{"id":37993,"date":"2024-01-23T17:50:15","date_gmt":"2024-01-23T17:50:15","guid":{"rendered":"https:\/\/miamifoundation.org\/?p=37993"},"modified":"2025-06-20T14:34:13","modified_gmt":"2025-06-20T14:34:13","slug":"important-changes-to-creo-program-this-final-year","status":"publish","type":"post","link":"https:\/\/miamifoundation.org\/blog\/important-changes-to-creo-program-this-final-year\/","title":{"rendered":"IMPORTANT CHANGES TO CREO PROGRAM THIS FINAL YEAR"},"content":{"rendered":"<p>As we head into the third and final year of the Open for Business program, we have learned a lot about what it takes to launch financial products that are truly successful in serving small business owners.<\/p>\n<p>Our most innovative product,\u00a0<strong>Collective Real Estate Ownership (CREO)<\/strong>, offers a great opportunity. It provides up to $500,000 in a forgivable loan towards the down payment to purchase commercial real estate in a shared ownership model.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-41400 aligncenter\" src=\"https:\/\/miamifoundation.org\/wp-content\/uploads\/2024\/01\/Collective-Real-Estate-Ownership-CREO.png\" alt=\"Collective Real Estate Ownership (CREO)\" width=\"1080\" height=\"1080\" srcset=\"https:\/\/miamifoundation.org\/wp-content\/uploads\/2024\/01\/Collective-Real-Estate-Ownership-CREO.png 1080w, https:\/\/miamifoundation.org\/wp-content\/uploads\/2024\/01\/Collective-Real-Estate-Ownership-CREO-1024x1024.png 1024w, https:\/\/miamifoundation.org\/wp-content\/uploads\/2024\/01\/Collective-Real-Estate-Ownership-CREO-768x768.png 768w, https:\/\/miamifoundation.org\/wp-content\/uploads\/2024\/01\/Collective-Real-Estate-Ownership-CREO-100x100.png 100w\" sizes=\"auto, (max-width: 1080px) 100vw, 1080px\" \/><\/p>\n<p>The benefits of\u00a0<a href=\"https:\/\/www.brookings.edu\/articles\/five-ways-city-leaders-can-support-black-entrepreneurs-efforts-to-buy-back-the-block\/\" target=\"_blank\" rel=\"noopener\">owning commercial real estate to reduce the racial wealth gap<\/a>\u00a0and\u00a0<a href=\"https:\/\/www.brookings.edu\/articles\/the-emerging-solidarity-economy-a-primer-on-community-ownership-of-real-estate\/\" target=\"_blank\" rel=\"noopener\">impacts of collective ownership<\/a>\u00a0have been covered substantially elsewhere. However, for first-time commercial buyers and many minority business owners, there can be large hurdles to doing this successfully.<\/p>\n<p>To ensure we best support recipients, we regularly revisit program guidelines and requirements to make sure that owners succeed in their transactions. Read on for important CREO program updates to expect in 2024.<\/p>\n<h3>Update #1: New eligible communities.<\/h3>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-41399 aligncenter\" src=\"https:\/\/miamifoundation.org\/wp-content\/uploads\/2024\/01\/Open-For-Business-Map-2024.png\" alt=\"Open For Business Map 2024\" width=\"559\" height=\"859\" srcset=\"https:\/\/miamifoundation.org\/wp-content\/uploads\/2024\/01\/Open-For-Business-Map-2024.png 559w, https:\/\/miamifoundation.org\/wp-content\/uploads\/2024\/01\/Open-For-Business-Map-2024-100x154.png 100w\" sizes=\"auto, (max-width: 559px) 100vw, 559px\" \/><\/p>\n<p>As we head into the third and final year of the Open for Business program, we have learned a lot about what it takes to launch financial products that are truly successful in serving small business owners.<\/p>\n<p>Our most innovative product,\u00a0<strong>Collective Real Estate Ownership (CREO)<\/strong>, offers a great opportunity. It provides up to $500,000 in a forgivable loan towards the down payment to purchase commercial real estate in a shared ownership model.<\/p>\n<p>The benefits of\u00a0<a href=\"https:\/\/www.brookings.edu\/articles\/five-ways-city-leaders-can-support-black-entrepreneurs-efforts-to-buy-back-the-block\/\" target=\"_blank\" rel=\"noopener\">owning commercial real estate to reduce the racial wealth gap<\/a>\u00a0and\u00a0<a href=\"https:\/\/www.brookings.edu\/articles\/the-emerging-solidarity-economy-a-primer-on-community-ownership-of-real-estate\/\" target=\"_blank\" rel=\"noopener\">impacts of collective ownership<\/a>\u00a0have been covered substantially elsewhere. However, for first-time commercial buyers and many minority business owners, there can be large hurdles to doing this successfully.<\/p>\n<p>To ensure we best support recipients, we regularly revisit program guidelines and requirements to make sure that owners succeed in their transactions. Read on for important CREO program updates to expect in 2024.<\/p>\n<h3>Update #2: Require new details to ensure the strength of your collaborative.<\/h3>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-41398 aligncenter\" src=\"https:\/\/miamifoundation.org\/wp-content\/uploads\/2024\/01\/Limited-Liability-Company-Operating-Agreement.png\" alt=\"Limited Liability Company Operating Agreement\" width=\"1280\" height=\"977\" srcset=\"https:\/\/miamifoundation.org\/wp-content\/uploads\/2024\/01\/Limited-Liability-Company-Operating-Agreement.png 1280w, https:\/\/miamifoundation.org\/wp-content\/uploads\/2024\/01\/Limited-Liability-Company-Operating-Agreement-1024x782.png 1024w, https:\/\/miamifoundation.org\/wp-content\/uploads\/2024\/01\/Limited-Liability-Company-Operating-Agreement-768x586.png 768w, https:\/\/miamifoundation.org\/wp-content\/uploads\/2024\/01\/Limited-Liability-Company-Operating-Agreement-100x76.png 100w, https:\/\/miamifoundation.org\/wp-content\/uploads\/2024\/01\/Limited-Liability-Company-Operating-Agreement-1184x904.png 1184w\" sizes=\"auto, (max-width: 1280px) 100vw, 1280px\" \/><\/p>\n<p>Because CREO applicants are jointly purchasing property, it\u2019s important that they clearly understand their business terms before applying to the program. Many collaboratives have only discussed these terms in passing, but it\u2019s important to put them down on paper.<\/p>\n<p>Moving forward, we will require CREO applicants to:<\/p>\n<ul>\n<li><strong>Align on % equity split and business terms in advance<\/strong>.\u00a0This means that all organizations in the business roster must have a clear % of equity split. You will also want to determine who is a proposed co-owner and who is a tenant\/lessee.<\/li>\n<li><strong>Submit a draft operating agreement<\/strong>.\u00a0In almost all cases, CREO collectives will form a new joint\u00a0venture to hold title to the property and this entity will have distinct operating protocols. For\u00a0example, who are the members? How often will they meet? What decisions are they allowed to\u00a0make? What decisions require unanimous agreement? What happens if one of the owners exit?\n<ul>\n<li>These questions and more are answered in a legal document called an operating\u00a0agreement. You will now need to submit a draft copy of this document as part of your\u00a0CREO application.<\/li>\n<li>While we can\u2019t provide you with a template, we do have a list of questions to consider when drafting your business terms and OA in the\u00a0<a href=\"https:\/\/miamiopenforbusiness.org\/other-resources#templates\" target=\"_blank\" rel=\"noopener\">Templates section<\/a>\u00a0of our website.<\/li>\n<li>If you need legal resources to develop this draft, we suggest reaching out to\u00a0<a href=\"https:\/\/www.legalservicesmiami.org\/contact-us\" target=\"_blank\" rel=\"noopener\">Legal Services of Greater Miami<\/a>.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h3>Update #3: More deeply assess financial capacity to prepare for senior financing.<\/h3>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-41397 aligncenter\" src=\"https:\/\/miamifoundation.org\/wp-content\/uploads\/2024\/01\/Loan-Application-image.png\" alt=\"Loan Application image\" width=\"1280\" height=\"977\" srcset=\"https:\/\/miamifoundation.org\/wp-content\/uploads\/2024\/01\/Loan-Application-image.png 1280w, https:\/\/miamifoundation.org\/wp-content\/uploads\/2024\/01\/Loan-Application-image-1024x782.png 1024w, https:\/\/miamifoundation.org\/wp-content\/uploads\/2024\/01\/Loan-Application-image-768x586.png 768w, https:\/\/miamifoundation.org\/wp-content\/uploads\/2024\/01\/Loan-Application-image-100x76.png 100w, https:\/\/miamifoundation.org\/wp-content\/uploads\/2024\/01\/Loan-Application-image-1184x904.png 1184w\" sizes=\"auto, (max-width: 1280px) 100vw, 1280px\" \/><\/p>\n<p>Lastly, we want to make sure CREO applicants are fully prepared to secure financing for the remainder of the property. While CREO provides up to 20% of the purchase price, applicants will need to find an outside lender to finalize their capital stack.<\/p>\n<p>What we\u2019ve learned is that senior lenders will ask CREO collaboratives for many of these same financial documents, so we will begin to ask for them upfront so that applicants are not caught off guard later in the process.<\/p>\n<ul>\n<li><strong>Tax returns:<\/strong>\u00a0We will ask for 2 years of tax statements (990 for nonprofits) in lieu of 1 year to have a longer-term view of your business.<\/li>\n<li><strong>Income or profit &amp; loss statement:<\/strong>\u00a0This view of your finances helps assess all your incoming revenue, outgoing expenses, and whether you are running a surplus or a deficit. It is often a\u00a0retrospective\u00a0look at your company\u2019s financial performance. This is different from a budget, which attempts to\u00a0forecast\u00a0your income &amp; expenses in a\u00a0future\u00a0or current year.<\/li>\n<li><strong>Pro forma for operating the property:<\/strong>\u00a0While many collaboratives plan for the monthly mortgage payment (principal + insurance), they may not realize the other costs associated with operating the property. For example, taxes, property insurance, maintenance, lawn &amp; pest, and more. A pro forma (projection or hypothetical) property operating budget will be required.<\/li>\n<\/ul>\n<p>We recognize that completing these financial documents can feel daunting. To help, we have created\u00a0<a href=\"https:\/\/miamiopenforbusiness.org\/other-resources#templates\" target=\"_blank\" rel=\"noopener\">optional templates\u00a0<\/a>on our website \u2013 but if you have your own documents, you are not required to use them. You must still complete the required CREO project budget template. We also encourage you to reach out to one of our\u00a0<a href=\"https:\/\/miamiopenforbusiness.org\/through-the-program\/\" target=\"_blank\" rel=\"noopener\">technical assistance (TA) business support organizations<\/a>\u00a0that can help you complete these documents.<\/p>\n<p>We look forward to reviewing this year\u2019s round of CREO applications. Don\u2019t miss out on the\u00a0<a href=\"https:\/\/www.eventbrite.com\/e\/miami-open-for-business-collective-real-estate-ownership-creo-webinar-tickets-794852744957\" target=\"_blank\" rel=\"noopener\">webinar co-hosted with Axis<\/a>\u00a0Helps on Thursday, January 18 th from 1-2pm. Please contact us if you have any other questions.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Our most innovative product, Collective Real Estate Ownership (CREO), offers a great opportunity. It provides up to $500,000 in a forgivable loan towards the down payment to purchase commercial real estate in a shared ownership model.<\/p>\n","protected":false},"author":129,"featured_media":41401,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[73],"tags":[472,469,470],"coauthors":[467],"class_list":["post-37993","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","tag-collective-real-estate-ownership-program","tag-miami-open-for-business","tag-wells-fargo"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>IMPORTANT CHANGES TO CREO PROGRAM THIS FINAL YEAR | The Miami Foundation<\/title>\n<meta name=\"description\" content=\"In honor of Small Business Month, we 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