On May 28, Miami-Dade County issued a press release (quoted briefly below and the entire document is attached) confirming that the County Board of Commissioners will consider legislation on Tuesday (6.2.20) to create a revolving loan fund for local small businesses. The item has since been discussed and passed unanimously.
As such, Commissioner Higgins will discuss the item on Friday (6.5.20) with the Miami Beach Commission and explore potential opportunities for Miami Beach businesses presented by this fund.
"Commissioner Higgins has worked closely with Mayor Carlos Gimenez and his team to develop the RISE Miami-Dade Fund (Re-Investing in our Small Business Economy). Initially, the fund seeks to help small and micro businesses across the County access capital and receive the technical financial assistance they need to weather the COVID-19 crisis. But in the longer term, it will become part of Miami-Dade’s permanent small business infrastructure.
The $25 million allocation would come from the flexible funds recently provided to local governments by the federal government through the CARES Act – monies that were earmarked for boosting local economies. Commissioner Higgins’ proposed legislation calls for the fund to lend to small and micro businesses that have historically faced challenges in accessing capital."
In addition, a recent Miami Herald op-ed article (attached here) written by County Commissioner Eileen Higgins made the point that,
"Florida International University’s recent Small Business Big Impact report counted more than 66,000 microbusinesses — those with 10 employees or less — across Miami-Dade, representing 81 percent of all private businesses in the county. The COVID-19 pandemic has put an incredible, and disproportionate, strain on these businesses...Next week, the county has a chance to step up and do something to help many of them. On Tuesday, the Miami-Dade County Commission will vote on a resolution that would create the RISE Miami-Dade Fund (Re-Investing in our Small Business Economy)...As moments of difficulty often do, this crisis has brought to the surface the entrenched challenges our community faces, especially those that have persisted since before COVID-19. Our small-business ecosystem has long needed more resources and a far more inclusive and enabling environment. It’s in our own best interest to support these small businesses. Their survival — indeed, their ability to thrive — will help us protect jobs."