Posted November 18, 2020
The South Florida Regional Planning Council has 2 programs that could help small businesses:
a traditional RLF Program for businesses looking to expand
or the CARES RLF Program to assist with businesses impacted by COVID-19
SMALL BUSINESS REVOLVING LOAN PROGRAM
The South Florida Regional Planning Council (SFRPC) knows that the best economic development plan for the region is to support entrepreneurs and their businesses so that they can create jobs and opportunity for South Florida’s residents. Access to capital can be a challenge for many of the region’s small businesses. To address this need, the SFRPC Revolving Loan Fund (RLF) professionals work with the U.S. Department of Commerce’s Economic Development Administration to provide low-interest loans to small-size and medium-size businesses in Broward, Miami-Dade, and Monroe counties.
Created more than 15 years ago, the RLF is designed to meet the credit needs of businesses in the region that are not entirely served by conventional lenders
Loan Terms Are…Based upon the borrower’s needs, repayment ability, and the amount financed.
Interest Rates…Will be determined by the perceived credit risk.
Collateral Is Required… Collateral pledged for each loan will depend upon the RLF loan amount and the overall credit risk. Personal guaranties by all parties with more than 20% ownership
Click Here to Apply. Loans are available now!!!
Complete the application and provide a completed business plan including business and personal financial statements, tax returns, and appraisals for equipment, land, and other business assets.
For more information, please contact Jeff Tart at JTart@sfrpc.com or Alisha Lopez at ALopez@sfrpc.com
SMALL BUSINESS LOANS AVAILABLE THROUGH THE CARES ACT (Available Immediately)
The South Florida Regional Planning Council (SFRPC) has secured funds from the U.S. Department of Commerce Economic Development Administration (EDA) to capitalize a small business revolving loan fund for business adversely impacted by COVID-19. These funds, provided pursuant to the March 2020 Coronavirus Aid Relief and Economic Security Act (CARES Act), will be administered by the SFRPC through its Revolving Loan Fund CARES Act Program.
$5,380,000 Economic Development Administration Cares Act Recovery Assistance
Eligibility: Small Businesses, Sole Proprietors, 501c3 Organizations. Must be located within Monroe, Miami-Dade, Broward & Palm Beach counties.
Financing: Loan Amount: $25,000 - $500,000
Interest Rate: Fixed 3% - 4%
Duration: Up to 10 Years
Keep in Mind
- The RLF CARES Act Program is a long-term financing program to help stabilize existing businesses impacted by COVID-19.
- RFL CARES Act Program funds CAN be combined with: Economic Injury Disaster Loans (EIDL), Paycheck Protection Program (PPP), or the State of Florida Bridge Loan Program
- Personal guaranties and collateral are required.
- RLF CARES Act Program is NOT a grant or forgivable loan.
For fastest approval, be prepared to document your economic loss due to COVID-19. Be aware of fraudulent schemes and only discuss finances with a trusted professional.