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

Miami Open for Business: Find Out if the ABLE Loan is Right for You.

Skip to content