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A wide variety of financing is available to Miami-Dade County businesses. The length of time that a company has been in business, credit rating status, collateral available, and a number of other variables feed into the financing options that will best match your business. Options include the following –
Commercial banks provide short, intermediate and long-term financing for fixed assets, working capital, and international transactions. Many banks throughout Miami-Dade have enhanced their underwriting capacity for small and higher-risk businesses by offering government-backed loan products and have launched programs targeted to the small business market. Most banks will require two or more years of financial history.
Select public agencies provide or guarantee financing for higher-risk businesses or for capital investments in selected industries and / or targeted areas.
Non-bank financing sources, such as commercial finance companies, export management companies, factors, and equipment leasing companies; provide alternative financing for higher-risk or new businesses.
Venture capital, angels, and other equity financing options are available. The terms vary case by case. Networks are available that offer access to the various options in equity financing. There is also an emergence of on-line equity funding sources in response to the recent JOBS Act.
Technical Assistance organizations, Chambers of Commerce, colleges and universities, and various professional organizations often feature financing workshops to assist small businesses in developing a thorough understanding of the financial needs of your specific business and the type of documentation required by financing audiences if you decide to apply for funding. The aim is to best prepare you to maximize your opportunity approval from the funding source you select. The Miami-Dade Beacon Council newsletter includes a listing of upcoming small business technical assistance workshops, including those covering access to capital. To sign-up for the newsletter go to http://www.beaconcouncil.com/weekly-newsletter.
Incentives focused on industry type, geographic area, talent recruitment, the hiring of employees in select categories, employee training, development in underserved areas, etc.; may be applicable to you. Incentives often come as tax credits and some come as grants; and can serve as economic inflow, a form of access to capital that can reduce your operating expenses. An option that can allow your business to offer more competitive bids for new business and new capital.
Miami-Dade County offers a business friendly environment that attracts and connects businesses for growth. Business Connectivity, the connection and engagement of businesses with each other and with resources that can help them grow; fuels new business that generates growth for your enterprise. Provided are programs and resources that assists businesses and help maximize potential. Miami-Dade County provides you with an ecosystem that will help you grow your business. Connect, Engage, and Generate new business!
Close working relationships with county, and sometimes state, government are required when starting or expanding your business. To obtain building permit, environmental regulations, fire inspections or occupational licenses, you will need to contact various departments of government.
Note: If your business is, or will be, located within a city you will also need a city license. Be sure to contact the appropriate City Hall. If you are state-regulated, you will also need a state license.
In addition, many businesses can benefit from a number of incentive programs available to businesses in designated geographic or industry sectors. Programs such the Empowerment Zone, WOTC, and Impact Fee considerations; are government programs that offer tax credits which can benefit Miami-Dade County businesses if they meet the criteria. The Miami-Dade Beacon Council is positioned to inform and facilitate the process of working with government and our private businesses in order to take full advantage of assistance for our businesses.
Working with government, particularly in Miami-Dade County, often includes extensive engagement with international consulates and trade offices.
The main goal of business expansion is to improve the economic well-being of our Miami-Dade County community through efforts that stimulate growth for our businesses, job creation and retention for our community, and overall quality of life. Emphasis is on the expansion of existing enterprises and the creation of new ones. Services such as site selection, linking new or expanding businesses with resources designed to stimulate growth for your business, assisting with tax and regulatory opportunities, and overall guidance as you expand; are examples of business expansion resources available from experts in these fields to all businesses in our community. Miami-Dade County provides you with a business friendly environment with expert resources to facilitate the growth of your business.
Data regarding customers, competitors, and the cost of doing business is important for any company. There are a variety of sources available for data on Miami-Dade County, South Florida and Florida. Through the websites of these organizations, data can be found at no cost. Some sources provide historical trend data, as well as forecasts.
Entrepreneurship and innovation are fueling growth for start-ups and small businesses in Miami-Dade County. The combination of entrepreneurship and innovation creates an environment where as a small business you can scale at an accelerated pace, often with exceptional efficiencies and returns for your business and for our communities.
This growing ecosystem is increasingly attractive to entrepreneurs and innovators, both locally and from around the world. Much of the rapid growth in Miami-Dade County is a result of the convergence of Miami’s tech and creative communities; extended further to industry sectors such as life sciences, banking and finance, trade & logistics, aviation, hospitality and tourism. In recent years, many incubators, accelerators and co-working spaces have launched, offering access to resources such as mentors, office space, seed funding, networking opportunities and basic business services.
Miami-Dade County is a natural strategic location for international business. Because of its central position in the Western Hemisphere, Miami-Dade benefits from its unmatched access to key destinations throughout the world, and a diverse pool of multicultural, multilingual labor force. From Miami International Airport and PortMiami to municipal transit services, Miami-Dade County is continually investing in the infrastructure that supports international business success. Miami-Dade County is home to over 100 foreign consulates, trade offices and binational chambers of commerce, as well as 1,200 multinational companies.
Miami-Dade County offers a rich diverse portfolio of professional organizations. Each of these organizations seek to further a particular trade sector, profession, the interests of individuals engaged in that profession; and ultimate impact your business by providing access and engagement that can build your network and grow your business.
Miami-Dade County offers a wealth of resources that provide businesses like yours with technical assistance via workshops, mentorship, classes, training sessions, counsel, and other forms of preparing businesses to tackle and master the nuances and opportunities of being an entrepreneur in the vibrant market that is Miami-Dade County. Technical assistance covers areas such as business formation, legal structuring, government, accounting, accessing capital, e-commerce, marketing – internet and traditional, procurement, business plan development, innovation, real-estate, growing your business, and much more. Often if one source does not cover all of the topics you are looking for they know who does. Miami-Dade County offers you a community of technical assistance experts committed to helping you grow your business. Reach out and take full advantage of these expert resources.
Talented professionals play leading roles throughout Miami-Dade County’s dynamic and diverse workforce. In fields such as advertising, accounting, law, banking, IT. life sciences, and many more; Miami-Dade County has a deep pool of human capital whose creativity, knowledge and experience help businesses achieve success.
Recruiting, screening, training, and developing the wealth of talent in Miami-Dade is key to the success of any business thus we offer a number of resources available to you that specialize in assisting you with recruiting, screening, training, and developing your workforce. In most cases the services are available at no cost. In the case of CareerSource South Florida, they also offer training grants and incentive programs. In all cases the strength of your workforce can reduce business operating costs, increase new business acquisitions, and maximize year-end bottom-line benefits. Highlights include –
County Procurement Offers Local Advantages to Businesses
Bidding for new business contracts can accelerate businesses growth, generate new jobs, and strengthen our community’s economic future. The Procurement Management Services Division is dedicated to the timely acquisition and provision of goods and services, design, construction and construction management services for Miami-Dade County. Millions of dollars in contract opportunities are extended to businesses with bidding advantages offered to those located in Miami-Dade County. Local businesses are urged to 1) Register as a Miami-Dade County vendor and 2) Get certified to tap additional advantages extended to local small businesses, disadvantaged businesses, and local developing businesses.
Certification Programs
Miami-Dade County’s Small Business Enterprise (SBE) Certification programs were created for any business entity providing construction, architectural, engineering, goods and services which has an actual place of business in Miami-Dade County and whose three year average gross receipts do not exceed the monetary thresholds for the programs.
Certified Small Businesses are listed in certification lists which are PDF reports that can be used to identify firms certified with Miami-Dade County by the Small Business Development Division as: Small Business Enterprise – Architectural & Engineering, Small Business Enterprise – Construction, Small Business Enterprise (SBE) – Goods and Services.
Small Business Enterprise Programs
Disadvantaged Business Enterprise (DBE) Program
This is a federal program that ensures equal opportunity in transportation contracting markets, addresses the effects of discrimination in transportation contracting, and promotes increased participation in federally funded contracts by small, socially and economically disadvantaged businesses, including minority and women owned enterprises. To learn more go to http://www.miamidade.gov/smallbusiness/disadvantgaged-business-enterprise-program.asp.
Local Developing Business (LDB) Program
This program is a gender and race neutral program for small businesses that have non-exclusive permits to provide general aeronautical services to commercial airlines and aircraft operators at Miami International Airport. To learn more go to http://www.miamidade.gov/smallbusiness/local-developing-business-programs.asp.
For additional information contact Miami-Dade County Procurement Management, 111 NW 1st Street, Suite 1300, Miami, Florida 33128, 305-375-5773 Vendor Assistance, 305-375-5773 Información en Español, 305-375-2307 Infomasyon an Kreyol, dpmdept@miamidade.gov
