CUOMO APPROVES $13 MILLION IN LOAN GUARANTEES FOR MIAMI-DADE

The loan guarantees will promote growth in the economy and job base of the area by helping contractors and subcontractors doing business with Metro-Dade County to expand and hire new workers. A majority of the jobs created will go to people with low- and moderate-incomes.

The loan guarantees will be made available under HUD's Economic Development Loan Guarantee Fund, which promotes economic development and job creation. Cuomo made the announcement at the end of a day-long visit to Miami-Dade with his top staff.

"The best way to bring a new prosperity to Miami-Dade and other communities around our nation is to create jobs," Cuomo said. "The Clinton Administration's wise investment in job creation will help transform our cities, improve lives and strengthen our economy."

Cuomo said the loan guarantees will strengthen HUD's partnership with Miami-Dade Mayor Alex Penelas and the Mayor's Urban Economic Redevelopment Task Force.

"Secretary Cuomo's approval of $13 million in loan guarantees for our Small Business Enterprise Program is welcome news," Penelas said. "We're pleased that HUD chose Miami-Dade County for this innovative use of federal funds that promotes economic growth and, more importantly, creates jobs."

Senator Connie Mack said: "I am pleased by the Secretary's rapid response to Miami's request for $13 million in Section 108 loan guarantees. By approving the loan, HUD once again has stepped up to the plate as a partner in the economic revitalization of the community."

The loan guarantees, also known as the Section 108 program, save communities money by reducing the interest rate they are charged on loans from commercial lenders. The guarantees also make loans more readily available and often attract other sources of funding from local and state governments, non-profits and the private sector to complete financing for major job creation activities.

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