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The newly launched RISE Miami-Dade Fund is offering $25 million in loans to Miami-Dade micro and small businesses impacted by the COVID-19 pandemic. Seeded with $25 million of CARES Act funds, recently granted by the Miami-Dade County Board of Commissioners, the program is available through the Dade County Federal Credit Union in partnership with three Community Development Financial Institutions (CDFI), or community-based lenders: ACCION, Miami Bayside Foundation and the Black Business Investment Fund.
RISE will grant non-forgivable loans of up to $30,000, which businesses can use to cover a variety of expenses, from payroll to rent, utilities and high-interest debt. The program is designed to provide low-interest, easily-accessible capital and other technical support to small, community-based businesses that have historically lacked access to conventional lending opportunities but play a critical role in the local economy. Businesses that were unable to receive relief from PPP or other federal or state relief programs will be prioritized.
“Small businesses are the backbone of Miami-Dade’s economy. They make our communities vibrant, provide good jobs and strengthen our economy. Making sure they have the resources they need during these challenging times is critical to keeping our economy afloat and paving the way for recovery,” said Dade County Federal Credit Union CEO George Joseph. “The RISE Miami-Dade Fund will provide critical access to capital for businesses and is prioritizing those that have been most affected but unable to secure other forms of relief.”
More than 80% of Miami-Dade private businesses are considered to be “micro-businesses,” with 10 or fewer employees. Critical drivers of the local economy, they play a key role in shaping Miami’s character. But the pandemic and the subsequent closures have put a disproportionate strain on these enterprises, many of which also lack the technical and financial support needed to withstand an economic crisis and were left out of previous relief opportunities. According to a study by consumer review site Yelp, nearly 3,000 businesses closed in the Miami-Fort Lauderdale-West Palm Beach metro area between March 1 and July 10—about 2,000 of them permanently.
To qualify for a loan, a business must:
- Be headquartered Miami-Dade;
- Have annual verifiable revenue of $2 million or less;
- Have fewer than 25 employees.
Loans will have three-year terms with 3.25 percent interest and a three-month grace period.
And special technical assistance is available in English, Spanish and Haitian Creole, for businesses that need additional help preparing required documents.
The Dade County Federal Credit Union, a more that 80-year-old financial institution with deep roots in the region, is the fund administrator. And the CDFI’s provide an alternative to traditional banking institutions: they are mission-driven nonprofits that have long been on the frontlines of providing capital and guidance for small and micro, community-based businesses.
Find eligibility requirements and apply at RiseMiamiDade.com.
