RISE Miami-Dade Fund to Loan $25 Million in COVID-19 Relief to Small Businesses

Hy-Lo News Staff Report

Local small and micro-businesses looking for a pick-me-up after COVID-19, this one’s for you. The newly launched RISE Miami-Dade Fund is offering $25 million in loans to small businesses impacted by the pandemic.

Seeded with $25 million of CARES Act funds, recently granted by the Miami-
Dade County Board of Commissioners, the program is available through the Dade County Federal Credit Union in partnership with three Community Development Financial Institutions, or community-based lenders: ACCION, Miami Bayside Foundation and the Black Business Investment Fund.

RISE will grant non-forgivable loans of up to $30,000, which businesses can use to cover a variety of expenses, from payroll to rent, utilities and high-interest debt. Businesses that were unable to receive relief from PPP or other federal or state relief programs will be prioritized.

“Small businesses are the backbone of Miami-Dade’s economy. They make our
communities vibrant, provide good jobs and strengthen our economy,” said George Joseph, Dade County Federal Credit Union CEO. “Making sure they
have the resources they need during these challenging times is critical to keeping our economy afloat and paving the way for recovery.”

To qualify for the loan, a business must be headquartered in Miami-Dade, have an annual verifiable revenue of $2 million or less, and have fewer than 25 employees.

Check out our full interview with Michaeljohn GreenJ Vice President, Fund Director for Dade County Federal Credit Union, and Danielle St. Luce, from the Black Business Investment Fund of Florida. They break down all you need to know about the RISE Fund, how to apply and the importance of Black Owned Businesses.