(Miami, FL) -- The Department of Community Development has opened its application period for the Revolving Loan Pilot Program for Economic Development available to eligible, for-profit businesses in District 4 of the City of Miami. The program provides eligible businesses with up to $10,000 in assistance if they create and/or retain one full-time, permanent position for a low- to moderate-income* person.

Monies are awarded as a loan, with 0% interest and the full assistance amount is forgivable if the job position is created and/or retained. Eligible uses of the funds include: purchase and installation of machinery, equipment, furniture, fixtures; technology infrastructure; renovation, improvement and expansion including leasehold improvements; inventory; construction (renovation, improvement, expansion), in compliance with Davis Bacon Wage Rates.

Applications for District 4’s Revolving Loan Pilot Program are now available on the web at www.miamigov.com/communitydevelopment or at the Department of Community Development, located at 444 SW 2nd Ave., Second Floor. This program is federally funded and applications will be accepted on a first-come, first-ready, first-served basis, while funding is available. For additional information on this program, please see the complete application or call 305-416-2080.

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*as defined by the U.S. Department of Housing and Urban Development (2009)