RISE Miami-Dade Fund: Reinvesting in our Small Business Economy

About the Program

Category: Community and Economic Development (Best in Category)

Year: 2022

The RISE Miami-Dade Fund was conceived in the midst of the COVID-19 pandemic through legislation sponsored by Miami-Dade County Commissioner Eileen Higgins. RISE was designed as a revolving loan program for micro and small business owners - the first of its kind in Miami-Dade County. The Miami-Dade Board of County Commissioners funded the program through a $25 million allocation from the Federal CARES Act. As a true public-private partnership, Dade County Federal Credit Union (DCFCU), a local, leading financial institution with more than 80 years of community lending experience, administers the program. In six short months - and by the original Federal government mandated deadline - RISE provided over $20 million in low interest loans to 900 small businesses across Miami-Dade, supporting 4,500 families. While it provided immediate relief, RISE is designed to be a long-term revolving loan program to serve as an engine for growth in Miami-Dade’s small business community. The initial tranche of RISE loans also provided the richest data on local small businesses to date. Lessons learned are serving as a roadmap for how to strengthen the small business ecosystem that is the backbone of the local economy, particularly in district Commissioner Higgins serves.