Black entrepreneurs who try to take over their company or who need more support for their businesses have a variety of assets that can be converted.
There are programs that provide loans, grants, coaching or other services to black business owners. Some are especially helpful for COVID-19. Others are for women only.
Here are some resources available:
▪ Black Business Loan Program in Miami-Dade County – The program is intended to help the Florida Department of Economic Opportunities, which does not have access to loans, loan guarantees or investments through formal credit institutions, but can compete successfully with the private sector.
The money is given by the loan manager. In Miami-Dade, the Miami Bayside Foundation plays that role. Loans range from $ 5,000 to $ 75,000. Under special circumstances, loans up to $ 150,000 are available. The funds should be used for work capital, cash flow, inventory or equipment.
In order for this loan to be considered, your Miami-Dade business must be 51% black-owned, for-profit corporation and show that the loan will help create new jobs.
Applications are open year-round. For full eligibility criteria and to apply, visit miamibaysidefoundation.org/black-business-loan-program.
▪ The Miami Bayside Foundation also has it The usual loan program Businesses for minorities or women in Miami. Available loans range from $ 5,000 to $ 75,000, with loans up to $ 150,000 in special circumstances.
To be eligible, your Miami business must be a for-profit corporation, show that the loans help to create new jobs and that the money will be used for work capital, cash flow, inventory or equipment.
Applications are open year-round. Visit https://miamibaysidefoundation.org/conventional-loan for the rest of the criteria and to apply.
▪ Axum Miami helps It’s full Financial assistance and debt-free financial assistance, loans, advice and training, as well as business opportunities for small business owners with institutions such as schools, universities, hospitals and local governments. Some of the help opportunities listed on the website include the following.
– An eight-week virtual business development program with black founders who want to learn from professionals, connect with investors and understand how to build their company.
The Accelerator Program is run by the Black Innovation Center and is open to any black entrepreneur who is registered as a business during the program and can work up to 15 hours a week. Applications close September 6.
– Amazon Black Business Instant Provides support and guidance, including consulting, marketing and promotional support to black-owned businesses that sell products online. You can also sign alerts to receive notifications about future funding.
-BFF loan program for small-scale black or small businesses in Florida.
▪ North Miami Dade Community Fund Black-owned and minority-owned businesses in the Maya-Dade, Broward, and Palm Beach counties have a successful business model, but are finding it difficult to raise money through formal financial institutions.
Loans range from $ 10,000 to $ 100,000 in “competitive” interest rates up to five years under the organization. The money can be used for a variety of purposes, including business capital, start-up funding, and equipment purchases.
Visit cfnmd.org to learn more about the loans and apply.
▪ 3R National Instant and Gift Program To help owners rebuild their jobs after a challenging year during the COVID-19 epidemic and to help alleviate short-term instability in the market.
The deal is here – a free online program is available to all entrepreneurs and founders. However, the $ 5,000 gift can only be applied to black and Hispanic business owners in selected cities, including Mami and Ginsville. Not all applicants receive the money.
The program provides training and training to business owners and provides “targeted technical support” to owners to re-evaluate business models and revise their strategies to meet customer needs.
Although you do not have to complete the online program to apply for the subsidy, if you receive the grant, you will need to complete the online course and receive training before receiving the full payment, according to the program’s FAQ.
The program is a partnership between sponsors, including the Washington, D.C., acceleration program, 1863 Venture and Capital One, and the Rockefeller Center. To learn more about the program, visit www.1863ventures.net/3rs.
▪ Sogal Foundation It has partnered with other companies to provide up to $ 10,000 in funding for black women and non-bureaucrats. Ethnic black women and non-racial minorities are also eligible.
To be eligible, your business must be registered legally, according to plans to “seek investment financing to measure now or in the future” and to have a measurable, high-impact solution or idea.
Applications are accepted on a case-by-case basis. Visit iamsogal.com/black-founder-startup-grant to learn more about the offer.
More small business resources
▪ Check with your city to see if there are any assistance opportunities or other support services.
▪ Results Miami can help you find a business consultant and offers a variety of low-cost or free training workshops on a variety of topics. Catalyst Miami also provides a variety of small business support, including business advice and assistance to apply for federal financial assistance programs as well as state and local programs.
▪ Miami-Dade Chamber of Commerce is offering free trade advice and training. You will also need to check with other departments to see what is being offered. For example, the Haiti American Florida Business Website has a list of resources for business owners.
▪ Small Business Administration has a variety of resources, including Covid-19 assistance options, financial support for your business, and more. Miami-Dade County has a similar website.