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.
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