Florida Black Enterprise Mortgage Program Lands in North Miami-Dade

The Group Fund of North Miami Dade (CFNMD) has been chosen by the State of Florida’s Division of Financial Alternative to manage its Black Enterprise Mortgage Program.

Many African-American enterprise homeowners can’t entry the monetary assets they should develop their firms. In keeping with BlackBusiness.com, Florida has the third-largest variety of Black-owned companies of all 50 states and based on a 2018 survey from Guidant Monetary, 80% of African-American entrepreneurs stated their greatest enterprise problem was lack of capital; that is 10% greater than the typical small enterprise proprietor within the survey.

But, based on The Washington Submit, fewer African-American small companies are authorized for financing, usually for decrease quantities and better rates of interest. CFNMD has been working to extend financial growth within the north Miami-Dade neighborhood for the previous 18 years, significantly amongst Black residents, and is uniquely positioned to help Black enterprise homeowners.

CFNMD is only one of three directors which can be licensed to supply BBLP funding all through the State of Florida.

By means of the Black Enterprise Mortgage Program (BBLP), CFNMD will present loans to Black companies which can be unable to acquire capital by way of standard lending establishments however have profitable enterprise fashions.

This new partnership will permit CFNMD to serve much more companies. CFNMD may also increase its technical help to assist small enterprise homeowners develop their firms. Beneath this system, companies can qualify for loans between $10,000 – $100,000, which will be financed for a time period of as much as 5 years.

Entrepreneurs can make the most of the mortgage to assist buy gear for his or her enterprise, stock, working capital, start-up funding, and extra.

“The Group Fund of North Miami Dade has an extended historical past of serving to entrepreneurs create constructive change inside their communities,” stated Nikisha Williams, Chief Working Officer, Group Fund of North Miami Dade.

“Black entrepreneurs usually are at an obstacle to entry capital to develop their companies. That’s why it is crucial that we’re capable of carry monetary and skills-based assets to Black entrepreneurs in Miami Dade, enabling them to achieve their full potential.”

Small companies in Miami make up greater than 50 p.c of the workforce and, whereas a number of companies in the neighborhood have struggled to remain open, organizations just like the Group Fund of North Miami-Dade generate alternatives and contribute to the wants of small companies in order that they might proceed to function and keep afloat in occasions of disaster.

As an authorized Group Improvement Monetary Establishment, the Group Fund of North Miami-Dade is 100% devoted to delivering accountable and reasonably priced lending to communities in want. And as a non-traditional lender, monetary coach, and technical help supplier the CFNMD focuses on bridging the hole between small companies, and the capital and schooling they should seize their financial potential.

In celebration of Black Historical past Month, the CFNMD will host “The Black Greenback” a webinar specializing in serving to black-owned companies develop and scale, whereas discussing steps to grow to be fundable at 5:30 PM EST on February twenty fifth.

For extra details about the Group Fund of North Miami-Dade’s packages and companies and to register for upcoming occasions, please contact [email protected] org or 305-687-3545 ext.238. CFNMD can be on Fb and Instagram at @TheCFNMD. To use for a mortgage, go to www.cfnmd.org/apply