While many small businesses availed themselves of PPP loans and other types of financial assistance and government programs, many did not meet the prerequisites for receiving that type of assistance. They are among the thousands of sole proprietors and smaller businesses who were simply unable to access those resources and are now in danger of having to close.
It is for those most vulnerable entities that Amerant, one of the largest community banks headquartered in Florida, has focused its pilot, the Amerant Micro-Grant Program. The program’s funds were allocated to Branches, a local nonprofit organization serving Miami-Dade County which provides life-changing opportunities for small businesses, working families and their children.
The Branches Micro-Business program provides recipients of a grant and their business a broad range of crucial support services, with the goals of becoming economically self-sufficient.
“We are very proud to partner with Branches and allocate our initial pilot program grant for their Micro-Business program,” said Millar Wilson, vice chair and CEO of Amerant Bank.
“The survival of these small businesses is vital to our community, and we recognize that even the smallest financial barrier can be overwhelming. By working with Branches, we will be able to bring these important resources to organizations who may have no other recourse.”
“Thanks to Amerant, Branches will be able to not only continue serving its many Micro-Businesses by providing one-on-one technical assistance and specialized training, but will also be able to provide COVID-19 pandemic recovery grants to several small businesses in need of financial assistance,” said Brent McLaughlin, executive director of Branches.
Small businesses in Miami provide 53 pecent of jobs in this community, and now due to the COVID-19 pandemic, too many of these businesses are struggling to retain employees and keep their doors open. Branches serves to create opportunities for these businesses by providing technical assistance and critical micro grants.
“Combined, these resources enable small businesses to become more financially stable and endure through these tough times. With the generous support from Amerant, together we are making a positive impact for hundreds of micro businesses,” said Brent McLaughlin, executive director of Branches.