|
Getting your Trinity Audio player ready...
|
In 2020, the Miami-Dade Board of County Commissioners took a decisive step to strengthen the local economy by approving the creation of the Re-Investing in our Small Business Economy (RISE) Loan Fund Program. Designed to provide an accessible, supportive, and efficient pathway to capital, the RISE Fund was created with one clear mission: to quickly place affordable loans into the hands of Miami-Dade’s micro and small business owners, particularly those often overlooked by traditional lending institutions.
That vision has translated into measurable results. In 2024, the RISE Fund made a tangible impact across the county by assisting 129 small businesses and investing $4.8 million directly into the local economy. Businesses from a wide range of industries—including retail, hospitality, professional services, and technology—benefited from the program. These investments enabled entrepreneurs to expand operations, purchase equipment, hire employees, and improve customer services. The ripple effects of that funding are already evident, contributing to job creation and a more resilient small business ecosystem throughout Miami-Dade.
Building on this momentum, program leaders set ambitious goals for 2025: to serve 200 small businesses and invest $10 million into the community. Not only were those goals achieved, they were exceeded. In 2025, the RISE Fund supported 261 small businesses and invested a total of $10,407,300—more than doubling the prior year’s impact.
This success is largely attributed to the program’s strong public-private partnership with Dade County Federal Credit Union (DCFCU). Under the leadership of RISE Program Manager Jennifer Gerson, and with the dedicated efforts of her team—Ricardo Cividanes, Kenia Zayas, and Julio Perez—countless hours were devoted to outreach, underwriting, and technical assistance. Their work ensured that small business owners across Miami-Dade had a real opportunity to access capital on fair and transparent terms.
One of the RISE Fund’s defining strengths is its straightforward eligibility criteria. Applicants must have a minimum credit score of 620 and at least two years of business operations within Miami-Dade County. The application process is designed to be navigable and efficient, eliminating unnecessary barriers that often discourage small business owners from seeking financing. Equally notable are the loan terms, which are among the most competitive in the nation for this type of program: interest rates set at “Prime minus one.” This highly favorable rate allows business owners to reinvest more of their earnings back into growth, wages, and innovation.
As the program looks ahead to 2026, expectations are to continue growing the revolving loan fund and positioning RISE as a national model for sustainable small business financing. Increased collaboration with Miami-Dade County’s Strategic Procurement Department—which now oversees all countywide small business and vendor programs—will further expand awareness and access to the fund.
Mayor Daniella Levine-Cava’s vision of an economy that works for everyone is clearly reflected in the RISE Fund’s success. By prioritizing local businesses and equitable access to capital, Miami-Dade County is fostering economic opportunity and keeping the creation of generational wealth front and center. The RISE Fund represents more than financial assistance—it is a blueprint for how communities can invest in their entrepreneurs and secure long-term prosperity for all.
