Small Business Loans for Minority-Owned Businesses in Low-Income Areas
Community Fund of North Miami-Dade
Small Minority-Owned Businesses
Support for small minority-owned businesses located in low-to-moderate income communities in South Florida.
- $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.
- 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.