Updated: Sep 7
There were 5.0 million new businesses created in 2022, according to today's estimates – a 42% increase from pre-pandemic levels. In spite of recessionary fears and labor market uncertainties, many Americans still believe the time is right to start a business.
"Small businesses are the backbone of our economy, and the fabric that makes Miami-Dade a vibrant, world-class community," said County Mayor Daniella Levine Cava. “The decisions we make about where to spend taxpayer funds and how to provide the highest quality services to our residents and businesses can provide significant impact to our workers, our businesses, and our environment.
Miami-Dade Mayor Black-owned businesses contend with historic and unique challenges that create barriers to survival. According to a CNBC analysis, eight out of 10 Black-owned businesses fail within the first 18 months. This reality inspired Miami-Dade Economic Advocacy Trust (MDEAT) to launch its MDEAT Business Resource and Educational Grant Program to give start-up entrepreneurs a $2,500 capital infusion and access to technical assistance and resources.
The agency is disseminating grants to 24 successful owners of registered for-profit or not-for-profit enterprises operating in Miami-Dade County.
The program defines a start-up business as a legal entity operating for at least six months and no more than two years. The program accepts applications until Monday, August 14 2023 at 5 p.m. Applications can be submitted electronically and in person at MDEAT's main offices at 601 NW 1st Court, Suite 2132, near downtown Miami. Program qualifications and applications are available at www.miamidade.gov/EconomicAdvocacyTrust.
"Historic and unique challenges demand historic and unique solutions. MDEAT's Business Resource and Educational Grant Program created this program to give entrepreneurs cash at a critical time in their development and the needed technical assistance to help them build sustainable enterprises," said Bill Diggs, MDEAT Executive Director pictued at left.
Start-up grant brings agency’s investment in Black business to nearly $500,000 MDEAT's latest developments reflect the organization's aggressive implementation of its strategic plan to help decrease social-economic disparities in the County's targeted urban areas. Last year, the agency distributed $5,000 in grants to 16 winners of its Small Minority Black Business Capitalization Grant Program.
Recently, the agency wrote 35 checks for $10,000 to this year's winner of the Small Minority Black Business Capitalization Grant Program. MDEAT's Business Resource and Educational Grant Program brings the agency's grant investment in Miami-Dade County's Black business community to $490,000. Winners get a free one-year membership to the Miami-Dade Chamber of Commerce, South Dade Connections, or the Black Professionals Network.
Miami-Dade Economic Advocacy Trust's mission is to ensure the equitable participation of Blacks in Miami-Dade County's economic growth through advocacy and monitoring of economic conditions and economic development initiatives in Miami-Dade County.
"There are not many programs that invest in start-up businesses. MDEAT and its Economic
A sponsored message from our supporters at Baptist Health Systems
Startup funding is the money a business uses to start or support a new business. There are many different types of funding. Startups use these funds to cover marketing, growth, and operating expenses to launch the business.
For more information about MDEAT's Business Resource and Educational Grant Program, please contact Robert Parson, Economic Development Manager, at (305) 375-5610 or Robert.Parson2@miamidade.gov.
Explore MDEAT's website at www.miamidade.gov/EconomicAdvocacyTrust.