April 30, 2017 – May 5, 2017 was National Small Business Week, designated by the Small Business Administration. SFCDC’s economic development committee and community partners celebrated the week and organizations that grow small businesses. On May 4, SFCDC’s economic development committee hosted a “Leaders and Lenders” panel discussion which was followed by “Conversations with TD Bank” at Venture Café Miami. The evening highlighted the important role micro and small businesses have on our local Miami-Dade economy.
A few Tips
Technical Assistance: Support to micro and small businesses should incorporate technical assistance. Technical assistance providers can prepare businesses for conventional financing, by assessing the business and helping the owner understand areas of operations and management that need to be strengthened. The nonprofit technical assistant providers such as Partners for Self -Employment, Prospera and Tools for Change regularly schedule technical assistance training, with accessible evening hours. They also provide one-on-one assistance.
Alternative Financing: Access to capital is critical. Small and micro-enterprises need to know there are different types of capital a business can access. For example, community development financial institutions provide alternative types of financing. Partners for Self-Employment is a Community Development Financial Institution (CDFI). There are also statewide organizations such as Neighborhood Lending Partners that provide small business loans.
Local Initiatives: Entities such as the Miami-Dade Beacon Council are working with industry partners to create a climate in which small businesses can compete and participate in the local market more successfully. An area of focus for the Beacon Council has been trade and logistics, which is one of the County’s targeted industries. Urban Philanthropies is another local non-profit entity working to address unmet needs, including loans to small businesses and non-profits that have pending receivables from government contracts.
Did You Know?
Miami-Dade is a community of small businesses. These businesses provide professional services. Some are family-owned, while others are part of Miami’s start-up community.
Among Miami-Dade businesses, 80% are businesses with 4 or fewer employees.
In 2016, the Miami Metro area ranked #2 in start-up activity according to the 2016 Kauffman Index report.
In 2012, Miami-Dade was home to the second largest number of black-owned businesses in Florida and ranked seventh among all counties in the United States. Among these businesses, 96% had no employees and the other 4% employed an average of 5.8 persons per firm.
SFCDC supports investing in micro-enterprises and small businesses by providing technical assistance and resources that assist low and moderate-income business owners. When these businesses grow, incomes grow, jobs are created, and neighborhoods thrive. Nonprofit small business developers play a vital role in making this happen. Here are a few.