BUSINESS INFORMATION

Economic Development and Business Assistance 

Miami Beach New Business Activity and Business Assistance
The City of Miami Beach Business Assistance program is available to assist businesses in identifying solutions to issues impacting business operations and cash flow, as well as accessing services that provide technical assistance, financing options, Incentive programs, workforce solutions and other programs. Please contact the Miami Beach Economic Development Office for more information.

Small Business Administration
Beginning Monday, March 16, the SBA implemented the following changes:
Temporarily raises guarantees to up to 90 percent on SBA’s 7(a) loan program, through calendar year 2009, or until the funds are exhausted. This increase in guarantee levels will help provide banks with the greater confidence they need to extend credit during the current recession, will mean more capital available to small business owners around the country.

Temporarily eliminates fees for borrowers on SBA 7(a) loans and for both borrowers and lenders on 504 Certified Development Company loans, through calendar year 2009, or until the funds are exhausted. This will mean more capital available to small businesses at a lower cost. The fee elimination is retroactive to February 17, the day the Recovery Act was signed. SBA is developing a mechanism for refunding fees paid on loans since then.

For more information on these programs, visit the SBA’s Recovery page.

Business Credit
Additionally, the President announced that the Treasury Department will commit up to $15 billion to help unlock the frozen credit markets by purchasing small business loan securities currently frozen on the secondary market, freeing up more capital to jumpstart lending for small business owners. For more information on the administration’s other actions to unlock credit for small businesses – including IRS guidance for a provision in the Recovery Act that allows businesses with gross receipts of up to $15 million to “carry back” their losses for up to five years – see this fact sheet (PDF).

Florida Trade Stimulus Program
On Wednesday March 18, 20009, Governor Charlie Crist unveiled a new program aimed at increasing the state’s foreign trade. The Florida Trade Stimulus Program will provide small and medium size businesses with money to attend trade shows and missions. The program also will provide business owners with training on how to tap into opportunities through Enterprise Florida, the state’s public/private economic development organization. To be eligible for the program businesses must be in the following industries:

Aviation and Aerospace;
Clean Energy;
Financial and Professional Services;
Homeland Security and Defense;
Information Technology;
Life Sciences; and
Targeted manufacturing industries.

Additionally, businesses must have legal registration in Florida, 500 or fewer employees, have a product or service produced in Florida, and be new to a market or a new or infrequent exporter. For more information, contact the City’s Economic Development Office.