LOANs for SMALL Businesses
GET A LOAN
UP TO $150,000
A loan program designed with you in mind.
is your business thriving and ready to grow?
Then you should be able to find loans that you can afford and the guidance you need to make it happen.
Most small businesses often have difficulty accessing capital. The Community Fund of North Miami Dade (CFNMD) offers flexible loans to Black-owned businesses and minority-owned businesses that have difficulty obtaining funding through conventional lending institutions despite having successful business models.
Learn if our loan program is a good fit
Check If You Are Ready to Apply
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WHO can APPLY?
For-profit minority and women-owned businesses in Miami-Dade, Broward and Palm Beach Counties
wHAT ARE THE LOAN TERMS?
Loan amounts from $10,000 to $150,000 with terms up to five years
How can the loan be used?
Working capital, startup funding, equipment purchases,
refinancing and more
WHAT IS THE INTEREST RATE?
Rates between 5% and 9%
Are StartUps eligible?Yes if you have: Proof of concept (documented sales, market-product fit) Business plan & projections 20% down payment or owner equity investment Management or industry experience
How long will the process take?Loan approval can take approximately 6 weeks after the receipt of all requested documents. Tip: Submitting required documents as timely as possible will result in quicker funding
What is the application process like?After an initial consultation with our staff, you submit your application on our secured site, it is evaluated and then presented to the Loan Committee for a final decision.
What if I don’t have all the documents required?We understand that being loan-ready can take some time. If you are not quite there yet, the CFNMD will connect you with resources and experts that can help you get there.
Will someone work with me directly?Yes, a staff member will connect with you by phone or email to guide you through the application process and beyond.
Is there a prepayment penalty on the loans?No, there is no prepayment penalty.
What are the credit requirements?A credit score above 600 is preferred, as well as no late payments in the last six months or bankruptcy in the last year.
FREQUENTLY ASKED QUESTIONS
ready to apply?
Resources for minority-owned business owners