Florida provides numerous benefits to small businesses, such as multiple loan options and other financial resources.
Discover the key elements of launching a small business in the Sunshine State. Learn how much it will cost to get started, what licenses you’ll need, how to apply for a small business loan, and how to create a business plan to back up your loan request.
6 top business loans in Florida
1. Florida Credit Union
The Florida Credit Union (FCU) offers a variety of financing options for small business owners, including equipment and machinery loans, as well as car, truck, and van loans with customized repayment plans. You can also apply for an SBA 504 loan through the FCU; if you’re approved, you can use the funds for any number of growth projects, like buying real estate, hiring employees, or increasing marketing efforts. The FCU has branches in Gainesville, Ocala, Lake City, Starke, and DeLand.
2. Enterprise Florida State Small Business Credit Initiative
Enterprise Florida, a public-private partnership that offers loan participation and guarantee programs for small business owners, was designed to help create more jobs and diversify the economy.
One of their programs, the State Small Business Credit Initiative, aims to make financing more accessible for Florida small business owners by offering participating loans. That means they don’t lend money directly; rather, the SSBCI gives capital to various Florida commercial lenders, who then offer loans to small businesses that have fewer than 500 employees.
3. Enterprise Florida Microfinance Guarantee Program
The Microfinance Guarantee Program, run through Enterprise Florida, provides loan guarantees to small businesses that receive funding from certain Florida lenders. To qualify for a guarantee, you need to operate a business in Florida that employs 25 or fewer people and has had an annual gross revenue of $1.5 million or less a year for the last two years. Make sure you discuss your financing needs with local lenders before you apply for the program.
4. LiftFund in Florida
A non-profit organization called LiftFund helps entrepreneurs who have had trouble obtaining funding from banks and other traditional financial institutions by offering financing options. LiftFund provides microloans and small business loans to established and startup companies in Miami, Jacksonville, Tampa, and Orlando. Loan amounts can be used for real estate, working capital, equipment, inventory, automobile purchases, lease improvements, and more. Loan amounts start at $500 and can go up to $1 million.
5. Black Business Loan Program
If you’re a minority business owner in Florida, you may be qualified for the Black Business Loan Program. Run through the Florida Department of Economic Opportunity, the program gives loans and loan guarantees to black business owners who’ve struggled to get financing from larger lending institutions. You can get loans of $2,500 to $75,000 for working capital, cash flow, inventory, and equipment.
If you apply through FAMU Federal Credit Union, your business must be located in Florida and be at least 51% black-owned. If, however, you apply through the Miami Bayside Foundation, your business needs to be a for-profit corporation domiciled in Miami-Dade county, and must be at least 51% black-owned.
6. Opportunity Fund
Opportunity Fund is a company that gives loans to small business owners who don’t have access to traditional financing. The organization, which is backed by investors like Bank of America and Goldman Sachs, serves a handful of different states, including Florida.
The loans have interest rates that start at 7 percent and range in size from $30,000 to $250,000. 9% and term lengths of up to five years. To be eligible, you don’t need business credit, but your company must have been operating for at least a year when you apply.
Small business grants in Florida
There aren’t many Florida-specific small business grants. However, if you’re a tourism-based business in Florida, you may qualify for a grant from Visit Florida. Their Targeted Marketing Assistance Program is a matching grant program that awards $5,000 to recipients for marketing purposes. To receive the grant, you need to be accepted into TMAP, be a partner of Visit Florida, and match the funds you receive dollar for dollar. You also have to use the money on marketing campaigns and materials that promote the advantages of visiting Florida.
For other grant opportunities in the state, visit the Economic Development Administration website or go to USA.gov to explore Florida’s state business resources.
Consider an alternative lender
Try looking beyond regional initiatives to national lending organizations if you’re having problems locating small business loans in Florida. The majority of alternative lending platforms are made to make it simpler for small business owners to obtain the funding they require. Furthermore, terms are typically more flexible, allowing you to determine what is best for your operation without being forced into a difficult situation.
You can borrow money with competitive interest rates for a maximum of five years with a Funding Circle business term loan. Funding Circle loans have helped business owners in Florida and elsewhere expand into new markets, buy expensive equipment, and double their inventory. See how we stack up against other lenders or find out more about us if you’re ready to expand your business.
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The author, writing in her personal capacity, is the only source of the views and opinions expressed in this article. They don’t claim to represent Funding Circle’s viewpoints or opinions.
This content is not intended to be used as financial, tax, legal, or HR advice; rather, it is provided for informational and educational purposes only. It is not intended as a substitute for professional advice.
All loan offers and requirements are contingent upon credit approval and are subject to change at any time.
Loans to residents of California are made by FC Marketplace, LLC in accordance with its California Financing License (No 6054785).
FAQ
Is it hard to get a business loan in Florida?
Must have a minimum revenue of $75,000 to $250,000, a minimum credit score of 500 to 650, and have been in business for one to two years. Fill out a three-minute form to view loans that are suitable for your company’s needs. Compare offers without a hard credit check.
What credit score is needed for a small business loan?
That being said, a credit score of 680 or above is generally regarded as good, and it will qualify you for the majority of small business loans. Excellent credit is defined as having a score of 720 or above, which entitles you to the best terms and interest rates.
What is the easiest SBA loan to get approved for?
SBA Express offers longer terms and a lower down payment than conventional loans, along with the simplest SBA application process and the fastest approval times.
Read More :
https://www.fundingcircle.com/us/resources/guide-to-securing-a-business-loan-in-florida/
https://digital.com/how-to-get-a-business-loan-in-florida/