Fueled by a $20 million grant from Wells Fargo, the Miami Open for Business program aims to empower historically underserved nonprofits and small businesses to build generational wealth and resilience through the purchase and ownership of critical business assets, such as property, equipment, and technology. Ultimately, the program aims to ensure that historically disadvantaged and underinvested entrepreneurs have a fair chance to build prosperity in the Miami they helped create.
Over the next two years, The Miami Foundation and community-based lending partner, Partners for Self Employment, will administer three financial products: Technology and Equipment Microgrants, Asset Building Loans for Entrepreneurs (ABLE), and Collective Real Estate Ownership (CREO) assistance. Read below for more information about each product.
To design the program, the Foundation engaged a Stakeholder Advisory Group, a leadership circle of local visionaries with deep expertise about the small business ecosystem, alongside dozens of community stakeholders, to gather input on how to make the greatest impact through Miami Open for Business.
Grants of $75,000/year for 2 years.
Funding to support 7 community-rooted, trusted local TA providers in each of the OFB priority neighborhoods in order to help local and informal small businesses legitimize and optimize their operations.
Grants of $150,000/year for 2 years.
Funding for 2 organizations, one focused on serving nonprofits and one serving for-profits, to deliver more advanced business support services to a larger number of high-capacity enterprises ready to scale.
Grants ranging from $4,000 to $10,000, depending on the series.
Funding to provide regularly occurring, themed workshops that relate to the grants and loans distributed as part of OFB so that businesses can maximize their use of these fixed assets.
Grants between $100-$20K
for nonprofits and small businesses to purchase hardware, software, machinery, and equipment.
Low-interest, patient financing from $5K-$100K to buy vehicles or inventory, renovate space, refinance predatory debt, succession financing, or co-op conversion.
Down payment assistance up to $500,000 for shared commercial real estate in historically underinvested neighborhoods and corridors to root community businesses and non-profits.