ABLE Loan

Application Reopening Soon

The ABLE loan application period for 2024 will reopen on March 1, 2024 and close on September 30, 2024. More information will be communicated through our newsletter.

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
    • 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 about worker co-ops here)
Am I eligible?

To apply, your business or nonprofit must be:

  • Owned or led by person(s) who is one or more of the following:
    • Black
    • Disabled
    • Hispanic/Latino
    • LGBTQ+
    • Middle Eastern/North African*
    • Military veteran
    • Native or Indigenous*
    • Refugee*
    • New for 2024
  • In operation for at least 2 years 
  • Earning 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:
    • Annual operating budget
    • Financial statements (business and personal)
    • Tax returns (business and personal)
    • Business bank statements 
    • Cash flow projections
    • Staffing roster
  • Download a checklist of required loan documents.
What is the timeline?
  • This is the last year of funding.
  • Applications will reopen on March 1, 2024.
  • Applications will close on September 30, 2024.
  • 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 get financing each year.
  • We prioritize financing organizations with a demonstrated ability to repay the loan.
  • As applications are received, we review them using the criteria below.
    1. Owner(s) represent multiple aspects of historical disadvantage
    2. Employee(s) reflect population of historical disadvantage
    3. Company provides good or service that benefits the community
    4. Company has strong financial capacity
    5. Company has strong operations and organizational capacity
    6. Company has specific, concrete plans to use funding to transform trajectory
    7. Company is an employer firm that offers quality jobs
    8. Company has clear and realistic plans to acquire and deploy asset
    9. Business is located in target OFB community (specific underserved neighborhoods)

Updated flyers for 2024 coming soon.

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

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