Broward County, FL – The Ofﬁce of Economic and Small Business Development (OESBD) is proud to announce the launch of the Broward Municipal Service District (BMSD) Revolving Loan Fund (RLF). This new small business lending program will provide flexible, low-cost capital for existing businesses, as well as new start-up businesses in the BMSD.
The RLF provides BMSD businesses and commercial property owners with working capital and commercial real estate loans, along with small business training and other support services. The National Development Council (NDC) is partnering with OESBD, and the Urban League of Broward County to assist existing BMSD businesses, property owners, and entrepreneurs that are interested in starting new businesses or relocating to the BMSD.
“This program has been an ongoing discussion with OESBD, Urban League of Broward County, and myself for several years to help small businesses in BMSD unincorporated areas. I am very grateful to see that we ﬁnally made this happen. I hope that other ﬁnancial institutions will join in this effort to deliver access to capital to our underserved community,” says Commissioner Dale V.C. Holness.
NDC will administer the RLF and offer three types of small business loans to for-proﬁt businesses currently located in or moving into the BMSD:
• MICRO-LOANS to small businesses established for 6 months or more with 1-100 employees (loans ranging from $3,000-$10,000)
• START-UP LOANS to new small businesses with 1-100 employees (loans ranging from $10,000-$50,000)
• CAPITAL ACCESS LOANS to businesses established for a minimum of 18 months with 1-100 employees (loans ranging from $50,000-$150,000) “COVID made 2020 a challenging year for businesses, and they need more access to ﬁnancial resources” said OESBD Director Sandy McDonald. “The Revolving Loan Fund is a new addition to the resource toolbox of support for businesses, exclusively in the BMSD. We are working to make available more support to these businesses during these difﬁcult times.”
Funds can be used to buy machinery and equipment, to ﬁnance tenant and real estate improvements, as well as provide working capital. The loan fund can be accessed by any business in the BMSD. For more information, call 954625-2557 or visit Broward.org/EconDev.