Small businesses who suffered business losses due to being in the Wynwood “Zika zone” may be eligible for a loan program.
Miami Bayside Foundation, an economic development nonprofit, will be extending loans of up to $20,000 to minority- and woman-owned businesses in the city of Miami that can demonstrate their business has been adversely affected by the Zika vrus.
The new Zika Emergency Assistance Loan Program, or ZEAL, part of the Miami Bayside Foundation’s micro-loan program, is designed to specifically provide assistance with payroll expenses in order to ensure job retention in what was previously designated “Zika Zone.” The loans are for two years at 6 percent and the only fees are $100 for pulling credit and closing costs, said Kathleen Murphy, the foundation’s executive director.
The Zika zone designation was lifted by Gov. Rick Scott on Monday, but businesses are still feeling the impact, said Murphy. "We know local small businesses are struggling to recover until the season kicks in and our number one priority is to help them stay open and ensure they are able to pay their employees."
For more information on loan criteria and to apply, visit www.miamibaysidefoundation.org.