Black entrepreneurs who are trying to get their company off the ground or need additional support for their business have many resources to turn to.
There are programs that offer loans, grants, coaching, or other services for black business owners. Some are specifically designed to combat COVID-19. The rest are for women only.
Some of the resources available are:
▪ Miami-Dade County Black Business Lending Program – The program provides loans, loan guarantees or investments designed to help black businesses that cannot obtain capital through conventional lending institutions but might otherwise compete successfully in the private sector, according to the Florida Department of Economic Opportunity.
The funds will be provided by the credit administrator. In Miami-Dade, this role is played by the Miami Bayside Foundation. Available loans range from $ 5,000 to $ 75,000. Loans up to USD 150,000 are available under special circumstances. Funds are to be used to replenish working capital, cash flow, inventory or equipment.
To qualify for this loan, your Miami-Dade business must be 51% black-owned, a for-profit corporation, and be able to demonstrate that the loan will help create new jobs.
Applications are open all year round. For full eligibility criteria and to apply, visit miamibaysidefoundation.org/black-business-loan-program…
▪ The Miami Bayside Foundation also has regular loan program for minority or women-owned businesses in Miami. The available conventional loans range from $ 5,000 to $ 75,000, with loans up to $ 150,000 under special 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 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 full from resources for small business ownersincluding grants and financial assistance without debt, loans, advice and training, and business opportunities with institutions such as schools, universities, hospitals and local governments. Some of the assistance options listed on the website include:
– An eight-week virtual business improvement program for startups with Black founders who want to learn from experts, meet with investors and understand how to build the foundation of their company.
Accelerator program starts Center for Black Innovation and is intended for any black entrepreneur who owns a start-up registered as a business and can devote up to 15 hours per week for the duration of the program. Submission of applications September 6.
– Black Business Accelerator from Amazon offers support and guidance, including mentoring, marketing and advertising support for black-owned businesses that sell goods through the online giant. you also can subscribe to alerts to be notified of upcoming cash grants.
– BBIF credit program for Florida-based small businesses owned by blacks or minorities.
▪ Community Foundation North Miami Dade offers flexible loans to black and minority businesses in Miami-Dade, Broward and Palm Beach counties that find it difficult to obtain financing through traditional financial institutions despite successful business models.
Loan amounts ranging from $ 10,000 to $ 100,000 are available at “competitive” interest rates for up to five years, according to the organization. These funds can be used for a variety of purposes, including working capital, financing startups, and purchasing equipment.
To learn more about loans and to apply, visit cfnmd.org…
▪ National Acceleration Program and 3R Grant Program aims to help business owners rebuild their businesses after a tough year during the COVID-19 pandemic and help them cope with short-term market uncertainty.
Here’s the thing: A free online program is available to all entrepreneurs and founders. However, the $ 5,000 grant is only available to black and Hispanic business owners in select cities including Miami and Gainesville. Not everyone who applies will receive funds.
The program provides training and coaching for business owners, as well as “targeted technical assistance” to help business owners reevaluate business models and adjust their strategy to meet customer needs.
Although you don’t need to complete online programming to apply for a grantIf you are awarded a grant, you will need to complete online training and coaching before you can receive full payment, as per the program’s FAQ guide.
The program is the result of a collaboration between 1863 Ventures, an accelerator program in Washington DC, and sponsors including Capital One and Rockefeller Center. To learn more about the program and to apply, visit www.1863ventures.net/3rs…
▪ SoGal Foundation 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 non-binary people of different races are also eligible for the program.
To qualify, your business must be legally registered, have plans to “seek funding from investors to scale, now or in the future,” and “have a scalable, efficient solution or idea” with growth ambitions, according to the Foundation.
Applications are accepted on an ongoing basis. 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 any opportunities for grants or other support services.
▪ Miami account can help you find a business mentor and also offers a variety of low-cost or free training workshops on a variety of topics. Miami catalyst also offers a variety of small business support, including business advice and assistance with applying for federal, state, and local financial aid programs.
▪ Miami-Dade Chamber of Commerce offers free business advice and training… You should also check with other chambers of commerce to find out what they are offering you. For example, the website of the Florida Haitian American Chamber of Commerce has list of resources for business owners.