Palm Beach County Launches $12 Million Financial Assistance Program

For immediate release: Date: 1/11/2005
Contact: Verdenia Baker, 355-6726
Hazel Oxendine, 616-6840

Palm Beach County Launches $12 Million Financial Assistance Program

The Palm Beach County Office of Small Business Assistance unveiled a $12 million financial assistance program designed, at no cost to the County, to provide unique financial services to local businesses certified as Small Business Enterprises (SBEs) by Palm Beach County.

A Small Business Banking Consortium Cooperative Agreement with six financial institutions (Citibank, BankAtlantic, First National Bank& Trust Company of the Treasure Coast, Ameribank, Newtek Financial Information Systems and Bank United) calls for each institution to set aside a minimum of $2,000,000 over a two-year period to assist certified SBEs with financial resources in the form of loans, line of credit, etc., in order to supply goods, services and construction services including Scripps and other County-related opportunities.

In return, the Office of Small Business Assistance (OSBA) will develop, maintain and publish on a semi-annual basis a list of all participating institutions and their programs. OSBA will also provide an annual forum for certified SBEs at which participants can present information on their programs. “We are very excited about this agreement,” said Deputy County Administrator Verdenia Baker. “In conjunction with the federal Small Business Administration and these six financial institutions, Palm Beach County’s Office of Small Business Assistance established this program which will provide opportunities for small businesses to compete in the free enterprise system of Palm Beach County in upcoming Scripps and other County contracting opportunities.”

Pictured l-r Hazel Oxendine, Director, PBC SBA Office; Christine Hoppe, Bank Atlantic; Mark Lizzi, Bank Atlantic; Steve Krystyniak, Ameribank; John Weaver, SBE Advisory Committee; Maurcie Brazier, SBA; Verdenia Baker, Deputy County Administrator; John Dunn, SBA; Scott Shulman, Newtek Financial Information Systems; Althea Harris, US SBA; Gilbert Colon, Deputy District Director, U.S. SBA; Audric K. Dodds, Diversity Coordinator, Scripps Florida; Tammy Fields, Assistant County Attorney

At its Tuesday meeting, the Palm Beach County Board of Commissioners recognized the participation of the six financial institutions as founding members in this initiative.

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