SBA is waiving many loan fees. But only for one industry.

/in , , ,

The Small Business Administration is waiving most loan fees for manufacturers — the latest perk it has rolled out for that industry.

That means for 7(a) loans of up to $950,000, the up front fee will be 0%. For all 504 manufacturing loans, the upfront fee and annual service fee will each be 0%. These new, reduced fees will go into effect on Oct. 1, 2025 and run through through Sept. 30, 2026.

“98% of U.S. manufacturers are small businesses — and by reducing loan fees, the SBA is eliminating barriers to capital so they can invest those dollars back into the mission of rebuilding America’s industrial base,” said SBA Administrator Kelly Loeffler in a press release.

The waiving of some loan fees is a partial reversal of SBA’s efforts to reinstitute fees for a wide variety of its loan products. On March 27, the SBA reinstated higher fees the SBA had traditionally imposed or allowed before the onset of the Covid-19 pandemic.

Why? The program was in the red as loan fees dollars dropped and loan defaults increased. Those findings, and others, came from a detailed risk assessment by the SBA of its 7(a) portfolio through June 30, 2024, obtained by The Business Journals as part of a Freedom of Information Act request.

But the carveout for manufacturers doesn’t end at higher fees. The SBA recently rolled out the  7(a) Manufacturers’ Access to Revolving Credit (MARC) loan program to offer working capital for small businesses engaged in manufacturing that the agency said would provide “maximum flexibility and minimal red tape.”

The program takes effect Oct. 1. The MARC loan limit is $5 million, with the SBA guaranteeing 85% of loans up to $150,000 and 75% for loans above that up to the maximum.

The SBA and the Department of Labor in July announced a memorandum of understanding that would increase cross-collaboration to help support manufacturing. That means connecting the SBA’s capital and contracting tools with the Labor Department’s workforce-development infrastructure.

The agreement calls for the agencies to expand data-sharing and coordination on programs such as DOL’s Registered Apprenticeship Program and the Veterans’ Employment and Training Service. The SBA likewise will offer cross-agency training on loan programs to support manufacturing, including its 7(a) and 504 loan programs.

In May, the SBA launched an online tool intended to connect U.S. manufacturers, suppliers and producers with businesses looking to source American products and services. That effort, titled the Make Onshoring Great Again portal, provides entry to three databases — from Thomasnet, IndustryNet and Connex — that offer American-company-specific lists curated in partnership by those three organizations with the SBA.

The SBA has made access to the databases free of charge for businesses as part of the agency’s larger push to boost American manufacturing.

The SBA has been active this year beyond manufacturing-specific efforts, as well.

Earlier this year, the agency announced it is overhauling its Community Advantage loan program amid what it said was a growing rate of defaults. The agency issued an immediate moratorium on approval of licenses for new lenders under the program and is rolling out a new standard operating procedure that would require lenders to add to their capital reserves to continue to lend through the program.

The SBA said the Community Advantage program generated a 7% default over the last year, more than double the standard default rate through the agency’s traditional 7(a) program. The agency also said the portfolio of loans was “disproportionately stressed” with multiple lenders generating early problem loan rates above 30%.

………..

Article posted on South Florida Business Journals.

 

Matthew R. Rocco, President, South Florida Manufacturers Association (SFMA) accepts EDC Board Position

/in , , ,

The Economic Development Council of South Miami-Dade (EDC), the local economic development organization for the southern region of Miami-Dade County, is proud to announce the expansion of its Board of Directors. Mr. Matthew R. Rocco, President, South Florida Manufacturers Association (SFMA) has accepted the position as Board of Director member

Mr. Rocco’s addition to the EDC’s Board furthers its commitment to growth and innovation in the manufacturing industry, as he will provide valuable insight and strategic guidance to the organization ongoing efforts in executing the Strategic Economic Development Plan for South Dade (Strat Plan). The strategies developed include the expansion of the manufacturing industry by bringing new manufacturing businesses to South Miami-Dade and the creation of new jobs.

Lisa Greer, Chair of the EDC says, “It is with great delight and pride that we welcome Mr. Matthew Rocco to the Board of Directors of the EDC. Matt’s experience, insight and guidance in the manufacturing industry aligns very well with the EDC’s mission for job creation and retention.”

Mr. Rocco showed great enthusiasm in joining the EDC, by saying, “I am excited to join the Board of Directors forthe Economic Development Council for South Miami-Dade. Manufacturing is so vital to the growth of our economy and with Miami-Dade County being an important county in Florida for manufacturing, we truly can make an impact on manufacturing in South Miami Dade county for resources, advocacy, and advisory services. It is an honor to be part of the Board of Directors and I look forward to the great collaboration and work that can be done together.”

The EDC’s goal is to be at the forefront of supporting emerging and targeted industries, including manufacturing.Mr. Rocco’s will assist in guiding the EDC’s effort to promote growth and innovation in this sector. Manufacturing has been identified as a key driver of economic growth as noted in the Strat Plan. This includes the creation of jobs and contributing to local and national economies as economic indicators have shown. The SFMA, in partnership with FloridaMakes, has provided an economic impact of $2 Billion dollars to the South Florida manufacturing industry. This data is through the fourth quarter of 2022. EDC’s commitment to expanding the manufacturing industry in South Miami-Dade will be bolstered by Mr. Rocco’s knowledge and ability, as the organization continues to identify and support emerging opportunities in this field.

Matthew joins the current Board of Directors, from a wide range of industry sectors:

  • Tania Acosta, Miami-Dade College | Education
  • Wilbur Bell, Miami-Dade Councilman | EDC Founder
  • Richard Candia, Avanti Way | Real Estate
  • Sioux dePass, Marketing, Apparel & Premiums | Advertising
  • Baldwyn English, Florida Power and Light | Utility
  • Lisa Greer, SouthState Bank | Financial
  • Michelle Mejia, Baptist Health South Florida | Healthcare
  • Richard Miller, South Florida Defense Alliance | Military & Defense

About the Economic Development Council of South Miami-Dade

The EDC of South Miami-Dade, originally called the Perrine-Cutler Ridge Council, was formed in 1993 soon after Hurricane Andrew devastated the southern part of our county. Community leaders and local business owners began working together to bring a cohesive voice to our area to bring back its vital economy. Today, the EDC’s Mission is to provide support and advocacy to existing and prospective businesses and promote initiatives which bolster the vibrancy and sustainability of the South Miami-Dade region. The Vision of the EDC seeks to improve and advance quality of life, expansion of businesses and job creation through the implementation of projects that harness sustainability and resiliency through economic development, infrastructure improvements, education, and skilled workforce. The EDC continues its efforts in growing our communities together by collaborating with Private, Municipal, County, State and Federal agencies to assist in acquiring funding for the economic development efforts in South Miami-Dade. Further, the EDC is relied upon by its residents and community businesses as a vital link to resources, our government officials, and their offices to voice critical needs, quality of life issues and future economic development opportunities in our communities. https://edcsouthmiamidade.com/

About the South Florida Manufacturers Association

The South Florida Manufacturers Association (SFMA) has held the distinction of being the #1 resource for manufacturers in South Florida
since 1961 – saving its members time and money through advocacy, networking and resources. SFMA prides itself on being member
driven – creating new products and services as members’ needs change. Founded by a group of realtors who understood the importance
of manufacturing to a strong economy, the SFMA has served manufacturers and related industries for over 60 years. As a non-profit trade
association, the mission of the SFMA has remained constant though out its history: To Serve Manufacturers. https://sfma.org/

Economic Development Council of South Miami-Dade Adds Pivotal Member to Board of Directors: Kenneth Spell, CEO of Homestead Hospital

/in , , ,

The Economic Development Council (EDC) of South Miami-Dade is proud to announce the appointment of Kenneth Spell, CEO of Homestead Hospital, to its esteemed board of directors. This strategic addition marks a significant milestone for the EDC as it continues its mission to foster economic growth, attract investment and enhance the overall quality of life in the vibrant South Miami-Dade region.

As CEO of Homestead Hospital, a part of Baptist Health South Florida – the largest not-for-profit healthcare organization in the region – Spell has demonstrated exceptional commitment to improving the health and well-being of area residents. Having distinguished himself as a leader in the healthcare industry, Spell will now bring his wealth of knowledge and experience to the EDC board.

Specifically, the quality of his leadership and expertise in healthcare management, community engagement and expanding job opportunities were key factors for his joining the EDC’s board, which looks to benefit from these attributes in its pursuit of sustainable economic growth, attracting investment and creating a more prosperous future as stated in the EDC’s Strategic Economic Development Plan for South Dade.

“Kenneth Spell’s appointment to our board of directors underscores our commitment to excellence and our dedication to serving the diverse needs of South Miami-Dade,” said Lisa Greer, EDC chair. “His extensive background in healthcare administration, along with his profound understanding of the unique challenges and opportunities in our region will be invaluable as we work together to drive economic growth, job creation and prosperity.”

With its many internationally renowned hospital systems and pharmaceutical headquarters, South Miami-Dade is recognized as a world-class healthcare destination while healthcare remains one of the leading employment growth areas for South Florida. The EDC of South Miami-Dade underscores this region’s unique advantage in fostering healthcare sector growth.

To maximize the healthcare industry’s full potential in the region, it is vital for major healthcare providers to engage regional advocates who can champion the industry’s goals and objectives. The EDC stands at the forefront of this advocacy, committed to propelling the region’s healthcare sector towards unprecedented success.

“I am truly honored and eagerly anticipate the remarkable collaboration and impactful work that we will accomplish together as I join the board of directors for the Economic Development Council of South Miami-Dade,” said Spell. “I look forward to collaborating with this incredible team to continue bolstering the local businesses and prospective firms, reinforcing the South Dade business community now and into the future.”

Dedicated to advancing the economic prosperity of South Miami-Dade, uniting public and private sectors, the EDC works to stimulate job creation, infrastructure development and the expansion of local businesses. With a focus on innovation, sustainability and community engagement, the EDC plays a pivotal role in shaping the future of South Miami-Dade.

Spell joins the current board of directors, with members from a wide range of industry sectors:

  • Tania Acosta, Miami-Dade College | Education
  • Wilbur Bell, Miami-Dade councilman | EDC Founder
  • Richard Candia, Avanti Way | Real Estate
  • Sioux dePass, Marketing, Apparel & Premiums | Advertising
  • Baldwyn English, Florida Power and Light | Utility
  • Lisa Greer, SouthState Bank | Financial
  • Michelle Mejia, Baptist Health South Florida | Healthcare
  • Richard Miller, South Florida Defense Alliance | Military & Defense
  • Matthew Rocco | South Florida Manufacturers Assoc | Manufacturing

For more information about the Economic Development Council of South Miami-Dade and its mission, please visit https://edcsouthmiamidade.com/.

About the Economic Development Council of South Miami-Dade

The EDC of South Miami-Dade, originally called the Perrine-Cutler Ridge Council, was formed in 1993 soon after Hurricane Andrew devastated the southern part of our county. Community leaders and local business owners began working together to bring a cohesive voice to our area to bring back its vital economy. Today, the EDC’s Mission is to provide support and advocacy to existing and prospective businesses and promote initiatives which bolster the vibrancy and sustainability of the South Miami-Dade region. The Vision of the EDC seeks to improve and advance quality of life, expansion of businesses and job creation through the implementation of projects that harness sustainability and resiliency through economic development, infrastructure improvements, education, and skilled workforce. The EDC continues its efforts in growing our communities together by collaborating with Private, Municipal, County, State and Federal agencies to assist in acquiring funding for the economic development efforts in South Miami-Dade. Further, the EDC is relied upon by its residents and community businesses as a vital link to resources, our government officials, and their offices to voice critical needs, quality of life issues and future economic development opportunities in our communities.

Kimre, Inc. Named Manufacturer of the Year at the 44th Annual South Florida Manufacturers Association Ceremony

/in , , ,

The Economic Development Council of South Miami-Dade (EDC) and the South Florida Manufacturers Association (SFMA) today announced that Kimre, Inc.has been honored as the 2023 Manufacturer of the Year by the SFMA. The prestigious award highlights Kimre’s contributions to the manufacturing industry and its commitment to excellence.

Presented on June 22nd at the Signature Grand in Davie, FL, 44th Annual Recognition of Excellence awards ceremony was attended by prominent industry leaders, community stakeholders, and dignitaries. Each year, the ceremony recognizes outstanding operational excellence for both corporations and individual employees in the manufacturing industry. Out of nearly 100 nominations, Kimre Inc., a global organization with a rich history of over 50 years in South Miami-Dade, was honored in the 31-65 employees category.

The well-deserved honor underscores South Miami-Dade’s standing as an ideal destination for manufacturing, as well as the standard for innovation and quality established by Kimre, Inc.”We are deeply honored to receive the prestigious Manufacturer of the Year award from the South Florida Manufacturers Association,” said George Chris Pederson, founder, SFMA, “This award reaffirms our commitment to innovation and quality and highlights the incredible potential that South Miami-Dade offers manufacturing firms. We look forward to a future filled with continued growth and development in the region.”

“Kimre has been a longstanding member of SFMA and is a great example of excellence in manufacturing,” said Matthew Rocco, president of SFMA. “We are proud to honor them with this year’s Manufacturer of the Year Award.”

“Kimre exemplifies the spirit of innovation that defines the South Miami-Dade community,” said Lisa Greer, chair of the EDC. We are immensely proud of Kimre’s achievements and look forward to fostering further growth and collaboration within our dynamic manufacturing ecosystem of South Dade.”

Along with strong incentives and tax benefits, the South Miami-Dade region has the ideal mix of real estate, a strong water and power infrastructure, great logistics with easy transportation and distribution, a sizable workforce, year-round good weather and high-quality of life with an abundance of affordable housing. These factors make it a prime destination for a wide array of industries, including manufacturing. The EDC and SFMA are committed to continuing their support for the manufacturing sector, fostering growth, and celebrating the achievements of local businesses.

For more information about South Miami-Dade’s thriving manufacturing community and the exceptional opportunities it presents, please visit https://edcsouthmiamidade.com/.

About Kimre, Inc.

With a vision to clean the world and create a better environment for future generations, Kimre was founded in 1973 by MIT Graduate and Florida native, George C. Pedersen. For more than 40 years, Kimre has been proud to locally manufacture our products in the United States. Fueled with passion and determination, Kimre grew from a small local business with a big vision to being a global leader in the battle against pollution.

About the South Florida Manufacturers Association

The South Florida Manufacturers Association (SFMA) has held the distinction of being the #1 resource for manufacturers in South Florida since 1961 – saving its members time and money through advocacy, networking and resources. SFMA prides itself on being member driven – creating new products and services as members’ needs change. Founded by a group of realtors who understood the importance of manufacturing to a strong economy, the SFMA has served manufacturers and related industries for over 60 years. The SFMA, in partnership with FloridaMakes, have been the driving force of $2 billion in economic impact in South Florida since 2016. As a non-profit trade association, the mission of the SFMA has remained constant throughout its history: To Serve Manufacturers. https://sfma.org/

About the Economic Development Council of South Miami-Dade

The EDC of South Miami-Dade, originally called the Perrine-Cutler Ridge Council, was formed in 1993 soon after Hurricane Andrew devastated the southern part of our county. Community leaders and local business owners began working together to bring a cohesive voice to our area to bring back its vital economy. Today, the EDC’s Mission is to provide support and advocacy to existing and prospective businesses and promote initiatives which bolster the vibrancy and sustainability of the South Miami-Dade region. The Vision of the EDC seeks to improve and advance quality of life, expansion of businesses and job creation through the implementation of projects that harness sustainability and resiliency through economic development, infrastructure improvements, education, and skilled workforce. The EDC continues its efforts in growing our communities together by collaborating with Private, Municipal, County, State and Federal agencies to assist in acquiring funding for the economic development efforts in South Miami-Dade. Further, the EDC is relied upon by its residents and community businesses as a vital link to resources, our government officials, and their offices to voice critical needs, quality of life issues and future economic development opportunities in our communities. https://edcsouthmiamidade.com

Why Business Retention Is Important to the EDC in Miami-Dade

/in , , ,

One way to know if a community is thriving is to look at its business community. It is important to retain businesses in Miami-Dade because it keeps the economy and the community strong. With approximately 20,000 businesses in the South Miami-Dade region, the objective of an EDC in Miami-Dade is to make sure these businesses have the ideal conditions to stay, grow, and flourish.

But First, What Exactly Is Business Retention?

One way the Economic Development Council (EDC) of South Miami-Dade is working to build a more vibrant community is to ensure the businesses that are here stay here. By working with the existing businesses to understand and respond to their needs, together we build a stronger business community through quality job opportunities and a stable economy. 

Why Is Business Retention Important?

In alignment with the EDC’s mission to create and attract well-paying jobs for residents, the climate needs to be such that businesses remain open and operating. The South Miami economy is composed primarily of small businesses which creates an environment where there can be healthy competition, diversity, and opportunity. These businesses employ residents and become invested in the community. Business retention is critical to the Economic Development Council.

For More Information, Turn to Our EDC in Miami-Dade Supporting Southern Communities Including Homestead, Palmetto Bay, and More

The EDC is a council of business members with a vested interest in supporting the business community.  The funding for EDC comes directly from businesses. In order to continue the mission of EDC and ensure that Miami-Dade continues to be an excellent spot for living, working, and relaxing, retaining business to keep the economy bustling is a top priority. Small and mid-sized local businesses will only improve the economy over time.  The Economic Development Council of South Miami-Dade will make sure that this area continues to see growth and development through sustainable and resilient business opportunities. 

Contact us today for more information!

What Does an Economic Development Administration Near Cutler Bay Do?

/in , , , ,

The goal of the Economic Development Council is to make life better for the residents of South Miami-Dade where beautiful Cutler Bay is located. A top priority for the administration is to expand businesses and create jobs through the support of projects that are sustainable and resilient. Read on to see more about how an economic development administration near Cutler Bay fosters economic development through improvements to infrastructure, education, and the workforce. 

Here’s How Our Economic Development Council Began

After Hurricane Andrew struck Florida in 1992, the damage was the worst a hurricane had ever caused up to that point. In order to ensure that this region recovered from the devastation, the Economic Development Council of South Miami-Dade was created. The goal is to support and grow our municipalities, our agriculture industry, our tourism industry, as well as to support the residents and businesses here.

The Economic Development Council of South Miami-Dade is funded through support of local businesses.  Working as one collective voice, the council works to improve the community through projects that are sustainable and resilient. The council works to create a strong and skilled workforce, ensuring that South Miami-Dade including Cutler Bay is a place people want to live, work, and play for years to come.

Our Economic Development Administration Near Cutler Bay Helps Support the Following Industries

  • Aviation: The area is host to one of the world’s busiest airports.
  • Construction: The limestone industry here alone supports millions in revenue and over 14,000 jobs.
  • Hospitality and Tourism: The area stretching from Miami to the Keys is a top tourist destination.
  • Life Sciences and Healthcare: Healthcare is a leading employment industry.
  • Manufacturing: This job industry has been steadily growing for over 60 years in our area.
  • Retail: People from around the world come here to shop.
  • Technology: This is a a rapidly growing industry, as tech startups continually incorporate in South Miami-Dade.
  • Trade and Logistics: Our two local trade ports make this location ideal.

Our mission is to ensure the residents of this area have the best work-life balance to create a thriving community. Contact us today to learn more about how we’re ensuring South Miami-Dade is a great place to live, work, and play!

 

The Economic Development of Homestead, Florida: A Comprehensive Guide, Part 2 of 2

/in , , , ,

If you haven’t already read part one of this two-part guide on the economic development of Homestead, Florida, check it out here!

The Importance of Small Businesses in Homestead

Small businesses are a major contributor to the economy of Homestead and the surrounding area. Small businesses provide jobs and other essential services to the community, and they help to create an overall sense of economic stability. According to the US Small Business Administration, small businesses are responsible for creating two out of every three jobs in the city, and they account for more than 60% of all new hires in the past three years. Economic development in Homestead, Florida has a long history of supporting small businesses.

The Florida Small Business Development Center provides resources, such as loan and leasing programs, to businesses seeking to start or expand in areas like Homestead. The office also offers free business counseling and workshops to help local business owners put their ideas into action.

The Homestead Business Community

The Homestead business community is made up of a diverse range of companies, from small independent businesses to large corporate operations. Major employers in the city include Florida Power and Light, Homestead Hospital, Wal-Mart, and Home Depot. The city is also home to a plethora of successful small business owners, ranging from small independent businesses to larger corporations.

The Future of Homestead’s Economy

The economic outlook in Homestead, Florida is bright. The city’s geographic location, near the Everglades and the Florida keys, has made it a popular destination for eco-tourism and retirees, which has led to significant economic growth in recent years.

Additionally, the city is actively encouraging economic development with a number of strategic initiatives designed to attract new businesses and create jobs. These include tax incentives, small business development initiatives, and investments in infrastructure. With these efforts, the city of Homestead looks to continue its economic growth into the future.

Homestead, Florida is an up-and-coming city with a rich history of economic development. The city’s location, near Miami and the Florida Keys, has made it a popular destination for tourists and retirees, driving significant growth in its tourism and real estate industries. Moreover, the city has also attracted a number of new businesses and industries, from large corporate operations to small independent businesses. The city of Homestead is actively encouraging economic development through a number of initiatives, and the future looks bright for the city’s economy.

Want to Learn More About Economic Development of Homestead, Florida?

Contact the Economic Development Council of South Miami-Dade today to learn more about business incentives, economic planning, why you should live and work in Homestead, and why it’s a great place to visit!

The Economic Development of Homestead, Florida: A Comprehensive Guide, Part 1 of 2

/in , , , ,

Located at the southern tip of Florida just outside Miami, Homestead is a dynamic and growing city with a population exceeding 80,000. This two-part guide explores Homestead’s economic evolution—from its early 20th-century roots as a railroad town to its current role as a gateway to South Florida’s natural attractions and economic opportunities.

A Brief History of Homestead

Homestead was established in 1904 by the Model Land Company, a subsidiary of the Florida East Coast Railway, during the railroad’s extension to Key West. In 1913, it became the second incorporated municipality in Dade County, following Miami (1896) and preceding Florida City (1914). Homestead marked its centennial in 2013 with a series of public celebrations honoring its historical significance in the region.

Economic Foundations & Growth

Homestead’s early economy was built on agriculture and real estate speculation, spurred by the railroad’s arrival. Fertilizer suppliers and a local bottling plant supported the area’s early agricultural activity, helping lay the groundwork for future growth.

Today, Homestead’s economy is far more diverse. Agriculture remains a key sector, but the city has also experienced strong growth in residential development, retail, and tourism—fueled by its strategic location near Miami, the Everglades, and the Florida Keys.

Key employers include Homestead Hospital, Homestead-Miami Speedway, Turkey Point Nuclear Generating Station, Publix Supermarkets, the City of Homestead, and local public schools. Another major presence is Homestead Air Reserve Base. Originally established in 1942 as Homestead Army Air Field, it transitioned to the U.S. Air Force in 1953. In 1992, after Hurricane Andrew caused extensive damage, the base was rebuilt as an active Air Force Reserve Station that now employs more than 2,500 people.

The Importance of Small Businesses in Homestead

While regional franchises and institutional employers shape part of the local landscape, small businesses are the economic backbone of Homestead. They provide critical jobs, services, and investment, and they foster community resilience and innovation.

The Florida Small Business Development Center (SBDC) offers essential resources for local entrepreneurs, including financing guidance, leasing support, business counseling, and workshops. These programs help aspiring and existing business owners grow sustainable operations that contribute meaningfully to the local economy.

The Future of Homestead’s Economy

Homestead is well-positioned for continued growth. Its proximity to the Everglades and the Florida Keys supports eco-tourism, and the city continues to attract retirees, outdoor enthusiasts, and investors. Agriculture still plays a vital role, and new development continues to reshape the city’s economy and identity.

To support this momentum, Homestead has implemented strategic initiatives aimed at attracting new businesses while preserving its character. These include infrastructure improvements, small business support programs, and economic incentives designed to foster long-term prosperity.

With a growing population, thoughtful planning, and unique access to both natural wonders and urban resources, the future of Homestead’s economy is bright.

Want to Learn More About Economic Development in Homestead, Florida?

Contact the Economic Development Council of South Miami-Dade to explore business incentives, economic planning resources, and the many reasons Homestead is a great place to live, work, and visit.

Check out the next part of this two-part series here!

How Does the Economic Development Council of South Miami-Dade in the Village of Palmetto Bay Help the Economy?

/in , ,

Economic development in any place helps the economy by boosting employment rates, bringing in new jobs, and retaining jobs that are already there. There is no doubt that economic development plays a key role in the success of a community. But just how does the Economic Development Council of South Miami-Dade in the Village of Palmetto Bay help the economy?

Who We Are

Founded after Hurricane Andrew in 1992, the EDC of South Miami-Dade was intended to help the southernmost region of the county. To this day, we strive to create economic growth by retaining and expanding the businesses throughout our communities. WIth 600,000 residents and 20,000 businesses, it is important to have a unified group of people who can keep your best interests in mind. Not only do we aim to retain and expand current businesses, we also want to bring in new infrastructure and create job opportunities not previously available.

Our Goals

Our ultimate goal is to make sure that everyone in the community, from tourism to agriculture, is thriving. When bringing in new jobs, we want to make sure that our workforce is properly educated and trained, so we want to attract top educators. We also want to ensure that the businesses that come in are going to benefit the people who live here. We create smart infrastructure plans to ensure that people can safely and effectively make it to their workplace without wasting time because of poor traffic flow.

We want to retain the businesses that are already here and do so by offering incentives to businesses, new and old, to help them expand. By doing this, the Economic Development Council of South Miami-Dade in the Village of Palmetto Bay helps the economy. More business means more jobs, which means more revenue, which means more developments can be created. 

 

To Learn More About the Economic Development Council of South Miami-Dade in the Village of Palmetto Bay, Contact Us Today!

Contact us today at 305-378-9470 for answers to any questions you may have about how the Economic Development Council of South Miami-Dade helps with economic growth in our area! We look forward to hearing from you.



Business Incentives for Economic Development in the Village of Pinecrest

/in , , , ,

Municipalities often offer businesses incentives to condition the local business community and attract outside investment. This helps to maintain a healthy economy that fills the tax base, as well as to support municipal operating costs, public services, and public schools. Economic development in the village of Pinecrest is feasible in part due to the business opportunities that are currently available. The modern way to attract outside investors is to provide economic development opportunities to local business owners. Here are just a few of the many business incentives for economic development in the Village of Pinecrest.

1. Captive Insurance and Captive Reinsurance Domicile Laws

Captive Insurance and Captive Reinsurance laws protect local financial institutions, banks, and insurance companies from the risk associated with business entities outside the state. The laws also protect local financial institutions from competition if the business entities are domiciled outside the state. They also provide entities the opportunity to group their risks into one entity. This can be beneficial to businesses because it lowers the cost of insurance.

2. High-Impact Performance Incentive (HIPI) Grant Program

The State of Florida offers grants to attract investment that provide a high level of employment, economic impact, and cumulative value to a community. While the HIPI program is not unrestricted, it offers municipalities a reduction in sales tax and property tax to attract businesses that provide better employment opportunities and ultimately contribute more to the municipality’s tax base.

3. Brownfield Redevelopment Bonus Tax Refund Program

This grant program gives an incentive to business owners who want to invest in a brownfield property that has been abandoned or is underutilized. It provides financial incentives to businesses to encourage redevelopment of the site, which will contribute to the municipality’s tax base. To qualify for this refund for economic development in the village of Pinecrest, you must create at least 10 new jobs and invest a minimum of $2 million.

4. Florida Power and Light Economic Development Incentive Program

The state offers financial incentives to business owners who purchase energy-efficient equipment. It also provides funding to community organizations that supply educational programs that encourage energy efficiency. The incentives help promote the use of renewable energy, which can be beneficial in a village with a high percentage of ecologically and environmentally conscious residents.

For More Information on Economic Development in the Village of Pinecrest, Turn to EDC South Miami-Dade!

The State of Florida provides a variety of incentives to business owners to provide financial assistance to ensure that the local business community thrives. It encourages businesses to invest in the local economy, maintain and expand their operations, and provide more significant employment opportunities. Contact us today for more information about economic development in the village of Pinecrest.