Miami-Dade small businesses will receive more CARES Act assistance from the county. The County Commission will be allocating an additional $5 million in Covid-19 relief funds for micro-businesses in unincorporated areas of Miami-Dade County.
Miami-Dade established the RISE Miami-Dade Fund, its revolving loan program, in June with a $25 million loan program for small businesses hurt by the economic blow of the global pandemic.
Who’s eligible? Businesses with up to 25 employees, less than $2 million in annual sales and have been in business for two years. They can receive up to $30,000, and the loans are interest-free for the first three months, with a 3.25% rate afterward.
Once submitted, applications will be managed by Dade County Federal Credit Union, which will connect borrowers with local community development financial institutions Accion, Miami Bayside Foundation and BBIF to disperse the loan funds.
The idea is that as money is repaid it will go back into the fund to aid future borrowers in future crises. The revolving loan fund is open to businesses across the county, however the additional $5 million approved will be specifically directed to businesses in unincorporated parts of the county.
South Florida’s businesses community is largely composed of businesses with 25 employees or less, according to research from Florida International University and Florida SBDC at FIU. In the study titled “Small Business. Big Impact”, the report authors found that 81% of all privately owned businesses in the county – about 66,000 – have fewer than 10 employees.