Small Business Loan Fund

SMALL BUSINESS LOAN FUND

ACCESS TO CAPITAL

The Small Business Loan Fund (SBLF) is a community development financial institution (CDFI) whose purpose is to make access to credit more readily available to minority and women owned businesses in Florida. We provide loans to small businesses statewide however our principal focus is on small businesses located in South Florida - Broward, Miami Dade, and Palm Beach Counties.  Our diverse team of business professionals have expertise in tailoring loan terms to meet the unique needs of small businesses. Since our inception in 2017, our capital impact exceeds $4.2 million in loan capital to over 50 unique small businesses that have created or retained over 350 jobs across the State of Florida. We lend to a wide range of businesses, offer flexible loan terms to fit your needs and will be there throughout the life of your loan to make sure you have the tools you need to succeed and grow!


CERTIFIED COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION (CDFI)

The Central County Community Development Corporation’s Small Business Loan Fund is the only Community Development Financial Institution (CDFI) located in Broward County, FL. We are committed to providing responsible, affordable lending products to help low-income, low-wealth, and other disadvantaged people and communities join the economic mainstream. Through fostering job creation, innovation and economic growth, small businesses play an integral role in the sustainability of our neighborhoods. Working with regional Entrepreneurship Centers of Urban League Affiliates, our loan fund brings together an alliance of business owners, corporations, community partners and financial institutions to accelerate our efforts of giving minority and women entrepreneurs access to money, markets, and management. Our collaborative approach allows us to better understand and respond to the unique needs of businesses and create wealth in historically disenfranchised communities.



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Access to Capital

business expansion

job creation

THE APPLICATION PROCESS

Apply to the Small Business Loan Fund using these simple steps. If you have questions after reviewing this information, feel free to contact a small business loan coordinator with your questions at smallbizloans@ulbcfl.org or 954-625-2605.

  • STEP I - Determine if You are Eligible to Apply

    If you can answer YES to these questions about  you and your business, you are eligible to apply for a loan from our fund. 


    •  Your business has been fully operating and generating revenue for at least 18 months
    • Your business is NOT involved in the adult entertainment industry  
    • Your business is located in the State of Florida
    • Your business has good cash flows and can show that you can repay the loan 
    • ​You have money of your own to put toward what you want to accomplish with the loan? If you have “skin in the game,” it will strengthen your loan application.
    • ​The loan helps your business to create or save jobs or will it help you to purchase commercial real estate 
    • To the best of your knowledge, NONE of the items listed below appear on your credit report 
    1. Active bankruptcy or Bankruptcy Chapter 7 in the last year.
    2. Foreclosure or repossession in the last year.
    3. Unpaid write-off or collection accounts within the last 6 months.
    4. Unpaid public records (tax liens or civil judgments) or not on active repayment plan.
    5. Any of your credit accounts 90+ days past due.

    If you are unable to answer yes to all the questions above, click here. 

  • STEP II – Gather the Required Financial Documents

    To easily navigate the loan application, the documents listed below should be available to attach to your application in the loan portal.  


    • Tips and Tools for Small Business Loan/Grant Preparation
    • Copy of business federal tax returns of most recent 2 years
    • Financial Statements (Profit & Loss, Balance Sheet, A/R, A/P)
    • Business plan & business cash flow projections covering the next 12 months of operations
    • Project overview and resumes of key management
    • Copies of driver's license (or government-issued ID) for all owners
    • Information on existing business debts, if applicable

  • STEP III – Create Your Profile

    After clicking the link below, you will be directed to our secured client portal where you will be directed to create a user profile and provide information about you and your business. This information will be used to provide the link to the online loan application and allow you to begin the application process. You must create a profile to complete our loan application and supply information that will be used to evaluate your loan application.


    Your information is also used to enroll you as a member of the Entrepreneurship Center and evaluate eligibility for additional programs and services. Your membership in the Entrepreneurship Center allows  you to access management  and technical assistance, attend entrepreneurial training and workshops and be added to our mailing list to receive communication of business resources and information. 

  • STEP IV – Complete Application and Upload Financial Documents

    The loan application process will involve information about you, your business, an overview of your business finances, a business plan, and other information that could help us with approving your loan. The application process could take up to 40 minutes to complete and you will be able to save any information entered until the application and supports are submitted. 



    It is best to have the financial documents outlined in Step II available when completing the application. The application requires  knowledge of your financials and you will be asked questions relating to sales, profit, assets (collateral), and liabilities. You will also be asked to provide personal financial information during this application including estimated credit score, balance of cash accounts, asset values, etc. Our process is secure, and all your information will remain protected for our internal use only.


     

    Once you have this application completed, the loan coordinator will be in touch to guide you step-by-step through the rest of the process. We promise to be as efficient as possible and to always be transparent.

We are not a Bank.  We are a nonprofit lender and certified by the US Department of Treasury as a Community Development Financial Institution (CDFI). This means we are 100% dedicated to delivering responsible, affordable lending to help low-income, low-wealth, and other disadvantaged people and communities join the economic mainstream.


Affordable Loans

Our loans have fixed interest rates and affordable payments.


Flexible Terms

Our loans are straightforward with easy to understand terms. Your payments will be structured to match your business cash flow.


Quick Approvals

Our loan approval process is streamlined. Once approved, you will have the funds in your account in a few  business days.


Proven Track Record

We have a proven track record of helping small businesses get responsible, affordable loans.


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We offer several loan programs to meet your needs and target entrepreneurs who have insufficient access to conventional commercial credit.  Our loan team works with you to tailor a loan to meet your specific needs and assist you in positioning your business for success. 


Target Area

Business must be in the state of Florida however the SBLF places specific emphasis on serving businesses in Broward, Palm Beach and Dade Counties.


Loan Size and Terms

Loan amounts generally range from $10,000 to $250,000; Loan terms are flexible and generally range from 3 to 7 years. 


Interest Rates

Interest rates vary depending on market rates, risks, and loan terms. The interest rate is fixed at the time your loan is approved and will not adjust during the term of the loan. 


Collateral

In most instances, collateral will be limited to a blanket lien on the assets of the business however exceptions may be made for higher credit risks and/or larger loans. 


Loan Fees

The business will be responsible for all loan closing expenses including application fees, origination fees, legal fees, UCC filings and other court costs.  


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• Eligible Businesses

We fund all types of businesses from a wide range of industries. The business must be for-profit business fully operating and generating revenue for at least 18 months. Your business must be located within our service area –  Florida and have good cash flows and show that the loan can be repaid. The loan must help your business to create or save jobs.


• Eligible Loan Uses

Loans can be used for nearly every business purpose. Some of the eligible uses are outlined below: 

o Purchase machinery, equipment, supplies and inventory

o Purchase of an existing business 

o Facility related real estate acquisition, construction, renovation, or rehabilitation 

o Technology upgrades and marketing 

o Working capital   

o Leasehold improvements, architectural design, engineering

o Construction financing to build affordable single-family homes 


Because we have flexible underwriting and offer a host of essential business assistance services – educational workshops and one-to-one counseling -  you are encouraged to contact us with any questions you may have regarding your company's eligibility to apply.   


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The length of the loan application process varies based on the scope of your application for funding. You will receive feedback from our staff as to the status of your application within 15 days of receiving your completed application. Our staff is happy to assist you in preparing a complete loan application. Our process is outlined in the four stages that follow.


Pre-Loan Counseling

The first step in the application process is to complete the loan inquiry link below. Your inquiry will be directed to the loan staff and they will contact you to provide a detailed overview of the loan application process and advise if you are ready to apply.

 

Apply

Gather your important documents such as a business plan, resume and relevant financial documents to support your application. Your completed application and supports gives us a thorough view of who you are, how your business operates and what you will do with the loan proceeds. 

 

Review

Once we have your completed application and supports, we will carefully analyze your request for funding, determine if your loan is approved, and provide the best financing option for your business. 

 

Fund

Upon approval, we will complete the final due diligence activities, secure the documentation necessary to fund your loan and schedule a loan closing. 

 

Most delays occur due to incomplete loan applications. If your application is complete and the process is not held up for missing documents, the processing time is between 30-60 days from receipt of application to loan closing.


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