Access Florida Finance Corporation

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Access Florida Finance Corporation
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Access Florida Finance Corporation
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Mission Statement

• To provide Access To Capital and technical
  assistance to black, rural and small businesses
  throughout Florida and the nation. AFFC will
  foster Economic Development and job creation by
  use of Federal, State and private Community Based
  Programs and in coordination with our strategic
  alliances.

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Black Business Loan Program

• Located in Florida
• Business at least 51 owned and controlled by
  Black Floridians
• Florida Resident
• Interest rate dependent on credit history,
  experience, etc.
• Loan is economically sound and will assist the
  business in becoming bankable, increase
  employment and grow the economy
• Business will be able to compete successfully
  with the Loan or will obtain technical or
  managerial support

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Black Business Loan Program

• Direct Loans up to 250,000
• Minimum credit score of 600
• No real estate, auto or loan derogatories in the
  past 24 months
• Collateral 60 LTV
• Documentation includes
• Business Plan
• 3 years tax returns, personal business
• Financial statements, current and each of the
  previous 3 years
• Cash flow projections
• Term typically 5 years

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Black Business Loan Program

• Direct Unsecured Micro Loans up to 10,000
• Minimum credit score of 625
• No real estate, auto or loan derogatories in the
  past 24 months
• No Collateral required
• Documentation includes
• 1-2 page narrative on business and proposed
  utilization of funds
• Current interim financial statements Balance
  Sheet and PL less than 60 days old
• Term typically 3 years

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Eligible Projects

• Commercial real estate acquisition, improvements
  or construction
• Machinery equipment acquisition
• Community Development Projects
• Create or save jobs
• Franchise acquisition
• Existing business acquisition, expansion or
  merger
• Pollution control
• Transportation Services
• Working capital
• New business start-up (must prove relevant
  industry experience)
• Special purposes within the scope of AFFCs
  mission

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MicrofinanceLoan Program

• Located in Florida
• Florida Resident
• Interest rate is WSJ 10
• Short-term, fixed-rate microloans in conjunction
  with business management training, business
  development training and technical assistance
• Small and micro enterprises - lt 1.5 million in
  sales and lt25 employees lt250,000 in sales and
  lt5 employees
• Maximum loan is 50,000
• Term 12 months

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MicrofinanceLoan Program

• Direct Loans up to 50,000
• Maximum number of loans 2/year, 5 total
• Maximum loan amount 75,000/year
• Minimum credit score of 625
• No real estate, auto or loan derogatories in the
  past 24 months
• Collateral 60 LTV
• Documentation includes
• Business Plan
• 3 years tax returns, personal business
• Financial statements, current and each of the
  previous 3 years
• Cash flow projections

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Eligible Projects

• Startup costs
• Working capital
• Acquisition of materials, supplies, furniture,
  fixtures and equipment

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ApplicationMaterials
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Tips

• Be sure youre applying for the right program
• Fill application COMPLETELY
• Provide required supporting documentation no
  more, no less
• Response time
• Unsecured Micro Loan 3 business days from
  receipt of complete application package
• Loans up to 50,000 Underwriting process, 7-10
  business days
• Loans gt 50,000 More entailed underwriting
  process, 3-4 weeks
• Allow for 3-5 business days for loan closing
  documentation
• Funds wired into account

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Contact Information

• Pam Tedesco
• Interim President
• 2623 Blairstone Road
• Tallahassee, FL 32301
• 850-765-0375
• 850-270-1122 (fax)
• Pam.Tedesco_at_AccessFloridaFinance.com
• http//www.AccessFloridaFinance.com