Who is eligible for florida black business loan program

## 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.

Read more  Can you apply for a loan through better business bureau

### 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)

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