The State of Florida’s Department of Economic Opportunity has selected Miami Bayside Foundation (MBF) to be the development partner to administer its Black Business Loan Program.
An important economic development tool for black-owned businesses in Florida, the program provides access to capital to black businesses that cannot otherwise obtain loans through conventional institutions. The award creates economic opportunity for black business owners in need of capital to scale-up or start their businesses. A recent study released by law firm Edwards Kirby, found that Florida ranked third in the
U.S. for Black-owned or BIPOC (black, indigenous, people of color) businesses. For decades, access to capital has been a long-standing barrier. The pandemic has magnified the challenges faced by minority small businesses and their access to opportunity and loans. The Small Business Administration reported that 3.4 million people are employed at small businesses that have fewer than 20 employees. Florida’s residents depend on these businesses to provide goods and services critical to our growth and success. By 2030, it is estimated that Florida will increase in population by four million residents. Our businesses will need to be equipped to serve this growth and create an additional 1.2 million jobs. (resource – https://patch.com/florida/southtampa/florida- leads-nation-number-minority-owned-businesses)
MBF continues its commitment to providing access to funds for minority- and women-owned businesses. Their thirty-hour Small Business Trainings and in-depth topic specific workshops have graduated over 450 small-business owners to date. Their loan programs have funded 161 loans in the amount of $8.9 million to small businesses helping them start or scale and creating over 450 jobs in Miami.
General criteria for loan programs include businesses to be 51% minority- or woman- owned (for BBLP 51% black-owned); domiciled in Miami-Dade County; owners must be
United States citizens of lawful permanent residents; profit organizations only. No sole proprietorships; loan must aid in the creation and/or retention of jobs; loan purpose: working capital, cash flow, inventory, equipment, and payroll.
For additional information, contact Kathleen Murphy at kathleen@mbf.miami or call 786-703-5770.