Black Entrepreneurs in Need of Help Can Look to These Loans, Grants and Other Services.
Did you see our feature on Miami Herald?
The article states…
“Black entrepreneurs who are trying to get their company off the ground or are in need of additional support for their businesses have a variety of resources they can turn to.
There are programs that offer loans, grants, coaching or other services to Black business owners. Some are specifically for COVID-19 relief. Others are just for women.
Here are some of the resources that are available:
▪ Black Business Loan Program in Miami-Dade County — The program provides loans, loan guarantees or investments meant to help Black businesses that cannot obtain capital through conventional lending institutions but could otherwise compete successfully in the private sector, according to the Florida Department of Economic Opportunity. The funds would be provided by a loan administrator.
In Miami-Dade, the Miami Bayside Foundation plays that role. Available loans range from $5,000 to $75,000. Under special circumstances, loans of up to $150,000 are available. The funds must be used for working capital, cash flow, inventory or equipment.
To be considered for this loan, your Miami-Dade business must be 51% Black-owned, be a for-profit corporation and able to demonstrate that the loan will aid in the creation of new jobs. Applications are open year round. For the full eligibility criteria and to apply, visit miamibaysidefoundation.org/black-business-loan-program.
▪ The Miami Bayside Foundation also has a conventional loan program for minority or women-owned businesses in Miami. Available conventional loans range from $5,000 to $75,000, with loans of up to $150,000 possible under special circumstances.
To qualify, your Miami business must be a for-profit corporation, demonstrate that the loans will aid in the creation of new jobs and show that the funds will be used for working capital, cash flow, inventory or equipment. Applications are open year round.
For the rest of the criteria and to apply, visit https://miamibaysidefoundation.org/conventional-loan.”
Read more at: https://www.miamiherald.com/news/business/article253627478.html#storylink=cpy