Black Business Loans

Florida A&M University Federal Credit Union has partnered with the Department of Economic Opportunity to administer the Black Business Loan Program. We provide alternative lending opportunities and technical assistance to black entrepreneurs throughout the state.

  • Small Business Loans
  • Technical Assistance
  • Credit Counseling
  • Specifically Designed for Black Business Owners

Fill out the form below to pre-qualifiy for the loan, or you can download the full application

Black Business Loan Pre-Qualification Form

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Applicant’s Attestation

I attest that the business has at least 51% black ownership and operational interests and is located in Florida. I agree to obtain technical or managerial assistance if advised to do so. The undersigned, by signature on this document, verifies the information, attachments, supporting documents and material contained herein and are true and complete, that I/we have authority to apply for this loan on behalf of the business, and intend to repay the loan using funds available to myself/us or the business that will be used to repay the loan.

The undersigned understands that Florida A&M University Federal Credit Union, and/or other financial institutions assisting the Corporation in its administration of this loan program for the State of Florida, may investigate the credit of the applicant or co- applicants for purposes limited to this application, and hereby authorized such investigation.

The information in this application, and/or additional information obtained in connection with it processing, as authorized above, is confidential, and shall not be released to any party without the written permission of the applicant(s) expect for audit review by State or Federal agencies and upon request by financial institutions or agencies considering an extension of credit to the applicants). Misrepresentation of the above information could result in prosecution for fraud.

I attest that the above is true:

Click here to download the full loan application!

BLACK BUSINESS LOAN PROGRAM APPLICATION CHECKLIST

 

FAMU FCU requires the following documents for a complete review of your loan request.

  1. Loan Application (Must be completed and signed by individual(s) who is African-American and owns 51% or more of the equity of the business, as evidenced by the businesses tax returns)
  2. Copy of Driver’s License
  3. Proof the business is located in a designated county in Florida and registered as a Florida corporation
  4. Complete Questionnaire
  5. Complete the “Right to Financial Privacy Act” form
  6. Business Tax Returns (at minimum, copies of the previous two years Federal Income tax returns for the applicant business, including all schedules) or a written explanation if tax returns are unavailable.
  7. Individual Tax Returns (at minimum, copies of the last six months’ pay stubs, previous two years Federal income tax returns, IRS Form 1040 and all schedules, for each individual business owner who completed and signed this application).
  8. Complete Personal Financial Statement and proof of financials (Financials must be submitted for the individual with at least 51% of ownership of the business)
  9. Proof of business insurance
  10. A non-refundable Application fee of $200

NEW BUSINESS:

  1.  Provide a Business Plan (Plan must include 3 years of financial projections), preferably prepared by a Financial Advisor/CPA, but not required

ESTABLISHED BUSINESS:

  1. Provide business and personal debt schedule
  2. Provide current balance sheet and income statement
  3. Provide Year-End Financial Statements for at minimum previous two years
  4. Provide profit and loss financial statements for the current year-to-date

NOTE:  Additional information may be requested by the Loan Committee to determine a loan decision.  If requested, please provide additional information within 7 days of the request to prevent a delay in the approval/denial decision.