Miami organization to bolster Black business community with $7 million investment

An organization in Miami is pledging to invest $7 million toward programs designed to bolster the city’s Black business community. The Miami-Dade Economic Advocacy Trust says the investment will fund three major programs and offer 25 grants to a variety of businesses in the region.

The Miami Herald reports that a fireside chat was held on Tuesday with Miami-Dade Economic Advocacy Trust’s Executive Director William Diggs and WHQT Hot 105 radio host Rodney Baltimore. Diggs shared with Baltimore that a $7 million investment is the largest sum that the trust has received thus far.

“Our whole role is to create areas in our community that are sustainable so that from a long-term perspective, we can make sure that Black commerce lives,” Diggs said during their conversation. “It’s not just about housing. You don’t want to always have to go to a Ross. Maybe you want a Nordstrom down the street, and we want to develop that.”

Three major programs will see an infusion of cash from the organization for use toward home rehabilitation, housing development, and land acquisition.

A rehab loan program will get $1.5 million, set for use primarily for Black contractors who work across Miami-Dade to improve communities in need. Another $2.75 million boost will go toward a construction initiative primarily aimed at Black developers and will work in conjunction with a first-time homebuyer program by offering aid to qualifying residents.

Lastly, contractors certified by Miami-Dade County’s internal services department will have opportunities to access $2.75 million in funds via a land acquisition program. Contractors under this designation will be allowed to use the funds to purchase property to build homes in the aforementioned first-time homebuyer program.

Adding to this, 25 small Black businesses will receive $10,000 each in grants in support of their respective ventures.

Beyond this funding, the trust will host two business expos over the course of 2023 in the North Dade and South Dade regions. In addition, there will be a renewed focus on financial literacy programs, career days, and mental health programs, with outreach toward the region’s younger residents.

To learn more about The Miami-Dade Economic Advocacy Trust, visit this link.

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