Press Release: Miami Bayside Foundation Receives $630,000 CDFI Grant to Expand Economic Opportunities in the City of Miami
Date: April 9, 2018
(305) 379-7070 Ext. 205
MIAMI, FL (April 9, 2018) The Community Development Financial Institutions (CDFI) Fund, administered by the United Stated Department of the Treasury, has awarded a $630,000 grant to the Miami Bayside Foundation (MBF) to help continue the Foundation’s mission of generating economic growth and opportunity in the City of Miami.
Named the Small Business Administration’s 2018 Community Partner of the Year (State of Florida and South Florida District), MBF is a non-profit organization established in 1986 through a partnership between the City of Miami and Bayside Marketplace as a means to revitalize and serve the City of Miami. With a focus on economic development, MBF has awarded over $2.8 million in loans to City of Miami minority-owned businesses helping create more than 350 jobs and provided technical assistance to more than 250 business owners.
There are close to 25,000 businesses in the City of Miami of which 75% are minority owned. That translates to close to 18,750 minority-owned businesses in the City of Miami. To eligible minority-businesses, MBF continues to serve as one of the best small business loan programs available in the City of Miami.
With the additional resources from the CDFI Fund grant, MBF has set forth an ambitious agenda to increase their market-based approach to supporting economically disadvantaged areas in the City of Miami. To this end, they seek to significantly expand their loan program along with in-depth training and mentoring.