RISE Miami-Dade business relief fund announces new guidelines and deadline
The loan program extends the deadline and changes qualification requirements to assist more businesses in Miami-Dade County
Miami-Dade small businesses have a few more weeks to take advantage of a relief loan fund. And with new eligibility requirements, even more businesses can take advantage of it.
Originally seeded with $25 million of federal stimulus money, the fund, called RISE Miami-Dade, has $14 million left to distribute before the federally mandated Dec. 31 deadline. Stimulus monies not disbursed by then must be returned to the federal government.
Loan applications must be submitted by Dec. 20. To apply, business owners can visit RiseMiamiDade.com, which offers an FAQ section in English, Spanish and Creole. Or they can take advantage of a new phone service at 305-593-3311.
“We understand the urgency of this moment, and we see that our community’s small businesses are still struggling with the economic impacts of the pandemic. Which is why we felt it was crucial to do even more to ensure these relief funds could get into the hands of as many Miami-Dade small businesses as possible,” said George Joseph, CEO of the Dade County Federal Credit Union, which operates the fund. “By opening up the requirements and changing the eligibility factors, we believe we’re making it easier for businesses to access the support they need right now.”
These modified qualifying measures for small businesses include the following:
- A maximum of 50 employees (up from the original 25)
- A maximum annual revenue of $5 million (up from the original $2 million)
- A minimum credit of 520 (down from the original 575)
In addition, the maximum loan amount is now $45,000 (up from $30,000). Loans must be paid back, but the first loan payment is now deferred until Feb. 1, 2022. (Originally, payments had been slated to start three months after a loan was granted.) Though RISE loans do not qualify for forgiveness (unlike the Paycheck Protection Program), the 3.25% interest rate is ideal for business owners, who must have a business tax receipt to apply.