The Rise Miami-Dade Fund still has money to lend to small businesses hurt by the pandemic.
Just $7 million of the $25 million fund has been dispersed to about 400 businesses since the loan program was launched in June. In an effort to get more of it out to companies in need, Miami-Dade County has extended the deadline and loosened some of the requirements — as well as raised the maximum amount for the loans to $45,000 (UPDATED).
The RISE Miami-Dade Fund is a revolving loan fund because the money repaid by loan recipients will be returned to the fund to aid future borrowers. Small businesses that qualify can borrow up to $30,000 at the Prime Rate, currently 3.25%, for up to 3 years. Here’s what’s new:
- The application deadline is now Dec. 20. The program is funded by the federal CARES Act and the money must be dispersed by Dec. 31.
- Miami-Dade businesses with a maximum of 50 employees and $5 million in annual revenue may now qualify for a loan. Before the maximum of 60 employees and $2 million. Qualifying businesses can receive a maximum loan of $45,000.
- Loan recipients will not have to begin paying back the loan until Feb. 1, 2022.
The Miami Bayside Foundation has seen a sharp increase in applications recently as small businesses have exhausted their reserves, the South Florida Business Journal reported. The loans are administered by Dade County Federal Credit Union, in partnership with MBF, Accion and the Black Business Investment Fund.
“By opening up the requirements and changing the eligibility factors, we believe we’re making it easier for businesses to access the support they need right now,” George Joseph, CEO of Dade County Federal Credit Union, told the Journal.