Black Business Loan Program

Florida A&M University Federal Credit has partnered with the Department of Economic Opportunity to administer the Black Business Loan Program. We provide alternate lending opportunities and technical assistance to black entrepreneurs throughout the state. Lending opportunities range from $10,000 up to $250,000 for small businesses that are black owned.

Mandatory attendance Zoom informational meetings held every Thursday at 4pm EST. Please register to receive the Zoom Link.

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MINIMUM REQUIREMENT:

Loans are available from $10,000 up to $250,000 to qualified borrower.

To be considered for the Black Business Loan Program, your business must be:

• 51% black-owned
• Domiciled in the state of Florida, active registration with Sunbiz
• United States Citizen or Lawful Permanent Residence
• For profit business, sole proprietorship. No non-profits.
• Must demonstrate that loans will aid in the generation of jobs
• Must use funds for working capital, inventory, equipment
• Collateral will be required in most cases. Applicant(s) will be the guarantor(s)

ADDITIONAL INFORMATION

The following information will be needed when applying for the loan.

New (& Start-up) Business Documents

• Business Plan
• Proof of Income/ Tax Returns (two most recent years personal tax returns)
• Business Financial Projections (3 -5 years)
• Personal Bank Statement (six months most recent statement)
• Two-year work history
• Detailed Use of Funds
• Proof of collateral, if applicable

Existing Business Documents

• Business Plan
• Business Tax Returns (two most recent years)
• Business/Personal Financial Statements
• Income Statement & Balance Sheet (2 years)
• Debt Schedule
• Profit/Loss Statement (2 years)


• Detailed Use of Funds
• Proof of Liability Insurance
• Proof of collateral, if applicable

Personal credit history will be used as part of the underwriting process to evaluate all loans.

Zoom, phone, or in person information sessions required.

Membership to the credit union is not required to apply for the BBLP, however, you must join the credit union if the loan is approved. Share (savings) secured collateral may be required.

Register for information session: FAMUFCU.COM; Email: bblploans@famufcu.com

BBLP LOAN REQUEST     calculators