The U.S. Department of Commerce’s Economic Development Administration is partnering with the South Florida Regional Planning Council to oversee and administer a new $5.9 million CARES ACT Business Revolving Loan Fund program that will alleviate sudden and severe economic dislocation caused by the coronavirus in Monroe, Miami-Dade, Broward, and Palm Beach counties.
Loan resources are available for South Florida small businesses, sole-proprietors, and nonprofits who have been adversely impacted by COVID-19. These CARES Act Recovery Assistance funds will be used to provide loans ranging from $25,000 to $500,000 with a fixed interest rate of 3 to 4 percent and a loan term of up to 10 years.
“This is not a Monroe County program, but it is a valuable opportunity for local small businesses to secure critically needed financial resources to keep their businesses afloat and their workers employed,” said Lisa Tennyson, Monroe County Legislative Affairs Director.
Since 1974, the South Florida Regional Planning Council has served as the regional planning agency for Monroe, Miami-Dade, and Broward counties.
The application and additional information can be found at http://sfregionalcouncil.org/portfolio-items/cares-act-rlf/) or www.caresactrlf.org. For questions about the Council’s lending programs, contact Jeff Tart, Senior Loan Officer, at email@example.com or 954-924-3653.