RISE Miami-Dade Fund
Miami-Dade County and Dade County Federal Credit Union
Small Business Loan Seekers
Small businesses in Miami-Dade can access an up to $30,000 loan at a low interest.
- Loans of up to $30,000.
- 3.25% fixed prime interest rate.
- Grace period for the first payment: 3 months from closing (no interest accrued).
- Loan term of three years with no prepayment penalty.
- Loans can be used for employee wages/salaries; product inventory; payoff high interest debt; commercial lease, mortgage or rent payments; utilities; or other expenses incurred due to new county safety provisions.
To qualify for a loan, the following criteria must be met:
- Be for-profit and headquartered in Miami-Dade County
- Be in operation for at least two years
- Have gross sales of less than $2 million
- Have 25 or fewer employees/independent contractors
- Live in Miami-Dade County - if there are multiple owners, at least 50% must have their primary residence in Miami-Dade County
- Have a credit score greater than 575
- Have 20% or more ownership/stake in the business
- Have not had any bankruptcies or foreclosures in the past three years