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City of West Palm Beach COVID-19 Economic Development Recovery Assistance Loan Program

Valley National Bank - West Palm Beach, Florida

2020 Community Commitment Awards Submission

  • Entry Category: Community & Economic Development
  • Asset Size: Medium

When COVID-19 broke out in West Palm Beach Florida, local businesses had to close due to the Governor's orders to quarantine and social distance. With the detrimental impact this pandemic had on these businesses, the City of West Palm Beach realized they needed to do something to assist and the need for funding was obvious. They were in need of a partner to review, approve, document and service a loan request so the City reached out to several Banks within the West Palm Beach footprint who were unable to assist. Valley Bank realized that they could help be part of a solution. The Economic Development Recovery Assistance Loan Program was developed by the City of West Palm Beach, Urban League of Palm Beach County and Valley Bank to assist small businesses impacted by the outbreak of COVID19. The City worked with the Urban League to approve loans to eligible impacted businesses based upon criteria the team developed. The impacted business fills out an application and the Urban League performs credit checks and site visits. The Urban League then makes recommendations to the City's Economic Development Director whether to approve the loan. Upon approval of the Loan and the completed application, Valley completes the necessary background check of the applicant and advises both the City and the Urban League, if the background check meets described criteria for approval. Once the criteria is met, Valley documents and funds the loan utilizing its standard loan documents.