Miami Dade County Board of Commissioners approved a $25 million program to help local businesses
RISE Miami, an acronym that stands for Re-investing in our Small Business Economy, was created by the county through the use of funds provided to the local government through the federal CARES Act in response to the coronavirus outbreak. On June 2, the Miami Dade County Board of Commissioners unanimously approved a $25 million program to assist local small businesses through RISE.
This bold step toward economic recovery is meant to fuel local businesses, which are the driving force of the Miami Dade economy, according to Mayor Carlos. A Gimenez. According to a study done by Florida International University, there are over 66,000 microbusinesses in Miami Dade County with 10 or less employees, which represent 81 percent of local private businesses.
The mayor also revealed that he partnered with District 5 Commissioner Eileen Higgins to bring this program together, because both officials understand that small businesses are how many Miami Dade residents prosper.
“The RISE Miami Dade Fund will not only help our businesses recover from the effects of COVID-19, it will forever be a permanent part of the small business infrastructure in Miami-Dade,” said Commissioner Higgins.
The commissioner also added that this was a historic investment into small businesses being that it is unprecedented in Miami-Dade County. Higgins thanks her board colleagues for collectively coming together to support this vote.
In addition to the $25 million, the program will look to private entities for funding to accumulate more than $50 million. The first corporate supporter of the Fund, Citi has committed financial support to establishing the fund, plus additional dollars from the Citi Foundation.
Also working with RISE is the Dade Federal Credit Union, which will administer the RISE Fund with loans beginning at local community development financial institutions (CDFIs). These CDFIs are certified and regulated by the United States Department of Treasury.
CDFIs specialize in assisting small, women-owned and minority-owned businesses by providing commercial loans they could not get elsewhere. The loans are low-cost with good interest rates and repayment periods. They will also provide financial advising like marketing and budgeting assistance to help grow the businesses.
“The RISE Fund will also ensure that we thrive in the future, because it will support the thousands of businesses that provide the tax base to fuel our municipal budgets so that our County can continue offering residents vital services, ranging from fire rescue and parks, to street cleaning and meals for seniors,” said Mayor Gimenez.
To read the resolution, click here.