Need $30,000? Miami-Dade is still lending to qualified small businesses
Small businesses in need of financial assistance can still apply for loans of up to $30,000 through Miami-Dade County’s RISE emergency aid program.
RISE, short for Re-Investing in our Small Business Economy, was capitalized with $25 million in federal CARES Act funds to assist local small businesses struggling with economic impacts of the coronavirus.
MJ Green, executive vice president with Dade County Federal Credit Union, the financial institution that is administering the loan program, said RISE has received about 1,300 applications since the program was announced in June — meaning there is still funding available.
The biggest barrier to getting approved, he said, is longevity: To qualify, a firm must have been in operation for two years or more.
In addition, the business must be located in Miami-Dade; Broward-based firms are not eligible.
More information is available at www.risemiamidade.com.
Meanwhile, the county continues to prepare a separate fund for struggling food businesses. A total of $35 million has been approved by county commissioners to provide financial assistance to local independently owned and operated restaurants and non-home-based caterers impacted by COVID-19.
That program is slated to open Aug. 3. Priority will be given to businesses that have not been approved or received funds from any institution under the Paycheck Protection Program Loan (PPP) or other federal or state assisted business loan program and have a single establishment.
This story was originally published July 28, 2020 at 7:00 AM.
