Small Business Loans for Minority-Owned Businesses in Low-Income Areas

For businesses in:

Miami-Dade

Provided by:

Community Fund of North Miami-Dade

Ideal for:

Small Minority-Owned Businesses

Support for small minority-owned businesses located in low-to-moderate income communities in South Florida.

Coming Soon

Benefits

  • $5,000 to $250,000.
  • 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.
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Eligibility

  • Business owners must live or work in Miami-Dade County.
  • Credit score is not the primary factor in eligibility.
  • SIN businesses that a bank would not do a loan for are excluded.
  • Cannot be a financial institution, insurance companies or liquor store.
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Application

Actively Lending Now

The Community Fund of North Miami Dade (Opa-locka Community Development Corporation) Business Fund was launched to support small minority-owned businesses located in low-to-moderate income communities in South Florida. In addition to alternative finance options, CFNMD provides technical assistance in the form of one-on-one counseling and workshops.

Applicants are encouraged complete the form on their website to submit an inquiry.

Visit CFNMD Business Fund

Do you need help?

The organizations listed below are Axis Coalition Members and are ready to help you at no cost.

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Requirements

Larger loans require more collateral.

Resources

The CFNMD Business Fund is a certified Community Development Financial Institution (CDFI). CDFIs are mission-driven financial institutions that are dedicated to providing financial services to meet the needs of economically disadvantaged individuals within underserved communities.

CFNMD Resources

OLCDC Resources for Small Businesses