The Small Business Loan Fund
The Entrepreneurship Center exists to cultivate opportunities to create, sustain and grow businesses in South Florida, particularly in historically disenfranchised communities. South Florida is rich with opportunities to start or grow a business. That’s why we couldn’t be happier to offer the Urban League of Broward County’s Small Business Loan Fund, allowing us to offer end-to-end business development services, including capital. The Loan Fund is designed to:
- Develop Small/Minority-Owned Businesses with creation of capital essentials to support growth
- Expand market reach to low/moderate income and other under-resourced communities
- Provide a strong “5-in-1” fully invested partnership between public and private entities, small businesses, communities, and municipalities
We combine elements of a business accelerator and business incubator to deliver three packaged solutions. Our small business lending team delivers alternative lending solutions to businesses in operation for two or more years:
Average size loan assumed at $100,000 although loan amounts may range from $25,000 to $250,000. Borrowers seeking more than one loan may not exceed $250,000 in aggregate on one particular fund. Loans may be used for funding up to 100% of a project, provided that bank or conventional financing is unavailable and that equity is nonexistent or is otherwise needed for cash flow. In cases where limited financing from a private/traditional source is available, loans can be used as supplemental or “second mortgage” funds.
- Borrower Interest Rate: Variable
- Origination points: Variable
- Payments will generally be made monthly; however, customized payment structures will be extended to borrowers depending upon their individual cash flow needs.
- Interest payments with a minimum principle payment are also an option in structuring the repayments. However, there must be some type of payment made each month.
BankUnited, Florida Community Bank, Citi and the Florida Department of Economic Opportunity
Want to get started? Apply today.
To learn more, contact the Entrepreneurship Center at (954) 584-0777.