HISTORY & PURPOSE OF THE PROGRAM
The South Florida Regional Planning Council Revolving Load Fund Programs (SFRPC-RLF) were first established with several public and private agencies before being transferred to the SFRPC. The RLFs were created as a result of the devastation of Hurricane Andrew, which on August 24, 1992 ravaged large tracts of Miami-Dade County. Hurricane Andrew stands as one of the most damaging and costly natural disasters in the history of the United States, surpassed only by Hurricane Katrina in 2005.
Many businesses, especially in the southern area of the county, faced insolvency after commercial and industrial buildings, agriculture land and tourist facilities were destroyed by the hurricane. Although recovery from Hurricane Andrew is no longer the most urgent economic development priority for the South Florida region, many small/medium size businesses seeking financial capital to grow their businesses are unable to obtain traditional financing from conventional lenders. However, as the regional economy grows, the SFRPC Revolving Loan Fund has served as an instrument to strengthen and achieve the stated goals of the SFRPC Comprehensive Economic Development Strategy (CEDS).
The SFRPC knows that the best economic development plan for the region is to develop its small and medium size businesses. The SFRPC focuses its economic development activities on technical assistance and capacity building, enhanced coordination, communication, and infrastructure development. In our judgement, these activities provide the greatest long-term return on investment and are the best use of limited resources.