SmartSteps Microloan Program

About the Program

Category: Community and Economic Development (Best in Category)

Year: 2022

In 2020, Leon County pursued new opportunities to maximize microloans available to minority- and women-owned small business enterprises (MWSBEs) and entrepreneurs in the community. Supporting the vitality and performance of all MWSBEs contributes significantly toward ensuring a healthy and diverse local economy. In alignment with its commitment to ensuring economic inclusion in the local economy, Leon County identified and leveraged a series of business financing opportunities available to minority businesses in the marketplace to support their retention and growth – even in the midst of the global COVID-19 pandemic. While the field of available microloan options available to minority- and women-owned businesses has some existing options, the County identified the opportunity to further explore a partnership with a local institution to craft a microloan program to better address the expressed needs of these entities. Accordingly, the County partnered with Florida Agricultural & Mechanical University (FAMU) Federal Credit Union to establish a multi-million-dollar revolving micro-lending program, titled the SmartSteps Micro-Loan Program, to enhance and diversify the existing capital pool in the market. To date, the County has committed $2.5 million to the program which has continued to support the needs of growing MWSBE firms in the community.