Florida Black Business Loan Program
FloridaCommerce (Florida Department of Commerce) — via certified Loan Administrators
Up to $250,000
Capital for FL Black-owned firms
A Florida state program, funded through legislative appropriations to FloridaCommerce, that provides loans and loan guarantees to Black-owned businesses that have been unable to obtain financing through conventional lenders. FloridaCommerce distributes funds annually to certified Loan Administrators — community lenders and CDFIs such as FAMU Federal Credit Union and the Miami Bayside Foundation — who underwrite and make the loans. Reported lending ranges run from roughly $5,000 up to $250,000 depending on the administrator. Borrowers must be at least 51% Black-owned, domiciled in Florida with active Sunbiz registration, for-profit, and a U.S. citizen or lawful permanent resident, and must show the loan will help generate jobs. Applications are accepted on a rolling basis subject to available appropriated funds.
- Funding type
- Loan
- Level
- State
- Amount range
- $5,000 – $250,000
- Realistic amount
- Typical loans fall well under the $250,000 ceiling — many administrators focus on $10,000–$7…
- Deadline
- Rolling — accepted on an ongoing basis subject to available appropriated funds.
- Status
- active
- States
- Florida
- Payment model
- loan
Who qualifies
- Business is at least 51% Black-owned
- Domiciled in the State of Florida with active Sunbiz registration
- Owner is a U.S. citizen or lawful permanent resident
- For-profit business or sole proprietorship (no nonprofits)
- Must demonstrate the loan will aid in the generation of jobs
- Has been unable to obtain financing through conventional lenders
Hard requirements
- Reserved for minority owned businesses
What it covers
Eligible expenses
- Working capital
- Inventory
- Equipment
Ineligible expenses
- Nonprofit activities
- Personal (non-business) expenses
- Uses unrelated to the funded business
How to apply
-
1
Identify a certified Loan Administrator
Find a FloridaCommerce-certified Loan Administrator (e.g., FAMU Federal Credit Union, Miami Bayside Foundation) and confirm they currently have program funds available.
~2 hrs
-
2
Assemble the application package
Prepare a business plan, two years of tax returns, financial projections, bank statements, owner work history, proof of collateral, and (for existing businesses) liability insurance documentation.
~8 hrs
-
3
Submit and underwrite
Submit to the Loan Administrator, who underwrites the loan or loan guarantee under program rules, including the job-generation requirement.
~3 hrs
-
4
Close and fund
On approval, execute loan documents and receive funds for eligible uses (working capital, inventory, equipment).
~2 hrs
Funding flows in annual appropriation cycles to a handful of certified administrators, so availability is feast-or-famine — call administrators directly to find one that still has program dollars this cycle rather than assuming the program is 'closed' if one lender is tapped out.
Deadline & timing
There is no single fixed deadline; certified Loan Administrators accept applications on a rolling basis. Capital availability depends on annual legislative appropriations distributed to the administrators, so funds can run out within an appropriation cycle.
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Last reviewed 2026. GrantCompass is an independent funding-discovery tool and is not affiliated with any government agency. Always confirm details on the official program page.