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The Keys to Small Business Loans in Florida

Janet Gershen-Siegel
November 29, 2022
Small Business Loans in Florida Credit Suite

Looking for small business loans in Florida? We found all sorts of ways to get business funding, from the state, online and offline lenders, and more. 

And don’t forget: Credit Suite can help you put your best foot forward, so approval is more likely. Come and check out all our choices.

Top Small Business Loan Providers In Florida

Working Capital Loan from Tampa Bay Black Business Investment Corp.

Small Business Loans in Florida Credit SuiteWhile the BBIC was originally founded to assist African American entrepreneurs, they have expanded its services to cover all ethnic backgrounds.

Their offerings include a direct loan and a contractor loan for up to $50,000. With the latter, you can get over $50,000 under certain circumstances. 

Their Procurement Loan program works a lot like cash flow financing. The only restriction on this loan program is at least 51% of the business’s ownership must be by African American citizens.

The BBIC also provides small business loan guarantees to area-affiliated banks. These work much like the Small Business Administration does, in that banks have some protection. Therefore, they can offer better rates to borrowers who may not have previously been able to qualify.

Commercial Real Estate Investing Loan from South Florida Funding Group

South Florida Funding can offer loans for up to $50 million

Their Commercial Real Estate Investing Loan goes up to $5 million. You must have a FICO score of 700 or better to qualify. Also, you must be in business for at least 12 months.

To apply, submit your application with a Loan Supplement Form, a Tri merge credit report, and your last 2 years P/L or Operating Statements. If it is a rental investment, submit rental rolls.

Owner-occupied business loan requests require the last 2 years of tax returns or the last 12 months of business bank statements.

Repayment terms are 5 and 7 years for hybrid business loans; 10 to 30 years for fixed loans. 

Microfinance Guarantee Program from Enterprise Florida

Enterprise Florida works to help small and minority businesses. 

small-business-loans-in-Florida-Credit-Suite2To qualify for the Microfinance Guarantee program, you must be generating an average annual gross revenue of $1.5 million or less for the last two years. Your application is through a local lender.

Further, your business cannot employ more than 25 people.

This loan program provides guarantees of up to 50% on a business loan of $250,000 or less. This makes it easier for a lender to approve borrowers who may have been turned down elsewhere.

Enterprise Florida also offers information on top industries, for those looking to start a new business in Florida.

SBA Loan from Florida Credit Union

Florida Credit Union is an SBA lender that offers SBA 504 loans.

These are loans that are long-term, fixed-rate financing for major fixed assets to promote business growth and job creation.

504 loans are available through Certified Development Companies (CDCs), SBA’s community-based partners who regulate nonprofits and promote development within their communities. CDCs must be certified and regulated by the Small Business Administration.

The maximum loan amount for a 504 loan is $5 million, per the Small Business Administration. Acceptable uses include buying land or adding or improving building construction.

To qualify, your business must have a tangible net worth of less than $15 million.

Merchant Cash Advance from Smart Capital Lending

Businesses that accept credit cards must have a merchant account. This means they can also, potentially, get MCAs.

A Florida small business can get up to $200,000 for each of its business locations. Application turnaround is in as little as a week. Pay no application fees, repayment schedules, or equity loss. There is no upfront collateral required.

There are no restrictions on your use of the funds. Because the advance is paid back via a percentage of your future credit payments, repayment is virtually automatic.

Smart Capital offers non-recourse terms. They also offer purchase order financing and accounts receivable financing.

Disaster Loans from the Florida Department of Economic Opportunity

The Rebuild Florida Business Loan fund retains significant funds to help businesses recover from disasters such as hurricanes. 

An Experian credit score of 650 or higher is required, with no bankruptcy within the last five years. You must provide contracts, bids, or estimates for real estate, furniture, fixtures, and equipment; and/or renovation, improvement, or construction.

You cannot use these funds to refinance existing debt without a demonstrable economic justification. 

To apply, provide at least 6 months or bank statements, the business plan, the project plan, and copies of any licenses (if applicable). You must show the project will create jobs and have insurance.

Florida Small Business Loan from Sunwise Capital

Sunwise Capital touts its loan offerings as being good for startups or existing businesses. They offer everything from invoice factoring to revolving lines of credit. Get short or long-term loans.

They offer bad credit business loans, where you do not have to have a FICO score any higher than 500. But for those loans, you will need to be in business for at least 12 months. And, the business must be bringing in at least $15,000 in monthly revenue.

The largest loans Sunwise offers can go up to $5 million. For those, you’ll need to be in business for at least 2 years.

Business Term Loan from One Florida Bank

One Florida Bank offers various term loans with amortization. There are multiple amortization options available.

They also offer real estate loans, business lines of credit, and agricultural loans. These agriculture loans are for refinancing, construction, and purchasing equipment and fixed assets.

One Florida also offers equipment financing and transportation financing. They specialize in funding trucking companies. They provide construction funding, specializing in all of the equipment necessary for street paving.

The bank also offers treasury management services, particularly to help Florida business owners avoid becoming victims of fraud. This includes making it possible for a small business to offer direct deposit. 

Check out our Credit Suite Credit Line Hybrid, where you can get up to $150,000 to help your business thrive.

Online Loan Options

Many of the providers already listed also have online options.

Credit Line Hybrid from Credit Suite

If you have good personal credit, you can get up to $150,000 via our Credit Line Hybrid program. Get 24 hour preapproval and 0% financing for 6 – 18 months—vital during times of inflation! Our Credit Line Hybrid is true ‘no doc’ financing, and even startups can get it.

Don’t have good personal credit? That’s okay. Just bring in a guarantor who does.

Contact us today to learn more about this great way to get business credit cards for your Florida small business.

Business Line of Credit from Bluevine

A line of credit is like a credit card but without plastic.

Bluevine offers commercial lines of credit for as much as $250,000. Their rates can go as low as 4.8%. Repayment terms are 26 weeks or 52 weeks. Get a decision in five minutes and, if approved, funding in only a few business days.

You will need to have a 625 FICO score or better and must be in business for at least 6 months or more. The small business must be pulling in at least $10,000 in monthly revenue. 

A Florida business must be operating or incorporated in an eligible U.S. state. Currently, 47 states are eligible for a Bluevine line of credit, which includes Florida.

Bad Credit Business Loan from Greenbox Capital

Greenbox Capital offers up to $500,000, even to small businesses with owners with poor credit. They fund all industries and do not seem to have restrictions against higher risk or vice industries.

Their business financing options for low personal credit scores include merchant cash advances, lines of credit, invoice factoring, and loans secured by collateral.

Ultimately, lending decisions and fees are determined by your business’s risk assessment and how fast you can repay the funds. 

A collateral business loan can go up to $250,000. Invoice factoring is for up to $100,000, with terms generally running from 30 to 90 days.

Cash Flow Funding from Leland Capital

Leland Capital bills itself as an alternative form of funding. They make small investments, for short amounts of time, in small companies. 

Specifically, they will invest $50,000 to $200,000 for 6 to 18 months in companies with sales of less than $5 million per year and which have fewer than 20 employees. 

Rather than lending, they purchase a percentage of your business’s future revenue. The idea is to bridge the gap between longer-term financing options like term loans and equity investments, and shorter-term ones like factoring. 

Leland Capital also offers inventory funding.

Rural Economic Development Loan or Grant from the USDA

The Rural Economic Development Loan and Grant program provides funding for rural projects via local utility organizations. USDA provides zero-interest loans to local utilities

Then these utilities, in turn, pass through to local businesses (ultimate recipients) for projects that will create and retain employment in rural areas. The ultimate recipients repay the lending utility directly. The utility is then responsible for repayment to USDA.

To be eligible, a rural area or town must have fewer than 50,000 residents. You can request up to $300,000 in grants to establish the Revolving Loan Funds.

Up to 10% of the grant funds may be applied toward operating expenses over the life of the Revolving Loan Fund. You can ask for up to $2 million for such a Florida small business loan.

Check out our Credit Suite Credit Line Hybrid, where you can get up to $150,000 to help your business thrive.

How to Qualify for a Business Loan in Florida

Have a Good Credit Score

A good FICO score (business credit and personal credit) always helps you get business financing. 

Good business credit shows lenders your business pays debts on time. Building commercial credit bolsters these assurances.

Personal credit is part of your business credit scoring from Experian and FICO SBSS. Good personal credit is valuable. Work to repair poor personal credit.

Have a Proper Business Plan

There are some aspects of small business which really ought to just be left to the professionals. The preparation of a correct and proper business plan is one of them.

A good business plan doesn’t just help you land funding. It also serves as your company’s actual plans and road map to success.

Business Revenues

Many options required a certain amount of minimum business revenues. For a small business that cannot meet these minima, securing a loan with collateral can be a viable alternative.

The idea is to provide assurance to the lender. Proven profitability—or a valuable asset they can repossess—provides such assurance.

Check out our Credit Suite Credit Line Hybrid, where you can get up to $150,000 to help your business thrive.

Are You Trying to Find the Right Lender?

Do you need some help with finding the right lender? There are a lot of choices, which can be daunting. 

Let us work with you to find the best lender in the Sunshine State, with the most cash to offer and the best terms—where you can qualify! 

Get Your Free Business Finance Assessment to Discover your Optimal Path to Improve Fundability™, Build Business Credit, and Get Business Loans

Takeaways

A small business owner seeking small business loans in the Sunshine State has several options to choose from. Work with your local small business development center for even more choices. Your Florida SBDC will have ideas.

Ultimately, your decision should be based on loan rates, fees, and terms.

Contact us today to learn how we can help you build Fundability™ and increase your odds of approval.

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