City of Lauderhill

***No longer accepting applications.  Please keep checking our website and social media pages for updates on the next program opening date.***

Program Description
The Microloan is designed as a revolving loan. The maximum award is $25,000, with complete applications evaluated on a first-come-first-served basis and restricted to one loan per applicant. Half of the balance for successful applicants will be forgiven after a term of five (5) years. Repayment on the remaining amount will begin on the 61st month, following the last disbursement, with 0% APR. The balance must be paid in full on or before the 120th month. In order to receive full benefits, the applicant must remain established in Lauderhill for a minimum five (5) years from start of agreement. 

Program Goals
To provide loan funding to start-up, newly established, and/or small businesses for the purpose of establishment, relocation, or expansion of operations within the City.

Who the Program is For
Eligible Businesses
Companies with no more than five (5) full-time employees, the part-time equivalent, or a combined equivalent, may apply. The City may modify the list of eligible businesses at its discretion. Currently, eligible businesses include, but are not limited to:

• Restaurants
• Brewery or Distillery
• Commercial Entertainment as per the municipal code
• State of Florida’s “Qualified Target Industries.” 

Ineligible Businesses
Funds cannot be used for the following activities:

• Operational costs (i.e. rent, utilities, payroll)
• Existing debt obligations, subsidize interest payments on existing loans, or refinance loans
• Acquisition of real estate
• Major construction projects
• Illegal/unlawful activities
• Projects outside Lauderhill city limits
• Speculative activities
• Loans for investing in interest bearing accounts, Certificates of Deposit, or owner investments
• Projects presenting a conflict of interest

Program Benefits
The Micro Loan is a first-come-first-served revolving loan, which approved applicants may use to elevate their business functions. Those approved may receive a maximum award of $25,000.

Program Services
The awarded funds can be used towards:

•  Working capital (inventory, receivables, operating capital, etc.) 

Our Economic Business Concierge Team to help as a personal guide through the application process.

How to Apply
No longer accepting applications.  Please keep checking our website and social media pages for updates on the next program opening date.

After You Apply
After your application is submitted, it will be sent to the Micro Loan Committee, at which point you will be contacted by the Economic Development Division and provided further instructions.

For more information, please contact:
City of Lauderhill Economic Development 
ecodev@lauderhill-fl.gov
(954) 730-3041