From time to time, GrowBiz brings you information on grants, loans, and other resources offered in the community.
The Miami Foundation, one of the largest philanthropic institutions in South Florida, recently announced that its Miami Open for Business program is accepting loan and grant applications from historically underserved small business owners in Miami-Dade County.
Funded with a $20 million grant from Wells Fargo announced earlier this year, the program aims to support nonprofits and small businesses in building generational wealth and resilience through the purchase and ownership of critical business assets, such as property, equipment, and technology.
“Minority-led small businesses and nonprofits were hit the hardest during the pandemic and continue to face deep disparities in seeking access to capital, resources and other assistance,” says Rebecca Fishman Lipsey, President and CEO of The Miami Foundation. “It is our priority to address historic inequities and to help build generational wealth for these business owners and their families. This transformational investment from Wells Fargo will support a stable future for diverse small businesses, who are the lifeblood of our community.”
What’s available: Eligible non-profits and small businesses can now apply at miamiopenforbusiness.org for a variety of grants and loans. Together with The Miami Foundation’s community-based lending partner, Partners for Self Employment, Miami Open for Business is offering three unique funding opportunities:
- Microgrants for Technology and Equipment: Grants up to $20,000 for nonprofits and small businesses to purchase hardware, software, machinery, and equipment.
- Asset Building Loans for Entrepreneurs (ABLE) Fund: Low-interest, patient financing from $5,000 to $100,000 for nonprofits and small businesses to acquire vehicles or inventory, renovate or remodel space, refinance predatory debt taken on for asset building, succession financing, or worker co-operative conversion.
- Collective Real Estate Ownership (CREO) Funding: Down payment assistance up to $500,000 for shared commercial real estate in historically underinvested neighborhoods and corridors to root community businesses and nonprofits.
Eligibility: Basic eligibility requirements for Miami-Dade nonprofits and small businesses to apply include being owned or led by an individual(s) from a historically underserved background (i.e., Black, Latino, LGBTQ, veteran, person with disabilities), and having been in existence for at least 2 years. Microgrant and Loan applicants must also have less than $1M in annual revenue or operating budget. Additional eligibility requirements are mentioned at miamiopenforbusiness.org.
Application deadlines: The first round of Microgrant applications is due Nov. 7, while applications for Collective Real Estate Funding are due on November 28, with funding decisions announced in December. Loan applications will be accepted and disbursed on a rolling basis through December 1, or until annual funding allocations are met. Funding cycles will continue twice annually for the following two years.
Find out more and apply: miamiopenforbusiness.org.