Please note, our website will be down July 1 – July 10 or maintenance.
User registration, login and submission for ABLE applications will not be available.
CREO applications are still open. Click here to apply.
We apologize for any inconvenience.
The goal of the Asset Building Loan for Entrepreneurs (ABLE) is to provide low-interest financing for historically underserved, minority-led nonprofits and small businesses to buy a vehicle or inventory, renovate their workspace, refinance predatory debt for assets, or finance a business transfer or worker co-op conversion.
Scroll to the bottom of this page to access the application links.
What can I apply for?
- Loans from $1,000 up to $100,000
- Interest rate is 3% for small businesses and 0% for nonprofits
- These loans can be used to:
- Buy inventory or buy a vehicle for business purposes
- Remodel or renovate your location or storefront
- Refinance predatory debt that was taken on to buy fixed assets
- Purchase an existing business (such as from a relative)
- Convert your business to a worker-owned co-operative (learn more about worker co-ops here)
Am I eligible?
To apply, your business or nonprofit must be:
- Owned or led by a person who is: Black, Latino, LGBTQ+, veteran, and/or disabled
- In operation for at least 2 years
- Make less than $1M in annual revenue or budget
- Based in and serving Miami-Dade County
What do I need to apply?
- Complete an application to describe your company, detailed proposed use of funding, and explanation how this loan would help you reach your goals.
- Because we need to assess your company’s ability to repay the loan, and because the loan is personally guaranteed, we also request:
- Copy of annual operating budget
- Copy of business and personal financial statements
- Copy of business and personal tax returns
- Copy of business bank statements
- Cash flow projections
- Staffing roster
What is the timeline?
- Applications are welcome year-round
- Complete applications are reviewed within 5-10 business days
What if I need help with my application?
How will decisions be made?
- Approximately 30-50 businesses will be funded each year.
- As applications are received, we review them using the criteria below. In addition, we assess whether your company can repay the loan using future revenue.
- Owner(s) represent multiple aspects of historical disadvantage
- Company has specific, concrete plans to use funding to transform trajectory
- Company provides good or service that benefits the community
- Company has strong organizational and financial capacity
- Company is an employer firm that offers quality jobs
- Located in underserved neighborhood