In Miami, a coalition of funders, leaders and local Community Development Financial Institutions came together to ensure that as many of our small businesses as possible would survive the pandemic. The RISE Miami-Dade Fund (RISE), which the Miami-Dade Board of County Commissioners seeded with CARES Act funding, distributed $20 million to 900 small businesses employing about 4,500 small businesses across the county and the process helped to map out a blueprint for responding to future crises. A new report published by Axis Helps and the Dade County Federal Credit Union, in partnership with County Commissioner Eileen Higgins, offers recommendations for the future, including:
- Increasing technical assistance and mentorship for small businesses
- Improving data collection for Black-owned businesses, to ensure their needs are being met
- Creating more ways for immigrant-owned businesses to access the financial support they need; Educating business owners on the licenses and requirements needed to operate and
- Expanding data and mapping to close gaps in the local small business ecosystem.
You can read the full report here.
Finance Local is a two-part convening on small business lending that starts Sept. 29, with a focus on gender and racial equity, based on insights from the RISE report and new data provided by Axis Helps. Registration is open at financelocal.miami, and the organizations hope you’ll join the conversation.
By the way, Axis Helps Miami is full of resources for small business owners, including grants and debt-free financial help, loans, advice and training, and business opportunities with institutions such as schools, universities, hospitals and local governments.