Small Business Loans for Minority-Owned Businesses in Low-Income Areas
Opa-Locka & Liberty City
Opa-Locka Community Development Corporation Business Fund
Small Minority-Owned Businesses
Support small minority-owned businesses located in low-to-moderate income communities in South Florida.
- $5,000 to $100,000.
- Average interest rate is 8%.
- Average loan size is around $45,000.
- Terms of 5 years or less.
- Looking to approve and commit funds to new businesses.
- Will, hopefully, be deferring all payment until people can get back to work.
- Funds can be allocated for working capital but preferred use of loans is for expansion and revenue producing business functions.
- Offering mentoring & counseling for small businesses.
- Business owners must live or work in the CDC’s target area including the following zip codes in the Opa-locka and Liberty City areas: 33054, 33055, 33056, 33167, 33168, 33169 33127, 33142, 33147, 33150.
- For the Community Fund of North Miami Dade there is no credit score minimum.
- SIN businesses that a bank would not do a loan for are excluded.
- Cannot be a financial institution, insurance companies or liquor store.