Small Business Loans for Underrepresented Communities
Urban League of Broward County
Small Minority-Owned Businesses
Small business loans available for historically disenfranchised communities.
- $10,000 to $250,000 (Average loan size is $150,000).
- 4% to 9% interest.
- Loan terms vary depending on the project: generally they are 7 year terms unless real estate acquisition is involved.
- Granting deferments of 3 months of principal and/or interest.
- Loans will be examined at the end of the deferment period to determine if there is an extension.
- No credit score minimum.
- Loans may be used for equipment, working capital, real estate acquisitions, inventory, and leasehold improvements.
- Currently not offering comprehensive guidance, however, can provide advice to businesses on a case by case basis through counseling and technical assistance offering.
- Currently acting as a resource clearinghouse and making qualified referral to other partners in the business ecosystem.
- Offering training for business startups through Free Business Bootcamp Series.
- Each loan is evaluated based on its individual merits.
- Certain business including gambling and adult entertainment (and others considered “sin” businesses) are not eligible for loan programs.