Growing South Florida’s economy one business at a time.
The South Florida Regional Planning Council works with the U.S. Department of Commerce, Economic Development Administration to provide low interest rate loans to small- and medium-sized businesses in counties of Miami-Dade, Broward, and Monroe. The Council’s Revolving Loan Fund (RLF) Program is designed to meet the needs of businesses that are not met by conventional lenders.
- The business must be located in Miami-Dade, Broward or Monroe counties
- It should be an existing business looking to expand or relocate, create jobs, and/or retain jobs
- Applicant must show proof of having attempted to secure financing through a conventional banking institution
- RLF funds should only be used for gap financing where a bank is the first lien holder
- Owner must inject or have a 10 to 20 percent equity stake in the project
- Collateral pledged for each loan will depend upon the RLF loan amount, the overall credit risk, and the personal and business assets pledged as collateral
- Personal guaranties by all parties with more than 20% ownership interest will be required
- Funding cannot be used for the acquisition of a business, business assets, or stock
- Unsecured lending is not permitted
- Funding cannot be used as a line of credit
- RLF loans must leverage private investment of at least two dollars for every one dollar of such RLF loans
- Number of jobs created/retained against amount loaned (Must be at least 1 job for every $20,000 loaned from the RLF)
- Meet application requirements
SFRPC-RLF offers loans between $25,000 and $500,000
How to Apply
You must complete the SFRPC-RLF application; provide a business plan, business and personal financial statements, tax returns, and appraisals for equipment, land and other business assets.
For more information, contact us at:
Jeffrey R. Tart
Senior Loan Officer
South Florida Regional Planning Council
1 Oakwood Boulevard, Suite 250
Hollywood, Florida 33020