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Amerant Micro-Grant Program

Amerant Bank - Coral Gables, Florida

2021 Community Commitment Awards Submission

  • Entry Category: Community and Economic Development
  • Asset Size: Medium

In the Fall of 2020, and in the middle of the pandemic, Amerant Bank launched a Micro-Grant Pilot Program for Small Businesses, which was created to help the most vulnerable ‘mom and pop’ shops and sole proprietors who have no access to PPP or other type of loan assistance. While many small businesses availed themselves of PPP loans and other types of financial assistance and government programs, many did not meet the prerequisites for receiving that type of assistance. There were among the thousands of sole proprietors and smaller businesses who were simply unable to access resources and were at risk of having to shut down their businesses permanently.

It is for those most vulnerable entities that Amerant, one of the largest community banks headquartered in Florida, had focused its pilot, the Amerant Micro-Grant Program. The program’s funds were allocated to Branches, a local nonprofit organization serving Miami-Dade County which provides life-changing opportunities for small businesses, working families and their children; as well as the Community Fund of North Miami-Dade, a subsidiary of the Opa-Locka Community Development Corporation, that assist distressed and under resourced communities throughout Miami-Dade County in addition to LiftFund in Houston Texas, a designated community development financial institution (CDFI) based in Houston that provides support and creates the means for small businesses, microenterprises, as well as nonprofit organizations, to stabilize and become economically self-sufficient.