The Miami-Dade County in Florida has launched a call for forgiveable loans of up to $100,000 for businesses looking to expand their operations and create new permanent jobs, an opportunity that may also interest Cuban entrepreneurs based in the southern part of the state.
According to the official announcement from the Miami-Dade Department of Housing and Community Development, applications began to be received last Wednesday through the Special Economic Development Program (CDBG-SPED), funded with federal resources intended for community development.
The call for applications will remain open until the county determines that all available funds are committed, with no fixed closing date.
According to the official brochure published in October, there are two funding options, the amounts of which depend on the jobs that the company commits to creating.
To access $70,000, the project must create two full-time equivalent jobs, and both must benefit low- or moderate-income residents.
In the case of the 100,000 dollars, it is required to create three positions, of which at least two must be allocated to individuals from that economic group.
The criterion aligns with the federal regulations of the Community Development Block Grant (CDBG) program, which aims to primarily benefit individuals and communities with fewer resources.
The brochure states that the generated positions must be maintained for at least one year and that the company must keep the necessary records to demonstrate compliance.
What does it mean for the loan to be forgivable?
The main feature of the program is that the funds are granted as loans, which can be forgiven once the authorities verify the creation of the required jobs.
This means that the forgiveness is not granted automatically upon approval of the application or upon receiving the money, but is conditioned on fulfilling the obligations set forth in the financing agreement.
The selected companies must sign the corresponding contractual documents with Miami-Dade and comply with the financial assessment and monitoring procedures.
The county also requires periodic reports on the progress of the project and job creation, as well as the retention of documentation related to the jobs for five years after federal compliance is confirmed.
Which companies can apply for the funds?
The program is geared towards established businesses that can demonstrate a track record and the ability to sustain an expansion project.
Applicants must operate in Miami-Dade and submit financial and tax documentation from the previous three years, including detailed financial statements prepared by a certified public accountant (CPA).
They also need to prove that they have legal control over the premises or property where they will develop the project, complete the background check, and demonstrate that they have sufficient resources to finance the proposed investment.
An essential condition is to have confirmed funding from other sources equivalent to at least 15% of the total project budget. This contribution may include owner capital.
Therefore, the program is not designed for a company to rely solely on the county loan to carry out its expansion.
The brochure explicitly excludes new businesses, companies operating from a residence, and businesses seeking resources solely to avoid or delay their closure.
It also states that the applicant companies and their subsidiaries cannot receive more than one allocation from the program within a three-year period.
What can money be used for?
Funding must be allocated to eligible economic development projects that create new jobs.
Among the activities contemplated are the acquisition, construction, reconstruction, or rehabilitation of commercial or industrial buildings and facilities directly related to expansion and job creation.
Certain property improvements related to the project can also be financed, provided they comply with federal regulations and receive the necessary approval.
Purchases of vehicles, furniture, and other personal belongings are not eligible expenses, nor are the construction of new homes or payments intended for individual and family support.
The approval of any expenditure will depend on its relationship to the project and the rules applicable to the use of federal funds.
How is the money delivered?
Miami-Dade clarifies that all disbursements are made through reimbursements.
This means that the company must substantiate the authorized expenses with invoices, receipts, and proof of payment before receiving the corresponding funds.
The program does not include providing advance payment to the applicant or to the contractors participating in the project.
For that reason, the financial capacity of the business is one of the aspects that authorities examine before approving an application.
What documents are needed?
The documentation includes tax declarations and financial statements from the previous three years, legal information about the business, federal employer identification number (EIN), and the unique entity identifier (UEID).
Proof of property control must also be submitted, along with information about the project's funding sources and the sworn statements required by the county.
Depending on the nature of the activity, documents such as insurance certificates, owner information, contracts, cost estimates, and other necessary proofs may be requested to assess economic viability.
Companies that need to obtain a UEID can consult the federal portal SAM.gov, as indicated on the official form.
How to submit the application?
The process begins with an electronic pre-application, through which the county verifies if the business and the project meet the program's minimum requirements.
Companies that pass the initial evaluation will receive an invitation to submit a complete application and proceed with the document and financial reviews.
Applications are only accepted online, through the Neighborly system, which can be accessed on the official county calls page.
The direct link published by Miami-Dade leads to the CDBG-SPED application portal.
Interested parties should review the complete brochure before submitting their application, especially the requirements for tax documentation, additional financing, and job creation.
The county will assess eligibility, economic viability, and the submitted documentation before selecting the beneficiaries.
Submitting the pre-application does not guarantee funding. Approval will depend on meeting the criteria, the relevant assessments, and the availability of funds.
Regarding employment in Miami-Dade, the county has other hiring processes independent of this business call.
In October, job openings were posted for public employment in Miami-Dade for positions in maintenance, administration, technology, and airport services, with specific requirements and salaries for each position.
Unlike those vacancies, CDBG-SPED does not allow workers to apply directly for hiring; instead, it funds business projects whose expansion must result in new job opportunities for county residents.
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