The Black Business Loan Program provides loans, loan guarantees, or investments through Loan Administrators to black business enterprises that cannot otherwise obtain capital through conventional lending institutions but who could otherwise compete successfully in the private sector.

If the Black Business Loan Program is appropriated funds in a fiscal year by the Florida Legislature, the Florida Department of Economic Opportunity (DEO) will distribute an equal amount of the appropriation to the Loan Administrators that have been certified for that fiscal year.

To become certified to receive funding, interested Loan Administrators are required to submit an "Application for Certification" or an "Application for Recertification" pursuant to the requirements of the Black Business Loan Program (Sections 288.7102 through 288.714, Florida Statutes). All applicants must submit a "Conflict Statement" (DEO Form 7102.3) with their organization's application during the application period of May 1, 2019 through June 1, 2019.

Notice of Application Period: Black Business Loan Program Application Period, Fiscal Year 2019-2020, May 1, 2019


To certify that a recipient, pursuant to section 288.7102, Florida Statutes, is authorized to use funds appropriated for the Black Business Loan Program for direct investments in, and loans and loan guarantees to, black business enterprises. The program provides alternative lending opportunities and technical assistance to black business enterprises that cannot obtain capital through conventional lending institutions, but could otherwise compete successfully in the private sector.

Application Submission Timeframe

May 1, 2019 through June 1, 2019.


To receive funds under this program, a recipient must:

  1. Be a corporation registered in the state of Florida.
  2. Agree to maintain the recipient's books and records relating to funds received by the Florida Department of Economic Opportunity (DEO) according to generally accepted accounting principles and in accordance with the requirements of section 215.97(7) Florida Statutes, and to make those books and records available to the DEO for inspection upon reasonable notice.
  3. For existing recipient(s), annually submit to DEO a financial audit performed by an independent certified public accountant. The most recent fiscal year audit should be submitted, and it should not reveal any material weaknesses or instances of material noncompliance.
  4. For new recipients:
    1. Demonstrate that the board of directors includes citizens of the state who are experienced in the development of black business enterprises.
    2. Demonstrate that the entity has a business plan that allows it to operate in a manner consistent with this section and the rules of the department.
    3. Demonstrate that the recipient has the technical skills to analyze and evaluate applications by black business enterprises for loans, loan guarantees or investments.
    4. Demonstrate that the recipient has established viable partnerships with public and private funding sources, economic development agencies and workforce development, and job referral networks.
    5. Demonstrate that the recipient can provide a private match equal to 20 percent of the amount of funds provided by DEO.


Each eligible recipient must meet the requirements of section 288.7102, Florida Statutes, the terms of the contract between the recipient and DEO and any other applicable state or federal laws. An entity may not receive funds unless the entity meets annual certification requirements.

Award Range

Subject to appropriations by the Florida Legislature. Award will be divided equally among certified applicants.

Award Date

On or before July 31, 2019.


Pursuant to section 288.714, Florida Statutes, within fifteen (15) calendar days after the end of the quarter following the execution of the agreement, the recipient shall provide quarterly reports of program activities. Reports must account for all funds received by recipient under the Program in Fiscal Year 2019-2020 and in all prior years since Fiscal Year 2006-2007.

Payment Terms

This will be a cost reimbursement agreement. Recipient must agree to enroll in electronic funds transfer offered by the state's Chief Financial Officer within thirty (30) days of the date the last party has signed the agreement. In accordance with the funding requirements of section 215.971, Florida Statutes, to be eligible for reimbursement, the cost must be in compliance with laws, rules and regulations applicable to expenditures of state funds, which include but are not limited to, the Florida Department of Financial Services Reference Guide for State Expenditures.

How to Submit Applications to DEO

DEO prefers electronic submissions, but mailed applications are also acceptable. Please submit applications to:

  • Megan Ah Sam, Program Manager
  • Florida Department of Economic Opportunity
  • Division of Community Development
  • Office of Small and Minority Business Capital
  • 107 East Madison Street, MSC 160
  • Tallahassee, FL 32399-4120
  • (850) 717-8972

Application Forms

Black Business Loan Program Administrators- Contact Information

Small Black Business Enterprises interested in receiving capital through this program may contact a Loan Administrator to find out how to apply:

Additional Resources


  • Megan Ah Sam

    (850) 717-8972
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