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In an effort to spur economic opportunity and business growth , the Opa-Locka Community Development Corporation is issuing more than $ 1.1 million in small business loans over a three-year period .
“ Many of the small business owners in our community have told us how difficult it is to be an entrepreneur , particularly when there isn ’ t access to capital for strategic growth ,” said OLCDC CEO Willie Logan .
The fund was created to strengthen businesses like CrabMan 305 , a seafood eatery located at 2006 Opa-Locka Boulevard , that serves up “ seafood hospitality ,” and offers customers a delicious array of conch , lobster , shrimp , crabs legs , steak , and chicken .
“ We ’ re happy to receive the funding because it allows us to hire more people here in Opa-Locka ,” shares Johnny Fannin , who co-owns CrabMan 305 with his cousin Darren Whitaker . “ As we go into our new location , we will hire several more employees to accommodate the demand of going from a take-out spot to dine-in . The funds really help us out .”
Powered by a seven-figure grant from JP Morgan Chase , the OLCDC Business Fund targets firms located in North
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Miami-Dade County ’ s low-to-moderate income communities like Opa-Locka , Miami Gardens , and Liberty City . With a goal to help businesses expand and remain in their community , the program also hosts monthly workshops and provides technical assistance .
“ Now , we ’ ll be able to lend a helping hand to small businesses through capital and training ,” Logan continued . “ This is one more way we are working to transform our community .”
The “ Miami-Dade Economic Advocacy Trust Annual Report Card and Scorecard ” reveals that the county boasts a 5.6 unemployment rate based on the U . S . Census . In contrast , Opa-Locka – a city with a 56.1 percent Black population – records 13.6 percent . The county ’ s poverty rate for Black or African-American families is 23.5 percent compared to White families at 4.8 percent , and Hispanic or Latino families at 16.9 percent .
The Miami-Fort Lauderdale area topped all large metro areas in business creation , according to the Kauffman Foundation ’ s 2017 Index of Startup Activity . Despite massive startup activity , Liberty and Opa-Locka residents were less likely to receive bank loans , according to
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federal and state reports .
The OLCDC Business Fund has already issued two loans and aims to reverse those trends with funding , monthly workshops , and one-on-one assistance .
“ We are in discussions to raise more capital to help this vibrant small business community ,” said Michaeljohn Green , OLCDC fund manager . “ Ultimately , we are looking for businesses that want to grow their operations by injecting capital to help them reach the next phase of success .”
Fannin and his business partner who started their operations in Fannin ’ s
Many of the small business owners in our community have told us how difficult it is to be an entrepreneur , particularly when there isn ’ t access to capital for strategic growth .
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grandmother ’ s garage , say they appreciate the challenges that come with growing a small enterprise .
“ It was too much traffic at the house ,” Fannin reveals . “ We were happy to build on that success .”
With the help of the OLCDC Business Fund , the entrepreneurial duo traded their roughly 800 square-foot pick-up location for a 1,280 square-foot dine-in facility located near Ali Baba and Perviz Avenues . The new restaurant will accommodate nearly 130 diners .
“ What we look for in a potential small business is flexible because we are committed to providing capital to small businesses and startups that normally wouldn ’ t have access to loans from traditional banking institutions ,” Green shared . “ Financial products are structured in a way that applicants can secure a loan with collateral such as real estate , vehicles , equipment , certificates of deposits , or signed contracts . There isn ’ t a minimum credit score requirement .”
Visit www . opalockabusinessfund . com to learn how to apply for up to $ 250,000 in financing . Discover CrabMan 305 ’ s seafood hospitality at www . crabman-305 . com .
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