Miami-Dade County and The City
of Hialeah offer financial and technical assistance to new and expanding
businesses through a variety of programs.
Miami-Dade
County
Businesses seeking funding to start a new business or expand an existing
one may be eligible for financial assistance from one of several programs
funded through the Office of Community and Economic Development. For
more information, call (305) 375-4535
Miami-Dade County also offers tax reductions and other incentives for
businesses opening or expanding in "Enterprise Zones", economically
distressed areas within the county. Contact idc@miamidade.gov
or call (305) 375-4535
Programs for small businesses include:
(1) the Micro Enterprise Assistance & Peer Lending
Program
(2) Economic Development Initiative Section 108 Revolving
Loan Fund
(3) Community Development Revolving Loan Fund (CDRLF)
(4) Commercial Revitalization
(1) the Micro Enterprise Assistance & Peer Lending
Program
This program is designed to assist entrepreneurs in building a strong
credit history by borrowing incremental amounts of loan funds, develop
stronger business skills, share business ideas and provide support in
peer group setting. The program also provides direct loans up to $25,000
that requires business profitability and credit soundness.
Self employed entrepreneurs who have no other financial resources to
start up or expand a business can:
- Obtain a business loan through levels of $500 to $2,000 and from
$3,000 to $25,000 through the Partners for Self-Employment (PSE) Program
- Obtain business training
- Build a credit record
- Develop stronger business skills
- Meet and share ideas with other business owners
The Peer Lending Program creates a forum for peer support by establishing
business loan groups that have demonstrated that with credit, training
and support, micro-entrepreneurs will achieve self-reliance and will
generate economic growth and revitalization for their communities.
Contact Person: Diane Silverman, Vice President 877-722-4505 or 305-438-1407
Partners for Self Employment, Inc. d/b/a Micro-Business, USA
(2) Economic Development Initiative Section 108
Revolving Loan Fund
Description: This fund is for Targeted Urban Areas (TUA). It provides
loan for working capital, machinery and equipment purchase, gap financing
and construction/renovation of commercial sites. Maximum loan amounts
will not exceed 20% of total project cost or $5,000,000. Borrower will
be required to provide a match of $5 for every TUA RLF dollar. The minimum
threshold will be $500,000.
Contact Person: Karen P. Moore, Executive Director (305) 375-4810 The
Task Force on Urban Economic Revitalization
(3) Community Development Revolving Loan Fund (CDRLF)
Description: The CDRLF has been established to assist businesses seeking
financial assistance for start-up and expansion. Loans can be awarded
up to a maximum of $500,000 for working capital and fixed assets. This
program aims to reduce unemployment, raise the income levels and enhance
business services in low and moderate-income areas of Miami-Dade County.
Businesses located in the Federal Enterprise Community, the Enterprise
Zone, and in Miami-Dade County Development focus areas: Opa-locka; West
Little River; Model City; Melrose; Coconut Grove; South Miami; Goulds;
Leisure City; Perrine are eligible for assistance through the Revolving
Loan Fund.
In order to be eligible, applicants must fulfill one or more of the
following Community Development Block Grant (CDBG) national objectives:
- Benefit low and moderate income persons via jobs and/or services
- Aid in the prevention or elimination of slum and blighted areas
- Meet community development needs having particular urgency because
existing conditions pose serious and immediate threat to the health
and welfare of the community.
Contact Person: Terrell West, Vice Pres./Credit Manager (305) 693-3550
BAC Funding Corporation
(4) Commercial Revitalization
Description: Designed to improve the physical and economic condition
of commercial areas in low and moderate-income neighborhoods. The program
makes available grants up to a maximum of $100,000 to qualified owners
and merchants to rehabilitate the exterior of their commercial buildings.
Contact Person: Ignacio de la Campa, Director (305) 375-4535 Economic
Development Division Office of Community & Economic Development
Hialeah
Hialeah-Dade Development, Inc. ( HDDI), a non-profit corporation for
the economic development of Hialeah and the Northwest area of Miami-Dade
County, provides technical assistance to businesses within its target
area. This technical assistance is free of charge and consists of loan
packaging, marketing, business orientation and statistical information.
HDDI's efforts in loan packages have resulted in over one hundred million
dollars ($100,000,000) of successfully placed loans through financial
institutions and government agencies.
For more information, call (305) 884-1219 or Email: HDDI@bellsouth.net
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