Frequently Asked Questions
Once I submit my application, how long does it take to hear back from someone?

We will contact you in ten (10) days of receiving your loan application.

How long does the loan application process take?

Up to 45 business days for a loan approval, up to 60 business days to close and fund your loan. (These dates can vary depending on the type of loan and how quickly we get documents from client.)

What interest rate should I expect on my loan?

Interest rates vary depending on each loan and the associated risk. Rates are based on U.S. Treasury rate and are subject to change.

What loan terms do you offer?

12-84 months for working capital and equipment loan but up to 300 month for real estate based loan.

Does BBIF Florida help to write business plans?

No, clients are referred to their local SBDC office which provides education classes on business plan preparation.

What is the maximum loan amount?

Maximum loan size for BBIF’s tradition loans and NMTC are $250,000 and $2,000,000 respectively.

What is the minimum loan amount?


Do you lend to start-up businesses?

Yes, however, only to eligible business acquisitions. No, we do not provide loans for a typical start-up business. Businesses that are established for less than six (6) months must receive some additional business education from a business or economic development organization (SBDC, SCORE, EDC; Chamber, business incubator, etc.) and bring proof of participation or program completion.

Is technical assistance required after you receive a loan?

Yes, after you receive a loan, on-going technical assistance, as determined by the BBIF Florida is required.

Do you have a target credit score?

We have an overall financial condition viability requirement that includes consideration of client credit score. Therefore, an isolated target credit score is not utilized, however credit is a part of our loan evaluation and good credit is preferred.

How do I start the loan process?
  1. Download an application from our website:
  2. Complete the loan application and
  3. Submit the application with ALL of the required documentation to our office.
Do you provide personal loans?

No, we do not provide personal loans.

What type of loan products do you provide?

We provide short-term working capital loans and long-term  capital loans.

What type of loan products do you provide?

We provide short-term working capital loans and long-term capital loans.

Are you loans secured or unsecured?

All of our loans are secured and require collateral and personal guarantees.

Are there any pre-payment penalties?

There are no pre-payment penalties for most of our loans. Some SBA loan products are subject to pre-payment penalty based on their structure.

What fees are associated with your loans?

All loans include a non-refundable $150.00 loan application fee and closing costs.

Resource Quick Links

Black Business

Black Business



Contract Financing

Contract Financing

Small Business

Small Business

New Markets Tax Credit Small Business

New Markets Tax Credit Small Business

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