New Heights Elevate District 5 Microloan Fund
The New Heights Microloan Fund provides small businesses in District 5 the access to capital and technical support required for them to create new opportunities and grow. Small business owners have historically faced barriers when trying to access capital from banks or traditional financial institutions. New Heights will now make capital easier and more equitable to access for District 5 small business.
New Heights is the latest program from Commissioner Eileen Higgins’ Elevate District 5 initiative.
Elevate District 5 is Commissioner Higgins’ comprehensive plan that utilizes data and feedback to create, leverage and expand existing small business programs and tools to support and strengthen small businesses in District 5. The program is funded by the American Rescue Plan (ARPA), President Biden’s plan to provide direct relief to Americans and rescue the economy. As part of Elevate District 5, Commissioner Higgins is partnering with Partners for Self-Employment to launch the New Heights Micro Loan Fund for our small businesses. This revolving loan fund will provide vital training and access to capital to existing small businesses.
What can I apply for?
- Microloans up to $10,000
- Interest rate of 3%
- These loans can be used for:
- Working capital
- Refinance predatory debt
- Buy inventory or business equipment
- Remodel or renovate your location or storefront
You should apply if:
- You own a small business that is located in Miami-Dade County District 5.
- District 5 is made up of Downtown, Brickell, Little Havana, South Beach, Coral Way, and the surrounding neighborhoods. Click here to find out what County District your business is located in.
- You have completed one or more Elevate District 5 programs.
- Click here to learn more about Elevate District 5 programs.
What do I need to apply?
- Complete an application to describe your company, detailed proposed use of funding, and explanation how this loan would help you reach your goals.
- Because we need to assess your company’s ability to repay the loan, and because the loan is personally guaranteed, we also request:
- Copy of annual operating budget
- Copy of business and personal financial statements
- Copy of business and personal tax returns
- Copy of business bank statements
- Cash flow projections
- Staffing roster
When should I apply?
- Applications will open Fall 2023.
Program contact info:
305-438-1407 Ext 207
questions@
Eileen Higgins serves as the County Commissioner for District 5, representing portions of the cities of Miami and Miami Beach. An engineer by trade, with an MBA from Cornell University, she is a problem solver with a proven record of helping businesses and local organizations address complex issues facing our community. As County Commissioner, Eileen is fighting for transportation solutions and safer, walkable neighborhoods as Chair of the Transportation, Mobility, and Planning Committee and of the TPO Urban Mobility Task Force. She has increased affordable housing opportunities by initiating, preserving, and creating 4,600 affordable housing units in District 5 alone.
Eileen is an advocate for an improved quality of life and increased economic opportunities for residents and small businesses. In 2021, she created the Elevate District 5: Recovery and Growth Plan to support and strengthen small businesses in District 5. Since its launch, Elevate District 5 has supported over 350 small businesses and entrepreneurs, as well as distributed nearly $600,000 in funds to support the recovery and growth of small businesses.
