The South Florida District Office of the U.S. Small Business Administration announced that the agency’s Microloan Program is now available to qualifying small businesses throughout the state.
The expansion comes because the lending territory of a previously approved firm, Black Business Investment Fund of Central Florida (BBIF), was increased. Prior to obtaining statewide micro lending status, BBIF previously provided microloans mainly through the North Florida District.
SBA’s Microloan Program, which is focused on startups, minority and other underserved markets, provides loans up to $50,000 to help small businesses and certain not-for-profit childcare centers start up and expand. Microloans play an important role in distressed communities where access to conventional lending remains a challenge. The average microloan size is approximately $13,000. More information about the microloan program can be found at www.sba.gov/microloans.
“Due to successful performances in BBIF’s portfolio, the SBA has granted their firm the ability to lend through the entire state of Florida, which is a win-win for businesses and consumers alike,” said SBA South Florida District Director Francisco “Pancho” Marrero. “This access opens the doors to business ownership by making loans accessible to a broader segment of our population who might not traditionally qualify for a bank loan. We look forward to working with them in their expanded capacity to assist Florida’s small businesses.”
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Headquartered in Orlando, BBIF is Florida’s largest statewide small business lender that specializes in providing capital for African-American and minority businesses.