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Hurricane Irma

As we continue our recovery and cleanup efforts, please visit the Emergency website for the latest information on openings and closings in Miami-Dade County.

Microenterprise Lending

Not-for-profit agencies that provide microenterprise or small business loans are eligible to apply under this category, including intermediaries, revolving loan funds, and/or Community Development Financial Institutions (CDFIs). CDBG funds awarded under this category shall be awarded, principally, to expand the respective agency’s lending capacity, and are expected to be utilized by the agency to increase its origination of microenterprise or small business loans to for-profit businesses serving the NRSAs and Eligible Block Groups (EBGs).

Through the Microenterprise Lending Program, not-for-profit intermediaries, revolving loan funds, and CDFIs are able to help foster economic development in low-to-moderate income communities by providing capacity-building support to local businesses, as well as critical access to micro and small business loans ranging from $5,000 to $25,000. The goal of the program is to help strengthen and develop microenterprise businesses located in the County’s NRSAs and Eligible Block Groups (EBGs) within the County’s Entitlement boundaries, with the overall objective of creating and retaining jobs.

National Objective

The CDBG National Objective of the Microenterprise Lending Program is Low-Mod Jobs (LMJ, 24 CFR 570.208(a)(4)). Federal regulations require that one job be created for every $35,000 awarded.

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Eligible Activities

PHCD is requesting proposals from qualified not-for-profit intermediaries, revolving loan funds, and CDFIs to provide microenterprise and small business loans to for-profit businesses and to assist in job creation. Services and resources to be provided may include, but are not limited to:

  • Providing below market-rate secured and unsecured short-term loans
  • Providing business development technical assistance
  • Facilitating networking opportunities
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Activity Requirements

Eligible applicants must meet all the requirements listed below:

  • Must have experience as a financial intermediary providing loans to small businesses, with the requisite infrastructure, policies, and guidelines in place to underwrite and service such loans;
  • Must have established, documented, and proven track record of providing technical assistance to small businesses, including businesses located in the NRSAs and/or Eligible Block Groups;
  • Must be able to provide proof that not less than 51% of the jobs created will be for low-to-moderate income persons. Federal regulations require the creation of one job per $35,000 awarded.
  • Must demonstrate that once a job is created, that it is sustained for a period of not less than one (1) year.
  • Must have established relationships with professional service providers (e.g., Small Business Administration, not-for-profit technical assistance providers, accountants, marketing consultants, loan underwriters, etc.) and others comprising a local business support network.
  • Must provide a marketing plan to demonstrate outreach efforts and how services will be promoted in the NRSAs and Eligible Block Groups.
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Ongoing Responsibilities and Monitoring

Agencies receiving CDBG funds will be required to submit quarterly progress reports and will be subject to an annual monitoring site visit. The reports will be reviewed to assess the activity’s progress in creating jobs for low- and moderate-income persons. The awardees must document and maintain records of loans provided, jobs created, as well as the training, technical assistance, and all other services provided for five (5) years after the national objective is met.

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2013 - no Microenterprise activities funded

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Page Last Edited: Mon Jun 3, 2013 11:06:27 AM

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