Thursday, August 13, 2015
Non-Profit in Miami Helps Small Businesses Snubbed By Other Lenders
Non-profits stepping in when banks refuse to help
The Miami Bayside Foundation is a nonprofit organization that creates programs which foster greater economic development in Miami. One way the organization helps is by offering loan programs for minority businesses. They represent one of an increasing number of alternative lending sources for small business owners.
Loans range between $2,500 and $10,000, or between $10,000 and $50,000 are available to minority- and women-owned businesses in particular. Applicants come from Miami and other parts of Southern Florida. Since MBF was established in 1986, the organization has granted 42 loans of which $1.4 million in loans have gone to businesses in the city of Miami.
The organization is a welcome source for many local small businesses. As MBF Executive Director Kathleen Murphy stated, "MBF often provides funding to startup business that traditional lenders consider “unbankable.”
For more information on MBF, visit www.bizjournals.com/southflorida/news/2015/08/13/miami-bayside-foundation-offers-startups-loans.html