South Florida Regional Planning Council secures $5.9 million to capitalize South Florida’s COVID-impacted Business Revolving Loan Fund
SOUTH FLORIDA – The U.S. Department of Commerce’s Economic Development Administration is partnering with the South Florida Regional Planning Council (SFRPC) 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.
Designated a U.S. Department of Commerce Economic Development District in 1994, the SFRPC welcomes this new program into its lending portfolio as it continues to expand its economic development activities.
Commissioner Levine Cava, SFRPC Chair, says funds will support rebuilding South Florida’s economy, preserve and create jobs
“We are delighted to stand with the U.S. Department of Commerce Economic Development Administration to secure and provide critically needed financial resources to South Florida’s small businesses who have been devastated as a result of the coronavirus pandemic,” said Miami-Dade County Commissioner Daniella Levine Cava, Chair of the South Florida Regional Planning Council. These funds will support the rebuilding of South Florida’s economy, help preserve existing jobs and create new ones, and offer South Florida’s entrepreneurs a life-line during these unprecedented times.”
“We are very pleased to have secured these loan resources for South Florida’s 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 – 4% and a loan term of up to 10 years,” said Jeff Tart, Senior Loan Officer.
“The South Florida Regional Planning Council is grateful for the continued support of the U.S. Economic Development Administration, and Miami-Dade, Broward, and Monroe counties which support the Council and its economic development efforts on behalf of the region. This loan fund will speed business and economic recovery from COVID-19 in South Florida, build greater economic diversity, and enhance the region’s ability to prepare for and respond to future emergencies,” said Isabel Cosio Carballo, Executive Director of the Council.
Since 1974, the South Florida Regional Planning Council has served as the regional planning agency for Monroe, Miami-Dade, and Broward counties. It is governed by a public / private board of county and municipal elected and appointed officials from the three counties.
The Council supports the region’s elected leaders and public, private, and nonprofit stakeholders through regional, collaborative planning and the development and implementation of programs and strategies shaping a better future for South Florida.