Main Menu: Able Low-Interest Loan | Miami Open For Business

Asset Building Loan for Entrepreneurs (ABLE)

Application Deadline Extended

The deadline to submit an application for the ABLE loan has been extended from September 30 to October 15. This is the final opportunity to apply for funding through the Miami Open for Business program.

The goal of the Asset Building Loan for Entrepreneurs (ABLE) fund 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.

What can I apply for?

Loans up to $10K, $25K and $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
In operation for at least 2 years
Earning less than $3M* in annual revenue or budget
Based in and serving Miami-Dade County

*Updated in September 2024

What do I need to apply?

Complete an application to describe your company, what you will buy with the funding, and explain how this loan would help you reach your goals.
Because we assess your company’s ability to repay the loan, and because it is personally guaranteed, we also request financial documentation, such as:

Financial statements (business and personal)
Tax returns (business and personal)
Business bank statements
Cash flow projections
Staffing roster

For a full list of requirements, review our checklist.

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.
- If your application is not complete, you may be referred to a technical assistance (TA) provider who can help you.

What if I need help with my application?

Reach out to one of the organizations we have partnered with.

How will decisions be made?

Approximately 30-40 businesses get financing each year.
We prioritize providing loans to companies who can repay it.
As applications are received, we review them using the criteria below.

Owner(s) represent multiple aspects of historical disadvantage
Employee(s) reflect population of historical disadvantage
Company provides good or service that benefits the community
Company has strong financial capacity
Company has strong operations and organizational capacity
Company has specific, concrete plans to use funding to transform trajectory
Company is an employer firm that offers quality jobs
Company has clear and realistic plans to acquire and deploy asset
Business is located in target OFB community (specific underserved neighborhoods)

Upcoming Workshops

Join us to learn about the low-interest ABLE loan for small businesses. Learn more about the underwriting process and what we look for in a strong proposal. Before attending, we highly encourage you to complete the ABLE loan simulator tool to assess if you might be a good fit for financing.

English: Tuesday, September 17 at 6:00pm
Zoom Registration Link

Español: Thursday, September 19 at 6:00pm
Zoom Registration Link