ABLE Loan
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User registration, login and submission for ABLE applications will not be available.
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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?
- Reach out to one of the organizations we have partnered with.
- Attend office hours with the application team.
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
