Countywide Business Road Impact Assistance Loan Program
Relief for businesses negatively impacted by Miami-Dade County infrastructure and road construction projects. This program is designed to provide relief to qualified businesses adversely affected by Miami-Dade County infrastructure improvements projects on right-a-ways.
Following a process listed below loans are available with favorable rate requirements.
- Loans are made up to $35,000 and collateral for the full amount will be required
- Favorable interest rate set at closing
- Maximum term is five years with the first payment due 180 days after loan is approved
Contact Mario Santana at 305-375-3373 for further information.
The loan fund budget will be based on a percentage of the total dollar value of the project.
- Funding Pool 6% of project value for projects (Individual Department/OSBM)
- 180-day deferral before first payment with interest
- 5-year repayment plan (principal and interest) after 180-day deferral (Term not to exceed 5 ½ years)
- Interest rate to be based on the County's current interest rate of return plus two percent. The additional percentage represents loan servicing costs such as the administrative fees payable to the loan servicing agent.
Agent & Agent Fee
- A qualified loan servicing agent or administrator will be responsible for collecting loan payments.
- The administrative fee will not exceed the two percent increment above the County's prevailing interest rate.
- Maximum amount available per applicant is $35,000 subject to fund availability.
Type of Business
- Sole Proprietorship
- Joint Venture
- Office of Capital Improvements
Appeals may be filed with the Loan Assistance Program Appeals Committee. The Committee will be composed of the following members:
- Senior Assistant to the County Manager (Chair)
- Director of Public Works Department or designee
- Capital Improvements Coordinator or designee
- Director of Miami-Dade Water and Sewer Department or designee
- Director of Office of Community and Economic Development or designee
- Director of Office of Management and Budget or designee
- Director of Finance Department or designee
Criteria for Qualification
1) The scope of the County project includes road excavation causing disruption and inaccessibility, and:
* The infrastructure project must occur in front of the business for a period of 60 days or more, or
* The infrastructure projects must occur in front of the business more than once within a three-year period, or
* The project is delinquent by one or more days as established by the project schedule or delinquency notice, or
* The County failed to make a good faith effort to minimize potential impact by adhering to project construction schedules, breaking the project into segments, enforcing work performance in accordance with applicable specifications, working nights and weekends, and/or offering bonus incentives for early completion, enforcing assessment of liquidated damages related to contractor delay, or
* Other rationale as determined by resolution of the Board of County Commissioners.
2) Business Information Disclosure
* Formal application to the Office of Capital Improvements who in turn will notify the implementing department
* Occupational License
* Business must establish it was a viable business prior to project commencement
* Real estate lease or proof of property ownership
* Background check on business and/or ownership
* Creditworthiness of business and/or ownership
* General business plan
* Proof of prior year's earnings through accounting statements or sales tax receipts and federal income tax returns
* Demonstration of ability to repay loan (primary source of repayment), tangible property. Collateral other than homestead property must be presented unless a determination is made that a lien on, or pledge of, tangible collateral is not feasible and the applicant appears to be a good credit risk after a review of all of the items listed under "Business Information Disclosure." In such case, a guarantee or letter of credit may be accepted in lieu of tangible collateral.
* Business is in good standing with the County, no outstanding liability to the County exists except for any indebtedness that occurred as a result of the infrastructure project. Outstanding debt to the County that occurred prior to the infrastructure project must be settled prior to loan approval.
* Evidence of appropriate use of funds to enhance cash flow
4) Required disclosures to establish loan amount
* It can be demonstrated that the project in the vicinity of the business has significantly disrupted the traffic flow or customer access to the business to the extent that financial harm has been caused
* Proof of cash flow problems attributable to the impact of the construction
* Proof of business interruption or adverse effect on profits, as per accounting records or tax returns
* Disclosure of all extraordinary gains or losses
* Analysis and trend of income statement
* Sufficient assets (collateral) to secure the loan as stated under Section 2 - Business Information Disclosure.
Financial Information to be filed: (information must be signed and dated)
- Business Financial Statements for the last 2 fiscal or calendar periods at current location (Balance Sheet, Profit/Loss Statement, Reconciliation of Net Worth)
- Personal Financial Statements for the last 2 calendar years (Balance Sheet, Profit/Loss Statement, Reconciliation of Net Worth)
- Signed Applicant Business and Personal Federal Income Tax Returns (may substitute for the Profit/Loss Statement if not available)
- Last 24 months of Sales Receipts Journal and the last 24 months of sales tax returns
- Current Bank Statement and Bank Reconciliation (current within 60 days of filing the application)
- Summary Aging of Accounts Receivable and Accounts Payable (current within 60 days of filing the application)
Projection of Earnings and/or cash flow for the current fiscal or calendar period
(information is required of all business owners and co-signers)
Additional Information to be filed:
- Articles of Incorporation (if applicable)
- Business Profile
- Current Certificate of all Business Insurances
- Occupational License Real Estate lease or proof of property ownership
- Copy of the Franchise Agreement (if applicable
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