Business
Black entrepreneurs in need of help can look to these loans, grants and other services
.jpg "There are resources and programs available that can help Black-owned businesses get additional support, including through loans, grants, coaching or other services.")
Black entrepreneurs who are trying to get their company off the ground or are in need of additional support for their businesses have a variety of resources they can turn to.
There are programs that offer loans, grants, coaching or other services to Black business owners. Some are specifically for COVID-19 relief. Others are just for women.
Here are some of the resources that are available:
▪ Black Business Loan Program in Miami-Dade County — The program provides loans, loan guarantees or investments meant to help Black businesses that cannot obtain capital through conventional lending institutions but could 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 that role. Available loans range from $5,000 to $75,000. Under special circumstances, loans of up to $150,000 are available. The funds must 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, be a for-profit corporation and able to demonstrate that the loan will aid in the creation of new jobs.
Applications are open year round. For the full eligibility criteria and to apply, visit miamibaysidefoundation.org/black-business-loan-program.
▪ The Miami Bayside Foundation also has a conventional loan program for minority or women-owned businesses in Miami. Available conventional loans range from $5,000 to $75,000, with loans of up to $150,000 possible under special circumstances.
To qualify, your Miami business must be a for-profit corporation, demonstrate that the loans will aid in the creation of new jobs and show that the funds will be used for working capital, cash flow, inventory or equipment.
Applications are open 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 help, loans, advice and training, and business opportunities with institutions such as schools, universities, hospitals and local governments. Some of the opportunities for aid listed on the website include:
— An eight-week virtual business improvement program for startups with Black founders who want to learn from experts, meet investors and gain insight on how to build their company’s foundation.
The accelerator program is run by the Center for Black Innovation and is for any Black entrepreneur who owns a startup that is registered as a business and can commit up to 15 hours a week during the program’s duration. Applications are due Sept. 6.
— Amazon’s Black Business Accelerator offers support and guidance, including mentoring, marketing and promotional support to Black-owned businesses that sell products through the online giant. You can also sign up for alerts to be notified about upcoming cash grants.
— BBIF’s loan program for Florida-based Black- or minority-owned small businesses.
▪ Community Fund of North Miami Dade is offering flexible loans to for-profit Black-owned and minority-owned businesses in Miami-Dade, Broward and Palm Beach counties that are having a difficult time obtaining funding through conventional funding institutions despite having successful business models.
Loan amounts from $10,000 to $100,000 are available with “competitive” interest rates with up to five-year terms, according to the organization. The funds can be used for a variety of things including working capitol, startup funding and equipment purchases.
To learn more about the loans and to apply, visit cfnmd.org.
▪ 3R’s National Accelerator & Grant Program is meant to help owners rebuild their business after a challenging year during the COVID-19 pandemic and help them navigate the short term uncertainty in the market.
Here’s the deal: The free online program is available to all entrepreneurs and founders. However, the $5,000 grant people can apply for is only available to Black and Hispanic business owners in select cities, including Miami and Gainesville. Not everyone who applies will get the funds.
The program provides training and coaching to business owners and also provides “targeted technical assistance” to help owners reevaluate business models and realign their strategy to meet customer needs.
While you don’t have to complete the online programming to apply for the grant, if you are given the grant, you will need to complete the online learning and receive coaching before you can get the 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 the Rockefeller Center. To learn more about the program and to apply, visit www.1863ventures.net/3rs.
▪ The SoGal Foundation has teamed up with other companies to provide up to $10,000 in cash grants to Black women and non-binary entrepreneurs. Multiracial Black women and multiracial non-binary people are also eligible.
To qualify, your business must be legally registered, have plans to “seek investor financing in order to scale, now or in the future” and “have a scalable, high-impact solution or idea” with the ambition to grow, according to the foundation.
Applications are accepted on a rolling basis. To learn more about the grant and to apply, visit iamsogal.com/black-founder-startup-grant.
Additional small business resources
▪ Check with your city to see if there are any grant opportunities or other support services.
▪ Score Miami can help you find a business mentor and also offers a variety of low-cost or free training workshops on a variety of topics. Catalyst Miami also offers a variety of small business support, including business counseling and assistance with applying for federal financial relief programs as well as state and local programs.
▪ Miami-Dade Chamber of Commerce is offering free business advice and training. You should also check with other business chambers to see what is being offered. The Haitian American Chamber of Commerce of Florida website, for example, has a resource list for business owners.
▪ The Small Business Administration has a variety of resources, including COVID-19 relief options, tips on how to fund your business and more. Miami-Dade County has a similar webpage.
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