Conventional Loan

For Minority-Owned Businesses in Miami

Minimum Criteria

Conventional loans are available from $5,000 to $75,000. Loans up to $150,000 are available under special circumstances.

To be considered for an MBF loan, your business must be:

  1. Minority or women-owned;
  2. Domiciled in Miami, as stated in the organization’s occupational license;
  3. Owned by United States Citizens or Lawful Permanent Residents;
  4. For-profit corporation. No sole proprietorships;
  5. Must demonstrate that the loan will aid in the creation of new jobs; and
  6. Must use funds for working capital, cash flow, inventory, and/or equipment.

Please note, if a start-up (under one year), owners must put up a 20% cash match.

Instructions

  • After filling out the request form below, you will have access to download the PDF loan application which needs to be completed. Please allow yourself at least an hour to fill out the loan application accurately and in its entirety.
  • In addition to the completed 12 page-form, the application requires additional documents, which can be found on the checklist on the first page of the application.
  • Be sure to carefully review all your answers before submitting. MBF reserves the right to deny the loan application if any answers are untrue or inaccurate.
  • To submit your form in person, please visit MBF’s offices, located at 25 SE 2nd Avenue, Suite 240, Miami, FL 33131.
  • To submit your form online, please email it to info@miamibaysidefoundation.org.
  • Should you have any questions about the application process, please contact Joann at (786) 703-5768 or email info@miamibaysidefoundation.org.

Additional Information

Please have the following documents ready when applying for a loan:

  • Business Plan including corporate history and comprehensive marketing plan.
  • Resume of all principals.
  • Three (3) years Profit and Loss Projections, monthly for one (1) year, and annually for the next two (2) years. Footnote assumptions.
  • Detailed Use of Funds, including a breakdown of any line items over $5,000.
  • Business Financial Statements for the last three (3) fiscal years and year-to-date.
  • Corporate Tax Returns (federal income tax) for the last three (3) years.
  • Personal Income Tax Return filed for the last three (3) years.
  • Six (6) months of supporting bank statements.
  • Copy of Lease or Letter of Intent to Lease.
  • Copy of Business Documents: Partnership Agreements, Articles of Incorporation, By-Laws, Certificate of Good Standing, etc.
  • Copy of Local Business Tax Receipt.
  • Proof of General Liability Insurance.
  • Documentation of all Outstanding Debt Including Equipment Leases.

Application Request Form

To access the application, please fill out the following information:

What Our Loan Recipients Had to Say

“I just want to thank the Miami Bayside Foundation for giving me the opportunity to reach my dreams of opening up my own retail/print store. It led me in the right direction by teaching me a lot so that I can take the proper steps to running a business.”

Eric Wooden

CEO and Founder, The COOL Miami

“When we were first starting up in 2009, we needed a loan to open our first location. We were declined by all the banks we approached, and Miami Bayside Foundation came to the rescue! Since then, we’ve worked closely together, and our admiration and appreciation has only grown.”

Leticia Pollock

Co Founder and Co Owner, Panther Coffee

“Nothing gets easier when you get a loan. On the contrary, it is a major responsibility. However, the MBF helps you understand the importance of prioritizing the key elements of your company. Understanding the priorities what allowed me to strategize differently. It was when I went through the process of this loan that I realized it. Hopefully, my plan is on the right path to take Sugar Yummy Mama to the next level.”

Giselle Pinto

Owner, Churros+ d/b/a Sugar Yummy Mama

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By contributing to MBF you have an opportunity to impact job creation, encourage economic development and improve the future of Miami.

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