Free grants along with loans and mentoring is offered to Florida. There is help for women and minority owned companies as well as startups or entrepreneurs. The goal is to help businesses that often lack access to capital (mostly Black, Latino, women, etc.) get the financial support they need, whether it is a low or no-interest loan or a cash grant. Find lenders, grantors, and programs below.
Financial assistance, as well as other support (including mentoring, networking, technical help and more) can be offered by non-profits, the federal government or state of Florida, banks, charities, and other groups. Each of the loan, free grant, or business assistance programs listed below has committed to allocating some funds to women owned companies as well as Latino, Black, LGBTQ, Veteran, and other minority or disadvantaged groups. There is also business advice and help for immigrant run organizations.
While many of the small to mid sized resources are based in the cities of Miami, Orlando, Jacksonville, Tampa Bay, Palm Beach, and other major cities, there are programs available across the state. Not only may funds be offered, but all agencies also may offer separate counseling, marketing help and other free advice.
Women or minority businesses loans and free grants in Florida
The list below is updated daily with the latest resources. The grant and loan programs, as well as other free resources, can help minority or women owned or run companies.
Ongoing resources for businesses
Black owned businesses across Florida can apply for the Black Business Loan Program. It is being offered by the CDFI for the state, which is The Community Fund of North Miami Dade. The goal is to spread financing to small to mid sized businesses that struggle to get funds from traditional banks. Up to $100,000 can be borrowed by qualified Black owned businesses. The money can pay for inventory, payroll, expansion, and other bills. https://www.guidestar.org/profile/41-2025826
Women and minority owned businesses in the Apalachee Region can apply for financing from the Resolving Loan Fund from the Apalachee Regional Planning Council. It can not only help fund existing businesses, but it is a source of capital for start ups. There may also be loans for borrowers with poor credit. A business plan, mentoring, and ongoing support may be required as well. Read more. https://www.arpc.org/
Miami MBDA helps women and minority owned businesses in Miami-Dade County. There are many free resources, including business plan development classes, free coaching programs, training and analysis on financial matters, as well as assistance in applying for low cost loans or free grants. They also help women and minority businesses get more revenue and government contracts. All resources are offered in Spanish too. Read more. https://www.mbdamiamicenter.com/
Minority businesses in Palm Beach County (Black, Latino, Puerto Rican, Veteran, Women, etc.) can get financial assistance and other help from the Urban League of Palm Beach County. Everything from free mentoring to information on grants for the government or corporations, or loans, may be offered. Business Centers also hold classes and workshops for business owners as well as entrepreneurs. Read more here. https://ulpbc.org/
Tampa Bay area minority owned businesses, whether in Hillsborough, Pinellas, or other counties, can get support from the Minority Business Accelerator Program. It is run by the Chamber of Commerce and local partners. The goal is to arrange loans, help Black and Latino owned businesses get capital, and they coordinate various non-profits and “leaders” in the Tampa Bay area to give back/volunteer/coordinate programs. Read more here. https://www.tampabaychamber.com/involvement/minority-business-accelerator.aspx
February 2021, March 2021, and April 2021
Tampa Bay businesses that are owned by a woman, veteran, disabled, minority or LGBTQ person can apply for free $50,000 grants from an assistance program known as Backing the Bay. The grants are intended to help a disadvantaged business pay for marketing costs and advertising so that they can grow their sales. The Tampa Bay Lighting and partners are paying for the program. Read more. https://www.nhl.com/lightning/community/backing-the-bay
Leon County and Tallahassee minority and/or female owned businesses can apply for Microloans from the FAMU Credit Union. Up to $50,000 can be borrowed (while funding lasts). The money comes from the Coronavirus Aid, Relief and Economic Security Act (CARES). There is also help for borrowers with limited or bad credit. The interest rates will be very low, even a low as one to three percent. To learn or apply call (850) 222-4541.
PPP Loans (round 2) will help businesses that have been hit by COVID. Black, women, Latino, and other minority or disadvantaged businesses can apply first. There are hundreds of banks, non-profits, and credit unions across Florida that accept applications. Use the free government grants to pay rent, payroll, and other bills. Read more. https://floridasbdc.org/disaster/cares-act/sba-ppp/
October – November 2020
Broward County and/or Coral Springs Black Business Owners can get financial help. The Black Chamber of Commerce and Fiserve are helping minority, Black men and women owned businesses across Broward County. Each qualified business, or startup, will be given at most $10,000. https://docs.google.com/forms/d/e/1FAIpQLScMINEc2WztQqTruNnazZ6lR7q5Wx69Mob4WIZLaJBFt7DRbQ/viewform?fbclid=IwAR0fP0ikoeD_106izuQxPnJGLmIqIF4dT5SwCusi_P3RN9oY_7pHjU80XEA
Tampa Bay area and the Helen Gordon Davis Centre for Women is assisting female business owners and entrepreneurs., regardless of their race. The CARES project helps owners find, and apply for the capital they need for their business. There are also networking events, women’s leadership programs and other services. http://thecentre.org/
By Jon McNamara
