Small Business Loans for Minority-Owned Businesses
Miami Bayside Foundation
Small Minority-Owned Businesses
Access to funds and business education programs for minority-owned businesses.
- Conventional Loan: $10,000 to $75,000 and up to $150,000 are available under special circumstances.
- Microloan: $2,500 to $10,000.
- Black Business Loan: $2,500 to $75,000 and up to $150,000 are available under special circumstances.
- 6% interest
- 2 to 5 years
- Bi-monthly payments for microloans; monthly payments for all others.
- Loans can be used for working capital, cash flow, inventory, and/or equipment.
- Both conventional and black business loans must demonstrate that the loan will aid in the creation of new jobs.
- Offering mentoring, small business training, and in-depth seminars.
- Company's address must be in the City of Miami.
- Owner must be a US citizen or Permanent Resident.
- Must be registered as a for-profit corporation. Sole proprietorships or non-profit organizations are not eligible.
- Must be a minority or women-owned business in the City of Miami.
- Must be a minority-owned business with a credit score of 550 and in existence for more than 6 months.
Black Business Loan:
- Must be registered as a 51% black-owned business.