Loan Programs
Providing Loans to Minority Businesses
The primary mission of MBF is to provide access to funds for minority entrepreneurs. The Miami Bayside Foundation is a CDFI that lends to minority and women–owned businesses that do not qualify for traditional financing and trains their owners on how to better run those businesses. Since 2011, MBF has awarded 275 loans for a total of $16.7 million to South Florida businesses, helping to create more than 500 jobs and trained over 1,228 business owners.
MBF provides loans of up to $250,000 at a competitive 6% interest rate for a term of up to 5 years (subject to lease terms). Loan funds can be used for working capital, equipment, and inventory.
Loan Programs
Small Business Loan
For Minority-Owned Businesses
Minimum Criteria
Loans are available from $5,000 to $75,000. Loans up to $250,000 are available under special circumstances.
To be considered for an MBF loan, your business must be:
- At least 51% minority owned as defined by Florida Statute*
- Domiciled in Miami-Dade, Broward, or Monroe Counties, as stated in the organization’s occupational license;
- Owned by United States Citizens or Lawful Permanent Residents;
- For-profit corporation. No sole proprietorships;
- Must demonstrate that the loan will aid in the creation of new jobs; and
- 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.
*Minority includes African Americans, Hispanic, Asian, Native Americans, and women. https://www.flsenate.gov/Laws/Statutes/2012/288.703
Black Business Loan Program
For Black Businesses
Minimum Criteria
Under BBLP, loans are available from $5,000 to $75,000. Loans up to $250,000 are available under special circumstances.
To be considered for a BBLP loan, your business must be:
- 51% black-owned;
- Domiciled in Miami-Dade, Broward, or Monroe Counties, as stated in the organization’s occupational license;
- Owned by United States Citizens or Lawful Permanent Residents;
- For-profit corporation. No sole proprietorships;
- Must demonstrate that the loan will aid in the creation of new jobs; and
- 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.
Please ensure that your business meets ALL OF THESE REQUIREMENTS
before submitting an application
How to Apply
- Please read the minimum criteria above carefully. (If any of these criteria do not apply to your business, your application will be deemed ineligible.)
- Please allow yourself at least an hour to complete the loan application accurately and in its entirety.
- In addition to the application, you will also be required to provide additional documents (please refer to the “Required Documents” section below)
- 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.
- Should you have any questions about the application process, please contact a member of our loan team at (786) 703-5767 or via email at info@miamibaysidefoundation.org.
Required Documents
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.
* Not required if you are applying as a start-up business.
Ready to Apply?
Applications available in English and Spanish.
Solicitudes disponibles en inglés y español.
What Our Loan Recipients Had to Say
Eric Wooden
CEO and Founder, The COOL Miami
“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.”
Dannie A. Connor
Cybertech Life Inc.
“The MBF BBLP is a savior to small minority businesses that do not have access to financing from larger financial institutions. Before graduating from this program and securing a loan, I was at the mercy of the “loan sharks.” The outlook is promising, as I see a bright future in 2020, thanks to this amazing program.”
Leticia Pollock
Co Founder and Co Owner, Panther Coffee
“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.”
Dr. Anita Petteway
Anita L. Petteway, M.D. PA
“MBF’s Black Business Loan Program helped me to invest in myself so my dreams could continue to be realized.”
Giselle Pinto
Owner, Churros+ d/b/a Sugar Yummy Mama
“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.”
Stephannie Cetoute
Amer-Plus Janitorial Maintenance LLC
“The MBF Loan has significantly helped my business to implement vital systems for the strong infrastructure we need to grow.”