The Mom and Pop Small Business Grant Program periodically provides financial and technical assistance to qualified for profit small businesses. www.miamidade.gov 305.756.0605
The Micro Enterprise Assistance & Peer Lending Program assists entrepreneurs in building a strong credit history by borrowing incremental amounts of loan funds, develop stronger business skills, share business ideas, and provide support in a peer group setting. The program also provides direct loans up to $25,000.
The South Florida Regional Planning Council offers a Revolving Loan Fund that is available to existing businesses looking to expand or relocate their business, create and/or retain jobs. Loan amounts range from $50,000-$300,000. The business must attempt to secure private financing and be declined in order to qualify. www.sfrpc.com 954.985.4416
Contact the Miami Small Business Administration office
for information on their loan programs, which include Basic 7(a) Business Loan, Micro-Loans, and the CDC/504 Program.www.sba.gov/fl/south 305.536.5521
The Basic 7(a) Business Loan Program: All 7(a) loans are provided by lenders who are called participants because they participate with SBA in the 7(a) program. 7(a) loans are only available on a guarantee basis. This means they are provided by lenders who choose to structure their own loans by SBA’s requirements and who apply and receive a guarantee from SBA on a portion of this loan. The SBA does not fully guarantee 7(a) loans. For more information, visit http://www.sba.gov/financing/sbaloan/7a.html.
The Micro-Loan Program: The Micro-Loan Program provides very small loans to start-up, newly established, or growing small business concerns. Under this program, SBA makes funds available to nonprofit community based lenders (intermediaries) which, in turn, make loans to eligible borrowers in amounts up to a maximum of $35,000. For more information, visithttp://www.sba.gov/financing/sbaloan/microloans.html.
CDC/504 Loan Program: The 504 Program provides growing businesses with long-term, fixed-rate financing for major fixed assets, such as land and buildings. A Certified Development Company is a nonprofit corporation set up to contribute to the economic development of its community. CDCs work with the SBA and private-sector lenders to provide financing to small businesses.