Miami Bayside Foundation makes loans to minority-owned businesses based in the city of Miami as long as they are able to create jobs.
During the last couple of months, Executive Director Kathleen Murphy said she has seen a rise in completed applications. Only one new loan was approved last year, in addition to increases to two existing loans.
But already this year, two new loans have been approved and are expected to close soon, and more are in the pipeline, she said. Funded by Bayside Marketplace, the nonprofit organization’s goal is to advance economic development in the city through the support of minority businesses and education.
Viking Defense, a security staffing company, was the company that secured a Miami Bayside Foundation loan in August — $50,000 to cover the time delay in getting paid on its contracts.
Owned by husband and wife Ricky and Annette Brantley and in business for four years, the Miami company started out with one contract and now has 16. Viking Defense has 36 employees and staffs apartment and condominium buildings, office buildings, warehouses and construction sites, 24 hours a day.
Ricky Brantley, Viking Defense’s president and chief executive, learned about Miami Bayside Foundation from Weber when he attended a SCORE seminar she gave on how to get financing and outlined Bayside Foundation’s criteria.
“I raised up my hand and said, ‘I have excellent credit, I have been in business four years, and I need some help,’” said Brantley, 55.
Weber told him to meet with her after class. She put him in contact with Murphy, and within about a month, he got his loan.
“Now I am able to bid on bigger contracts, especially from the county,” Brantley said. “It would have been a tremendous bind on me to make payroll, to know they don’t pay for 30, 45, 60 days. It really helps us out a lot.”