.gov/Building-Development/Business-Incentives/Business-Incentive-Programs/Small-Business-Fa%C3%A7ade-Site-Improvement-and-Adaptive-Reuse-Program#section-2.
Venture Capital
Are you facing trouble having access to funding from traditional sources? Well, women-owned businesses that cannot receive funding from traditional banks, can turn to venture capital for financing. It doesn’t matter whether your business is a smaller or bigger size, the total assets you have, or your stage of business development. Venture Capital is still a better option because you will get access to more benefits. some of the major investors include:
VenVelo Venture Fund. The purpose of the VenVelo Venture Fund is to provide financial support to innovative women-owned businesses that need funding and mentoring services. The fund has also involved itself in supporting organizations that help to cultivate an entrepreneurial culture in central Florida. Through networking and building business relationships, the venVelo Fund has managed to identify growth companies and supported their efforts towards achieving success. The program also helps with business management, marketing services, sales and distribution of services and products, and financing. Find out more at http://www.venvelo.com/.
Entrenext. Entrenext is a popular investor in Florida concerned with supporting women entrepreneurs through funding, infrastructure, and mentorship services. these services are only available to female-owned startups in the tech industry. The program invests in business founders who are smart, hardworking, and trustworthy. You must demonstrate the potential of growth to be considered for the program support. Read more at http://entrenext.com/.