Don’t meet bank qualifications for a business loan? Here are three community financing organizations that the Florida SBDC at FIU works with for Miami-Dade and Monroe County businesses. Each of them lends money and has its own criteria.
Miami Bayside Foundation
The primary mission of MBF is to provide access to funds for minority entrepreneurs. Since 2011, MBF has awarded 77 loans totaling more than $3.4 million to City of Miami minority-owned businesses, helping to create more than 350 jobs. In November 2018, MBF became an administrator of the State of Florida’s Black Business Loan Program expanding their mission to black-owned business in Miami-Dade County.
What it provides: Conventional loans of $10,000 to $75,000 (and up to $150,000 with Enterprise Florida participation). Companies 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. MBF also facilitates micro-loans.
Who’s it for: Minority and women-led businesses within the city of Miami. Black-owned business in Miami-Dade County.
Accion East (Accion) was founded on the principle that everyone deserves access to economic opportunity. Since 1991 this non-profit, mission-based lender, as well as a certified CDFI and sanctioned SBA Microlender, is the largest nationwide network of its kind in the United States.
What if offers: Accion’s major programs include access to capital and financial education programs. The capital programs allow clients to receive financing from $500 to $250,000, depending on capital needs. The financial education is provided to each applicant through one-on-one technical assistance either in person, over the phone, or online. These resources give clients access to best practices, industry knowledge and professional networks.
Who’s it for: Accion serves those individuals who face the greatest obstacles towards accessing the capital and education they need to own healthy small businesses, including women-owned, minority-owned and veteran-owned businesses. In Florida, 73% of Accion clients are minorities, 72% are immigrants, and 65% are LMI.
Neighborhood Lending Partners
Neighborhood Lending Partners programs, products and services have provided investments totaling over $1 billion for Florida’s under-served communities.
What it provides: NLP’s small-business lending programs provide alternative financing solutions for qualified existing small-business owners seeking loans of $50,000 to $250,000.
Who’s it for: NLP is making loans to businesses that do not qualify for traditional small business bank loans, with an emphasis on women- and minority-owned businesses, veterans, rural businesses, and businesses located in low- to moderate-income communities.
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