What are the conditions of the loan agreement once funding recommendations have been made to City Council?

Conditions included in the UpStart Cocoa agreement may include, but are not limited to:

  • Grantee shall remain open for business at a City of Cocoa location for a period of at least three years. Funding shall be expended and reimbursed within one year of the effective date of the Agreement.
  • Grantees not yet open for business must be open for business and begin to provide services or products to the general public within six months of the effective date of the Agreement.
  • Business must submit annual reports to the Office of Economic Development.
  • Grantee shall provide and complete a Community Enrichment Element prior to the end of the third year.
  • Grantee shall display the Upstart Cocoa logo, as provided by the City, on the front main entrance door of the business.
  • Businesses that relocate outside of the City prior to loan forgiveness will be required to repay the loan in full.
  • Existing business owners must possess a current City of Cocoa Business Tax Receipt. New business owners must obtain a City of Cocoa Business Tax Receipt within 90 days of agreement execution.
  • Grantees will also be required to invest in the project for which funding is requested in an amount of at least 10% of the cost of the items approved for funding.
  • All grantees must be in compliance with applicable City codes, policies and ordinances and current on federal, state and local taxes.
  • Grantees who are approved for financial assistance for lease costs (rent abatement) must secure a minimum of a three-year lease in the City of Cocoa unless otherwise approved by the review board.
  • All grantees who will utilize a mobile vending model will need to commit to required hours/percentage of sales/other in the City of Cocoa area.
  • Once a grantee received funding under the Program, he or she may not apply for other business assistance programs from the Community Redevelopment Agency (CRA)/City of Cocoa, except for façade improvement programs, for a period of three years.
  • The Program Manager will remain actively involved with the grantees via site visits or yearly meetings.

Show All Answers

1. What is UpStart Cocoa?
2. Am I eligible to apply for an UpStart Cocoa Forgivable Loan?
3. What is the community enrichment requirement of the program?
4. How will the funds be provided to the chosen business?
5. What is the purpose of the weVENTURE portion of the program?
6. Who is on the UpStart Cocoa and UpStart Diamond Square review committees?
7. How will applications be reviewed?
8. What factors will the review committee use for funding recommendations?
9. What are the conditions of the loan agreement once funding recommendations have been made to City Council?
10. How do I get reimbursed for eligible expenses?
11. What happens if I do not comply with the terms of the loan agreement?