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Find similar grantsSmall Business Loan Program is sponsored by Miami Bayside Foundation. Offers loans to minority and women-owned businesses in Miami-Dade, Broward, or Monroe Counties to aid in job creation and business expansion.
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Loan Programs - Miami Bayside Foundation Providing Loans to Minority Businesses The primary mission of MBF is to provide access to funds for minority entrepreneurs. The Miami Bayside Foundation is a CDFI that lends to minority and women – owned business es that do not qualify for traditional financing and trains their owners on how to better run those businesses . Since 2011, MBF has awarded 301 loans for a total of $18.
9 million to South Florida businesses, helping to create more than 500 jobs and trained over 1,538 business owners. MBF provides loans of up to $250,000 at a competitive 6% interest rate for a term of up to 5 years (subject to lease terms). Loan funds can be used for working capital, equipment, and inventory .
For Minority-Owned Businesses Loans are available from $5,000 to $75,000. Loans up to $250,000 are available under special circumstances.
To be considered for an MBF loan, your business must be: At least 51% minority owned as defined by Florida Statute* Domiciled in Miami-Dade, Broward, or Monroe Counties, as stated in the organization’s occupational license; Owned by United States Citizens or Lawful Permanent Residents; For-profit corporation.
No sole proprietorships; 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. Please note, if a start-up (under one year), owners must put up a 20% cash match. *Minority includes African Americans, Hispanic, Asian, Native Americans, and women.
https://www. flsenate. gov/Laws/Statutes/2012/288.
703 Please ensure that your business meets ALL OF THESE REQUIREMENTS before submitting an application Please read the minimum criteria above carefully. (If any of these criteria do not apply to your business, your application will be deemed ineligible.) Please allow yourself at least an hour to complete the loan application accurately and in its entirety.
In addition to the application, you will also be required to provide additional documents (please refer to the “Required Documents” section below) Be sure to carefully review all your answers before submitting. MBF reserves the right to deny the loan application if any answers are untrue or inaccurate.
Should you have any questions about the application process, please contact a member of our loan team at (786) 703-5767 or via email at info@miamibaysidefoundation. org . Please have the following documents ready when applying for a loan: Business Plan including corporate history and comprehensive marketing plan.
Resume of all principals. Three (3) years Profit and Loss Projections, monthly for one (1) year, and annually for the next two (2) years. Footnote assumptions.
Detailed Use of Funds, including a breakdown of any line items over $5,000. Business Financial Statements for the last three (3) fiscal years and year-to-date. * Corporate Tax Returns (federal income tax) for the last three (3) years.
* Personal Income Tax Return filed for the last three (3) years. Six (6) months of supporting bank statements. * Copy of Lease or Letter of Intent to Lease.
Copy of Business Documents: Partnership Agreements, Articles of Incorporation, By-Laws, Certificate of Good Standing, etc. Copy of Local Business Tax Receipt. Proof of General Liability Insurance. Documentation of all Outstanding Debt Including Equipment Leases.
Additional documentation may be requested during the review process. * For start-up businesses, requirements may vary. Applications available in English and Spanish.
Solicitudes disponibles en inglés y español. What Our Loan Recipients Had to Say CEO and Founder, The COOL Miami “I just want to thank the Miami Bayside Foundation for giving me the opportunity to reach my dreams of opening up my own retail/print store. It led me in the right direction by teaching me a lot so that I can take the proper steps to running a business.
” “The MBF BBLP is a savior to small minority businesses that do not have access to financing from larger financial institutions. Before graduating from this program and securing a loan, I was at the mercy of the “loan sharks. ” The outlook is promising, as I see a bright future in 2020, thanks to this amazing program.
” Co Founder and Co Owner, Panther Coffee “When we were first starting up in 2009, we needed a loan to open our first location. We were declined by all the banks we approached, and Miami Bayside Foundation came to the rescue! Since then, we’ve worked closely together, and our admiration and appreciation has only grown.
” Anita L. Petteway, M. D.
PA “MBF’s Black Business Loan Program helped me to invest in myself so my dreams could continue to be realized. ” Owner, Churros+ d/b/a Sugar Yummy Mama “Nothing gets easier when you get a loan. On the contrary, it is a major responsibility.
However, the MBF helps you understand the importance of prioritizing the key elements of your company. Understanding the priorities what allowed me to strategize differently. It was when I went through the process of this loan that I realized it.
Hopefully, my plan is on the right path to take Sugar Yummy Mama to the next level. ” Amer-Plus Janitorial Maintenance LLC “The MBF Loan has significantly helped my business to implement vital systems for the strong infrastructure we need to grow. ” See Previous Loan Recipients
Based on current listing details, eligibility includes: Minority and women-owned businesses in Miami-Dade, Broward, or Monroe Counties. Applicants should confirm final requirements in the official notice before submission.
Current published award information indicates $5,000 - $75,000 (up to $250,000 in special circumstances) Always verify allowable costs, matching requirements, and funding caps directly in the sponsor documentation.
The current target date is rolling deadlines or periodic funding windows. Build your timeline backwards from this date to cover registrations, approvals, attachments, and final submission checks.
Federal grant success rates typically range from 10-30%, varying by agency and program. Build a strong proposal with clear objectives, measurable outcomes, and a well-justified budget to improve your chances.
Requirements vary by sponsor, but typically include a project narrative, budget justification, organizational capability statement, and key personnel CVs. Check the official notice for the complete list of required attachments.
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Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) Programs Phase I (FY 2025) is sponsored by U.S. Department of Agriculture (USDA) National Institute of Food and Agriculture (NIFA). The USDA SBIR/STTR programs focus on transforming scientific discovery into products and services with commercial potential and/or societal benefit. Projects dealing with agriculturally-related manufacturing and alternative and renewable energy technologies are encouraged across all SBIR/STTR topic areas.
Small Business Innovation Research (SBIR) / Small Business Technology Transfer (STTR) Programs (Phase I) is sponsored by U.S. Department of Agriculture (USDA) National Institute of Food and Agriculture (NIFA). The USDA SBIR/STTR programs focus on transforming scientific discovery into products and services with commercial potential and/or societal benefit in agriculturally-related areas. This can include app development for agricultural technology, rural development, and smart farming. Phase I aims to demonstrate technical feasibility.
Small Business Innovation Research (SBIR) Program is sponsored by NOAA. This program provides seed funding to small businesses for research and development of innovative technologies across NOAA's mission areas, including climate change adaptation and mitigation, coastal resilience, and extreme weather events. Phase I awards fund a six-month period for conducting feasibility and proof of concept research.