Access Florida Finance Corporation - Empowering Black Businesses in Florida
Access Florida Finance Corporation (AFFC) aims to provide capital and technical assistance to black, rural, and small businesses in Florida. They offer programs like the Black Business Loan Program, which provides direct loans and unsecured micro loans to eligible businesses. AFFC supports a variety of projects including commercial real estate acquisition, machinery and equipment acquisition, community development projects, and more, all geared towards fostering economic development and job creation in the region.
- Access Florida Finance Corporation
- Black Business Loan Program
- Economic Development
- Capital Assistance
- Small Businesses
Download Presentation
Please find below an Image/Link to download the presentation.
The content on the website is provided AS IS for your information and personal use only. It may not be sold, licensed, or shared on other websites without obtaining consent from the author. Download presentation by click this link. If you encounter any issues during the download, it is possible that the publisher has removed the file from their server.
E N D
Presentation Transcript
Mission Statement To provide Access To Capital and technical assistance to black, rural and small businesses throughout Florida and the nation. AFFC will foster Economic Development and job creation by use of Federal, State and private Community Based Programs and in coordination with our strategic alliances.
Black Business Loan Program Located in Florida Business at least 51% owned and controlled by Black Floridians Florida Resident Interest rate dependent on credit history, experience, etc. Loan is economically sound and will assist the business in becoming bankable, increase employment and grow the economy Business will be able to compete successfully with the Loan or will obtain technical or managerial support
Black Business Loan Program Direct Loans up to $250,000 Minimum credit score of 600 No real estate, auto or loan derogatories in the past 24 months Collateral 60% LTV Documentation includes Business Plan 3 years tax returns, personal & business Financial statements, current and each of the previous 3 years Cash flow projections Term typically 5 years
Black Business Loan Program Direct Unsecured Micro Loans up to $10,000 Minimum credit score of 625 No real estate, auto or loan derogatories in the past 24 months No Collateral required Documentation includes 1-2 page narrative on business and proposed utilization of funds Current interim financial statements Balance Sheet and P&L less than 60 days old Term typically 3 years
Eligible Projects Commercial real estate acquisition, improvements or construction Machinery & equipment acquisition Community Development Projects Create or save jobs Franchise acquisition Existing business acquisition, expansion or merger Pollution control Transportation Services Working capital New business start-up (must prove relevant industry experience) Special purposes within the scope of AFFC s mission
Microfinance Loan Program Located in Florida Florida Resident Interest rate is WSJ + 10% Short-term, fixed-rate microloans in conjunction with business management training, business development training and technical assistance Small and micro enterprises - < $1.5 million in sales and <25 employees; <$250,000 in sales and <5 employees Maximum loan is $50,000 Term 12 months
Microfinance Loan Program Direct Loans up to $50,000 Maximum number of loans: 2/year, 5 total Maximum loan amount $75,000/year Minimum credit score of 625 No real estate, auto or loan derogatories in the past 24 months Collateral 60% LTV Documentation includes Business Plan 3 years tax returns, personal & business Financial statements, current and each of the previous 3 years Cash flow projections
Eligible Projects Startup costs Working capital Acquisition of materials, supplies, furniture, fixtures and equipment
Application Materials
Tips Be sure you re applying for the right program Fill application COMPLETELY Provide required supporting documentation no more, no less Response time Unsecured Micro Loan 3 business days from receipt of complete application package Loans up to $50,000 Underwriting process, 7-10 business days Loans > $50,000 More entailed underwriting process, 3-4 weeks Allow for 3-5 business days for loan closing documentation Funds wired into account
Contact Information Pam Tedesco Interim President 2623 Blairstone Road Tallahassee, FL 32301 850-765-0375 850-270-1122 (fax) Pam.Tedesco@AccessFloridaFinance.com http://www.AccessFloridaFinance.com
