## Florida Black Business Loan Program
The Florida Black Business Loan Program (FBBP) is a state-funded loan program that provides financial assistance to eligible Black-owned businesses in Florida. The program is administered by the Florida Department of Economic Opportunity (DEO).
### Who is Eligible for the FBBP?
To be eligible for the FBBP, a business must meet the following criteria:
* Be a for-profit business
* Be legally registered and operating in Florida
* Be majority-owned (51% or more) by a Black person or group of Black persons
* Have a business plan and financial statements
* Be in good standing with the Florida Department of Revenue
* Not be in default on any other state or federal loans
### Types of Loans Available
The FBBP offers two types of loans:
* **Start-up loans:** These loans are available to businesses that are just starting out. The maximum loan amount is $50,000.
* **Expansion loans:** These loans are available to businesses that are already operating and looking to expand. The maximum loan amount is $100,000.
### How to Apply for the FBBP
To apply for the FBBP, businesses must submit a loan application to the DEO. The application can be found on the DEO’s website.
The application process includes the following steps:
1. Complete the online application
2. Submit a business plan and financial statements
3. Provide proof of ownership and identity
4. Pay a $50 application fee
### Loan Terms
The terms of the FBBP loans are as follows:
* **Interest rate:** The interest rate on FBBP loans is 3%.
* **Loan term:** The loan term is 10 years.
* **Grace period:** There is a 12-month grace period on principal payments.
### How to Use the FBBP Funds
FBBP funds can be used for a variety of business purposes, including:
* Working capital
* Equipment purchases
* Inventory purchases
* Marketing and advertising
* Renovations or expansion
### Benefits of the FBBP
The FBBP offers a number of benefits to eligible businesses, including:
* Access to affordable financing
* Flexible loan terms
* Technical assistance and support
### How to Learn More About the FBBP
To learn more about the FBBP, businesses can visit the DEO’s website or contact the DEO’s Small Business Enterprise Division at (850) 245-7128.
## Additional Resources
* [Florida Black Business Loan Program website](https://www.floridajobs.org/business-growth-and-support/florida-black-business-loan-program)
* [Florida Department of Economic Opportunity website](https://www.floridajobs.org/)
* [Small Business Enterprise Division](https://www.floridajobs.org/business-growth-and-support/small-business-enterprise-division)