In response to the current economic hardship created by the Covid-19 Pandemic, Miami-Dade County has created a new loan opportunity called RISE Miami-Dade. The county created the loan program to help small businesses in Miami-Dade County impacted by COVID-19. New applicants need to apply before 12/20/2020.
The application is a straightforward process but must meet the criteria listed below.
The interest rate will be 3.25%. The term’s length will be three (3) years for loans < $15K and five (5) years for loans > $15K.
Loans under the program will be for a maximum of $45,000 and calculated based on:
- (a) Average Monthly Rent (Commercial Lease/Residential Lease/Mortgage)
- (b) If you have a commercial or residential lease, you will multiply by six (6)
- (c) Maximum amount to be borrowed: (a) x (b) up to $45,000
To qualify for RISE loan, the following criteria below must be satisfied:
- Business must: Operate in Miami-Dade County, Be in operation for at least two years. Have gross sales of less than $5,000,000 and have 50 or fewer employees/independent contractors.
- Owners must: live in Miami-Dade County, have a credit score greater than 520, have 20% or more ownership/stake in the business, have not had any bankruptcies or foreclosures in the past three years.
Important Notes on RISE Miami-Dade Small Business Loan
- New application deadline is 12/20/2020.
- Preference will be given to those businesses that can prove they received no state or federal funds.
- If approved, Owners must personally guarantee their loans.