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Miami-Dade County Commissioner Eileen Higgins recently launched the New Heights Microloan Fund, a new program for businesses in District 5 that will provide the access to capital and technical support required for entrepreneurs to create new opportunities and grow.
Small business owners have historically faced barriers when trying to access capital from banks or traditional financial institutions. New Heights now will make capital easier and more equitable to access for District 5 small businesses.
The New Heights Microloan Fund will offer microloans up to $10,000 at an interest rate of 3 percent. These loans can be used for a variety of purposes, including working capital, refinancing predatory debt, buying inventory or business equipment, or remodeling or renovating a business location.
New Heights is the latest program from Elevate District 5, Commissioner Higgins’ comprehensive recovery and growth plan that supports and strengthens small businesses in District 5. The program is funded by the American Rescue Plan (ARPA), President Joe Biden’s plan to provide direct relief to Americans and rescue the economy. Since its launch in 2021, Elevate District 5 has supported over 350 small businesses and entrepreneurs, as well as distributed nearly $600,000 in funds to support the recovery and growth of small businesses.
“The New Heights Microloan Fund will provide the capital and resources small businesses need to expand their businesses, create jobs, and boost our local economy,” Commissioner Higgins said. “The New Heights Fund adds a crucial component — access to capital — to our Elevate District 5 small business programming, which helps local businesses reach a new stage of economic prosperity.”
Commissioner Higgins has partnered with Partners for Self-Employment, a 29-year-old community development financial institution (CDFI) and Small Business Administration (SBA) intermediary lender, to administer the program.
“This loan fund was designed in a way that allows each business to define their own success and then invest these funds to reach those goals,” said Maria Coto, Executive Director of Partners for Self-Employment. “It’s one tool in District 5’s entrepreneurial tool kit that will allow small businesses to grow from where they are now to where they want to be.”
To be eligible for a loan, businesses must be located in Miami-Dade County District 5. The first phase will be open to small businesses that have completed at least one Elevate District 5 program. The second phase will open to all District 5 small businesses next summer.
Visit www.newheightsmicroloanfund.org to learn about other eligibility requirements, application details, and to apply. Applications will be accepted on a rolling basis.
For any questions, contact Ana Montes at ana.montes@miamidade.gov or 305-375-5924.
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