Miracle Loan Program

THE MIRACLE LOAN PROGRAM, created by the proceeds of the opening of the Miracle Center on Coral Way, is a working capital revolving loan fund.

Eligibility: Only Non-profit tax-exempt 501(c)3 arts and cultural organizations in Miami-Dade County may apply for a loan.

The Fund is a capital pool that can be used for several purposes, including the following:

• bridge funds between the end of one season and income from subscriptions for the next;
• guarantee for a short term loan;
• advance working capital needed to start a state or federally funded program for which funding has been approved but not released
• advance funds for running a benefit, from which proceeds will be used to repay the loan
• finance preparation of a grant application for funding that can be used to repay the loan.

Terms & Conditions

Approximately $25,000 is available at any one time for loans, with a loan limit of $5,000; an annual interest rate of 2%; and specific loan terms subject to negotiation between the loan applicant and the Foundation. The duration of most loans is three to 12 months. Loans can be repaid either in a lump some or in multiple payments.

Review Process
Loan requests are processed as they are received with an expected turn around time of approximately 2 weeks from the time the application is complete.

The Foundation will assess:

• the significance of the institution and its program in this community
• project's feasibility
• potential for increasing an organization's earned income or financial stability examine the past history of the organization in its use of grant and loan funds
• potential of the institution to pay back loan
• And more