6. Small Businesses must complete a community enrichment element project or service to “pay

Diamond Square Community Redevelopment Agency Meeting · 2026-04-20 · agenda_item

The Diamond Square Community Redevelopment Agency is reviewing a program to support small businesses through forgivable loans. This program, called Upstart Cocoa, aims to help new or relocating for-profit small businesses within the City of Cocoa. Businesses must meet specific eligibility criteria, including deriving at least 51% of revenue from food and non-alcoholic drink sales for on-premises consumption. The program involves a review committee and City Council approval for loan amounts. Approved businesses will receive funding on a reimbursement basis for eligible expenses like start-up costs, rent subsidies, inventory, marketing, and capital equipment. A key component requires businesses to complete a community enrichment project or service. This initiative is currently under review, with potential for businesses to receive financial assistance and support services. Local contractors, suppliers, and service providers could find opportunities in providing goods and services for these businesses, such as marketing, inventory, equipment, and potentially construction or renovation if eligible expenses are approved. Engaging early could provide an advantage as plans develop.

loan forgiveness percentage

25 %

loan forgiveness period

three years

business maintenance period

three years

revenue threshold

51 %

existing business eligibility period

three years

existing business eligibility period

five years

previous funding exclusion period

three years

reapplication delay

six months

program period

three year

education period

24 week

business opening timeframe

six months

grantee investment percentage

10 %

lease term

one year

lease renewal option

two additional one-year terms

business tax receipt timeframe

90 days

rent subsidy period

three months

inventory expense limit

25 %

marketing expense limit

25 %

capital equipment minimum

1,000 $

paint grant maximum

1,000 $

paint grant increase

1,500 $

beautification grant maximum

500 $

beautification grant increase

750 $