- December 16, 2025
The $55,000 the city received from Enterprise Flagler’s dissolution will help small businesses.
Small businesses hoping to expand or relocate within Palm Coast will be eligible for up to $10,000 of an available $55,000 in loan guarantees, as the city’s Business Assistance Center launches a new initiative designed to stimulate growth.
The program, which was presented Tuesday to the Palm Coast City Council, will leverage the $55,000 the city received when Enterprise Flagler dissolved.
City Manager Jim Landon said the city isn’t loaning any money directly to businesses.
“It’s very important that we try to kill that perception that we’re getting into the loan business,” Landon said. “We’re trying to push those (businesses) that are right on the edge, over the edge, so they can do it.”
Landon also said this program won’t solve the high unemployment rate.
“It’s one job at a time,” Landon said. “And this is one of those small pieces to the puzzle.”
The program would have terms. The maximum guarantee would be $10,000, and the minimum would be $5,000. The maximum guarantee would be up to 50% and would be a two-year term, with a possible hardship extension.
There will be a $100 application fee.
Also, the applicant must own at least 50% of the business and be actively involved. The business must be located, or will be located, in Flagler County (with priority given to Palm Coast). It must be a for-profit entity and in business for at least one year. The business must also be a client of the Business Assistance Center.
Construction or renovation projects don’t qualify. Expansion must result in increased business; for example, a loan could help buy an additional delivery van for a company, if that would enable the company to serve more clients.
Beau Falgout, senior economic planner, said the city has discussed the program with three area banks: Intracoastal Bank, Prosperity Bank and Hancock Bank.
Joe Roy, area manager for the Business Assistance Center, said he would like to see the center become the destination for all Flagler businesses.
“I’m always cautious about the BAC and the (Small Business Development Center) being seen as the cardiac center for small business,” Roy said Tuesday. “You only come to use us when you’re in urgent care need. We want to see you when you need a physical and a tuneup.”
Mayor Jon Netts said there are two worst-case scenarios with the loan guarantee program.
The first, Netts said, would be the city lending out all $55,000, and all the applicants defaulting on their loans. The other would be if no businesses apply, and the money just sits in the bank.
“If the (loan guarantee program) goes down in flames, then probably the Business Assistance Center goes down in flames with it,” City Councilman Bill McGuire said.
PROTECTING THE MONEY
In order to fund the widening of Old Kings Road, from State Road 100 to Palm Coast Parkway, from two lanes to four, the Palm Coast City Council created the Old Kings Road Special Assessment District. The district comprised the property owners in the area, who contracted to pay for the project.
The first phase was completed last year, in anticipation of Walmart building a new store, and the city is seeking authority to call the debt due, City Manager Jim Landon said Dec. 13.
The contractual agreement with the landowners ends in March 2012.
“This is not imposing the assessment,” Landon said Tuesday. “This is a notice procedure so that you can enforce that assessment later on.”
BAC: BY THE NUMBERS
Performance measure — November — May 1 to Nov. 30
Number of consulting sessions — 39 — 287
Total hours of assistance — 66.5 — 477.25
Jobs created/retained — 12 — 19
Salaries added — $420,000 — $645,000
Capital formation — $215,000 — $332,600
New businesses started — 2 — 6
Source: Palm Coast Business Assistance Center
