Black entrepreneurs who are trying to get their business off the ground or need additional support for their business have a variety of resources to turn to.
There are programs that offer loans, grants, coaching, or other services to black business owners. Some are specifically intended for relief from COVID-19. Others are reserved for women.
Here are some of the resources available:
▪ Miami-Dade County Black Business Loan Program – The program offers loans, loan guarantees or investments to help black businesses that cannot obtain capital from conventional lending institutions but might otherwise compete successfully in the private sector, according to the Florida Department of Economic Opportunity.
The funds would be provided by a loan administrator. In Miami-Dade, the Miami Bayside Foundation plays this role. The loans available range from $ 5,000 to $ 75,000. In special circumstances, loans of up to $ 150,000 are available. Funds should be used for working capital, cash flow, inventory or equipment.
To be considered for this loan, your Miami-Dade business must be 51% Black-owned, for-profit, and be able to demonstrate that the loan will help create new jobs.
Applications are open all year round. To know all the eligibility criteria and to apply, visit miamibaysidefoundation.org/black-business-loan-program.
▪ The Miami Bayside Foundation also has a conventional loan program for businesses owned by minorities or women in Miami. Conventional loans available range from $ 5,000 to $ 75,000, with loans ranging up to $ 150,000 in specific circumstances.
To qualify, your Miami business must be a for-profit corporation, demonstrate that the loans will help create new jobs, and show that the funds will be used for working capital, cash flow, inventory, or finance. equipment.
Applications are open all year round. For the rest of the criteria and to apply, visit https://miamibaysidefoundation.org/conventional-loan.
▪ Axis helps Miami is full of resources for small business owners, including grants and debt-free financial assistance, loans, advice and training, and business opportunities with institutions such as schools, universities, hospitals and local governments. Some of the help options listed on the website include:
– An eight-week virtual business improvement program for startups with black founders who want to learn from the experts, meet investors and better understand how to build the foundations of their business.
The acceleration program is managed by the Center for Black Innovation and is for any black entrepreneur who has a startup registered as a business and can commit up to 15 hours per week for the duration of the program. Applications must be submitted on September 6.
– Amazon’s black business accelerator offers support and advice, including mentoring, marketing and promotional support to black-owned businesses that sell products through the online giant. You can also subscribe to alerts to be informed of upcoming cash grants.
– BBIF loan program for small businesses in Florida owned by blacks or minorities.
▪ North Miami Dade Community Fund offers flexible loans to for-profit black and minority-owned businesses in Miami-Dade, Broward and Palm Beach counties that struggle to obtain financing through conventional finance institutions despite business models successful.
Loan amounts of $ 10,000 to $ 100,000 are available with “competitive” interest rates with terms of up to five years, according to the organization. The funds can be used for a variety of things, including working capital, start-up funding, and the purchase of equipment.
To learn more about loans and to apply, visit cfnmd.org.
▪ 3R’s National Accelerator and Grants Program is intended to help owners rebuild their businesses after a difficult year during the COVID-19 pandemic and to help them navigate near-term market uncertainty.
Here’s the deal: The free online program is available to all entrepreneurs and founders. However, the $ 5,000 grant that people can apply for is only available to black and Hispanic business owners in some cities, including Miami and Gainesville. Not all applicants will get the funds.
The program provides training and coaching to business owners and also provides “targeted technical assistance” to help owners re-evaluate business models and realign their strategy to meet customer needs.
Although you do not have to complete online programming to apply for the grant, if you receive the grant, you will need to complete the e-learning and receive coaching before you can get full payment, according to the program’s FAQ guide.
The program is a collaboration between 1863 Ventures, a Washington, DC-based accelerator program, and sponsors including Capital One and Rockefeller Center. To learn more about the program and to apply, visit www.1863ventures.net/3rs.
▪ The SoGal Foundation has partnered with other businesses to provide up to $ 10,000 in cash grants to black women and non-binary entrepreneurs. Multiracial black women and non-binary multiracial people are also eligible.
To be eligible, your business must be legally registered, have the intention of “seeking investor funding in order to grow, now or in the future” and “have a scalable, high-impact solution or idea” with the ambition to develop, according to the foundation.
Applications are accepted as they arise. To learn more about the grant and to apply, visit iamsogal.com/black-founder-startup-grant.
Additional resources for small businesses
▪ Check with your city to see if there are opportunities for grants or other support services.
▪ Miami Score can help you find a business mentor and also offers a variety of free or low cost training workshops on a variety of topics. Miami Catalyst also offers a variety of small business support, including business advice and assistance in applying for federal financial aid programs as well as state and local programs.
▪ The Miami-Dade Chamber of Commerce offers free in-company advice and training. You should also check with other chambers of commerce to see what is being offered. The Florida Haitian-American Chamber of Commerce website, for example, has a resource list for business owners.