The Community Fund of North Miami Dade (CFNMD) has been selected by the State of Florida’s Department of Economic Opportunity to administer its Black Business Loan Program.
Many African-American business owners can’t access the financial resources they need to grow their companies. According to BlackBusiness.com, Florida has the third-largest number of Black-owned businesses of all 50 states and according to a 2018 survey from Guidant Financial, 80% of African-American entrepreneurs said their biggest business challenge was lack of capital; this is 10% more than the average small business owner in the survey.
Yet, according to The Washington Post, fewer African-American small businesses are approved for financing, generally for lower amounts and higher interest rates. CFNMD has been working to increase economic development in the north Miami-Dade community for the past 18 years, particularly among Black residents, and is uniquely positioned to support Black business owners.
CFNMD is just one of three administrators that are certified to provide BBLP funding throughout the State of Florida.
Through the Black Business Loan Program (BBLP), CFNMD will provide loans to Black businesses that are unable to obtain capital through conventional lending institutions but have successful business models.
This new partnership will allow CFNMD to serve even more businesses. CFNMD will also expand its technical assistance to help small business owners grow their companies. Under the program, businesses can qualify for loans between $10,000 – $100,000, which can be financed for a term of up to five years.
Entrepreneurs can utilize the loan to help purchase equipment for their business, inventory, working capital, start-up funding, and more.
“The Community Fund of North Miami Dade has a long history of helping entrepreneurs create positive change within their communities,” said Nikisha Williams, Chief Operating Officer, Community Fund of North Miami Dade.
“Black entrepreneurs often are at a disadvantage to access capital to grow their businesses. That’s why it is important that we are able to bring financial and skills-based resources to Black entrepreneurs in Miami Dade, enabling them to reach their full potential.”
Small businesses in Miami make up more than 50 percent of the workforce and, while several businesses in the community have struggled to stay open, organizations like the Community Fund of North Miami-Dade generate opportunities and contribute to the needs of small businesses so that they may continue to operate and stay afloat in times of crisis.
As a certified Community Development Financial Institution, the Community Fund of North Miami-Dade is 100% dedicated to delivering responsible and affordable lending to communities in need. And as a non-traditional lender, financial coach, and technical assistance provider the CFNMD specializes in bridging the gap between small businesses, and the capital and education they need to capture their economic potential.
In celebration of Black History Month, the CFNMD will host “The Black Dollar” a webinar focusing on helping black-owned businesses grow and scale, while discussing steps to become fundable at 5:30 PM EST on February 25th.
For more information about the Community Fund of North Miami-Dade’s programs and services and to register for upcoming events, please contact [email protected] org or 305-687-3545 ext.238. CFNMD is also on Facebook and Instagram at @TheCFNMD. To apply for a loan, visit www.cfnmd.org/apply