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Black entrepreneurs in need of help can look to these loans, grants and other services

By Michelle Marchante, Miami Herald

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.

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