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.
Access to Capital
business expansion
job creation
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.
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.
• Eligible Businesses
We fund 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 flow 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 Business aquisition
o Commerical 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.
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.
Our Investors
Sponsored by the Urban League of Broward County and the State of Florida, Department of Economic Opportunity
Urban League of Broward County is a 501(c)(3) nonprofit organization in the State of Florida | Privacy Policy
