The Community Fund of North Miami-Dade Now Accepting Applications
MIAMI, FL, 2021 /PRNewswire/ -- The Community Fund of North Miami Dade (CFNMD), a certified Community Development Financial Institution (CDFI), has been selected by the State of Florida’s Department of Economic Development to administer its Black Business Loan Program. Many African-American business owners can’t access the financial resources they need to grow their companies. According to BlackBusiness.com, Florida is the third state with most Black-owned businesses and according to a 2018 survey from Guidant Financial, 80% of African-American eskills-based entrepreneurs said their biggest business challenge was lack of capital. This is 10% more than the average small business owner in the survey. Yet, according to The Washington Post, fewer African-American small businesses are approved for financing, generally for lower amounts and higher interest rates, according to a report in The Washington Post.. CFNMD has been working to increase economic development in the north Miami-Dade community for the past 18 years, particularly among Black residents and is uniquely positioned to support Black business owners. CFNMD is just one of three CDFI’s that are certified to provide BBLP funding throughout the state of Florida.
Through the Black Business Loan Program (BBLP), CFNMD will provide loans to Black businesses that are unable to obtain capital through conventional lending institutions but have successful business models. This new partnership will allow CFNMD to serve even more businesses. CFNMD will also expand its technical assistance to help small business owners grow their companies. Under the program, businesses can qualify for loans between $10,000 - $100,000, which can be financed for a term of up to five years. Entrepreneurs can utilize the loan to help purchase equipment for their business, inventory, working capital, start-up funding and more.
"The Community Fund of North Miami Dade has a long history of helping entrepreneurs create positive change within their communities," said Nikisha Williams, Chief Operating Officer, Community Fund of North Miami Dade. "Black entrepreneurs often are at a disadvantage to access capital to grow their businesses. That’s why it is important that we are able to bring financial and skills based resources to Black entrepreneurs in Miami Dade, enabling them to reach their full potential."
Small businesses in Miami make up more than 50 percent of the workforce and while several businesses in the community have struggled to stay open, organizations like the Community Fund of North Miami-Dade generate opportunities and contribute to the needs of small businesses so that they may continue to operate and stay afloat in times of crisis. As a CDFI, the Community Fund of North Miami-Dade is 100% dedicated to delivering responsible and affordable lending to communities in need. And as a non-traditional lender, financial coach and technical assistance provider the CFNMD specializes in bridging the gap between small businesses, and the capital and education they need to capture their economic potential.
For more information about the Community Fund of North Miami-Dade’s programs and services, please contact smallbiz@cfnmd.org or 305-687-3545 ext.238. The CFNMD is also on Facebook and Instagram at @TheCFNMD. To apply for a loan, visit www.cfnmd.org/apply
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About the Community Fund of North Miami-Dade
Established in January 2002, The Community Fund of North Miami (CFNMD) is a certified Community Development Financial Institution (CDFI), providing small businesses and entrepreneurs in Miami-Dade County, Florida, with the support and resources they need through technical assistance, one on one counseling, and small business loans. As a subsidiary of the Opa-locka Community Development Corporation, the CFNMD’s mission is to utilize resources derived from the public and private sectors to assist the poor, distressed and underprivileged through a program of lending and investing in housing, real estate development projects, small/micro businesses and other commercial enterprises.
About the Florida Department of Economic Opportunity
The Florida Department of Economic Opportunity combines the state’s economic, workforce and community development efforts, expediting economic development projects to fuel job creation in competitive communities and promote economic resiliency. For more information, including valuable resources for employers and job seekers, please visit www.FloridaJobs.org
About the Black Business Loan Program
The Black Business Loan Program provides loans, loan guarantees, or investments through Loan Administrators to black business enterprises that cannot otherwise obtain capital through conventional lending institutions but who could otherwise compete successfully in the private sector.
If the Black Business Loan Program is appropriated funds in a fiscal year by the Florida Legislature, the Florida Department of Economic Opportunity (DEO) will distribute an equal amount of the appropriation to the Loan Administrators that have been certified for that fiscal year.
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