MIAMI – On Monday, May 17, 2010, the Black Economic Development Coalition, Inc and Tools for Change, a nonprofit organization, will be offering a workshop for business owners. Commission Chairman Dennis C. Moss coordinated the event as part of the Board of County Commissioners continued relief efforts. The informative session will take place at 6:00 p.m. at the South Dade Government Center, 10710 SW 211th Street, Suite 203.
Chairman Dennis C. Moss
“The purpose of the Small Business Loan Program is to assist businesses in Miami-Dade County,” said Chairman Moss. “I am glad we are having this informative session in my district where so many residents are struggling and I am hopeful it can bring relief to many families.”
The loan program is only available to existing businesses that have been operating for more than a year and can demonstrate its ability to continue business operations in Miami-Dade County. The funds can be used for inventory, equipments, working capital and/or other short-term needs.
If you are interested in the $15,000 loan, under certain conditions, the loan may also be available to new and expanding businesses in Miami-Dade County. The repayment term is from 12 to 36 months and the interest rate could be as low as 1.65%. The amount of the loan offered is dependent on credit score. For example, someone with a credit score of 480 will only qualify for a $3,000 loan while someone with 580 credit score will qualify for a loan from $6,000 to $10,000. When financing $30,000 the term is from 12 to 60 months at 4.5 % and the minimum credit score accepted for this amount is 620. Businesses can re-borrow thirty days after total repayment.
The borrower must be willing to create at least one job for a low/moderate income person. At the event, participants will learn all about the job creation component. There is a non-refundable fee of $250 due at time of submission of loan application.
