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Facility Financing
Offers 80% financing for real estate collateralized loans for building financing
Equipment Financing
Offers 75% financing for equipment collateralized loan for equipment
Purchase Order
Offers up to $8,000 for a purchase order or invoice recourse financing
BIG BEND MINORITY MiCroloan Program
Must be a member of the Big Bend Minority Chamber of Commerce in order to qualify for the loan.
FOR MEMBERS OF BIG BEND MINORITY CHAMBER OF COMMERCE
Borrower must be a current member of the Big Bend Minority Chamber of Commerce
Minimum loan amount $5,000
Maximum loan amount $20,000
Minimum credit score for secured loans 580
Minimum credit score for unsecured loans 620
Maximum loan term 5 years secured, 4 years unsecured
Submission package required (BBIC loan application, business debt schedule, personal financial statement, last two years personal and business tax returns)
Business Plan required for businesses less than three years old. Subject business plans must be reviewed by the FAMU Small Business Development Center
Loan Pricing: 2% origination fee, rates ranging from 5% for secured loans within guidelines to 8% for unsecured loans within guidelines
Eligibility
To be eligible for NWFLBBIC services, the business must be an at least 51% black owned business who is unable to obtain capital funding assistance from a traditional lending intitution.
Businesses should be established for a minimum of two years and filed federal tax returns for two years. In order to secure a loan, businesses must be located within the Northwest Florida panhandle and have real estate or other collateral.