Fund Gives Under-Served Entrepreneurs Access to Capital and Training
Grant from JPMorgan Chase will help Opa-locka Community Development Corporation stimulate local economy through small business growth opportunities
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Opa-locka – The Opa-locka Community Development Corporation (OLCDC), will begin loaning $1 million and training small businesses in Opa-locka, Miami Gardens, Liberty City and several other areas in North Miami-Dade County, thanks to a recent grant from JPMorgan Chase.
According to the Kaufman Foundation’s 2017 report, Miami is the leading city for startups in America. While there is strong new business creation in Miami, many companies cannot reach high levels of growth because of the “capital gap” common between starting a business and scaling up.
The OLCDC Business Fund seeks to bridge that gap by being a resource to provide businesses in under resourced neighborhoods with access to capital, technical assistance and business support through economic, housing, financial, cultural and family services. Borrowers interested in start-up, micro-business, small business and equipment loans in targeted areas like Opa-locka, Miami Gardens and Liberty City are invited to apply by visiting www.cfnmd.org.
The Business Fund is designed to help entrepreneurs and small business owners, like Crabman 305, an Opa-locka based seafood restaurateur, gain access to the capital they have been traditionally unable to secure through institutional lenders. Crabman 305 is an institution in Miami’s black community, known for their mouth-watering shellfish, crab and lobster. The loan will allow Johnny Fanin, owner of Crabman 305 to expand into a new location.
“Through the Opa-locka Business Fund, we are trying to make a real difference in our small business community,” says Willie Logan, OLCDC Chief Executive Officer. “Many of the small business owners in our community have told us how difficult it is to be an entrepreneur, particularly when there isn’t access to capital for strategic growth. Now, we’ll be able to lend a helping hand to small businesses through capital and training. This is one more way we are working to transform our community.”
Small businesses can also access consulting and mentoring services through the Fund’s technical assistance program, which will provide counseling in areas such as accounting, marketing, legal and business planning.
This fund is made possible by the support of JPMorgan Chase. The firm provided more than $3 million to the Opa-Locka Community Development Fund in 2016 to help create this program that will benefit hundreds of local small businesses.
“Connecting underrepresented small businesses with the resources and capital they need to grow is not only good for the economic health of the community, but it’s also good business,” said Carlos Alzate, head of Chase Business Banking in South Florida. “Over the past several years, Chase has referred hundreds of small businesses to our trusted CDFI partners and we’re pleased that many come back to Chase for a small business loan when the time is right.”
Businesses can apply for up to $250,000 in financing at www.cfnmd.org and learn more about The Opa-locka Community Development Corporation’s Business Fund during its launch on February 8th at 6:30 pm.