Applications are open for a Miami-Dade County loan that is giving priority to small businesses that have not received federal or state stimulus aid to recover from the economic impact of COVID-19.
RISE Miami-Dade Fund, managed through the Dade County Federal Credit Union and other community financial inclusion institutions, is funded with $25 million from the CARES Act. It was approved by the county commission last month.
This loan comes at a crucial time for small business owners such as restaurants, which have had to reduce the number of employees and are experiencing reduced profits due to new restrictions implemented in response to the spread of the pandemic.
Hundreds of businesses from across Miami-Dade have already submitted applications.
Annie Wilkinson, executive vice president of the Dade County Federal Credit Union, said that the objective is to benefit those small businesses that did not obtain the Payment Protection Loan (PPP) or