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.
FAMU FCU requires the following documents for a complete review of your loan request.
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)
Copy of Driver’s License
Proof the business is located in a designated county in Florida and registered as a Florida corporation
Complete the “Right to Financial Privacy Act” form
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.
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).
Complete Personal Financial Statement and proof of financials (Financials must be submitted for the individual with at least 51% of ownership of the business)
Proof of business insurance
A non-refundable Application fee of $200
Provide a Business Plan (Plan must include 3 years of financial projections), preferably prepared by a Financial Advisor/CPA, but not required
Provide business and personal debt schedule
Provide current balance sheet and income statement
Provide Year-End Financial Statements for at minimum previous two years
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.