Small business loans can help your Florida-based small business take advantage of opportunities and address cash flow challenges. If you are trying to start or try your own small business in Florida, you need to understand the loan options available to help keep your business alive and thriving.

How a loan can help your Florida small business

Florida has a thriving small business environment. Known for its beautiful climate, high workforce, and low taxes, the state of Florida continues to be one of the best places to start a business in the United States. Start a business in the United States.

In addition, thriving and thriving cities such as Jacksonville, Tampa, Orlando and Miami-Dade will continue to attract startups in a variety of industries. As a result, there are many lenders in Sunshine who want to finance their business.

Best Small Business Loan Options for Florida Businesses

Lastly, the best small business loan is the one that gets the money you need when you need it. It should be affordable and help keep the business growing. And of course, it should be one of those qualifications for you. Here are some great business loans for Florida businesses:

Small Business Administration (SBA) Loans

Most SBA loans (with the exception of SBA loans) are made by SBA-approved lenders. There are many loan schemes to choose from, but some of the most popular include 7 (a) loans with a maximum loan amount of $ 5 million, and SBA 504 CDC loans for expansion and / or equipment, including real estate. It will be held primarily by the borrower. SBA micronutrients are small loans (up to $ 50,000) available to troubled businesses. These loans come with technical support to help the business succeed so he can repay the loan.

Invoice Factoring

Does your business pay for other businesses? If so, you may be able to use billing or billing factories to get the money your business needs. In both cases, those invoices will be the primary source of competence. Some lenders may check the owner’s personal loan, but this type of loan often does not require good credit results.

Device loans

Device financing or equipment rental can help you if you want to buy or upgrade equipment in your business. And if you are the owner of the equipment, you may be able to finance it with equipment. This type of financing helps to keep your money flowing while getting the tools you need to grow.

Merchant Cash Growth

If your business is making significant credit or debit card transactions, you may be able to get a cash advance payment. With this type of financing, you will be able to grow future sales based on your previous sales history. It is not cheap, but it can be quick and easy to qualify.

Lots of massacres

Can’t qualify for traditional finance? You may be able to raise a lot of money. Reward-based fundraising allows you to earn sponsorships (such as the first version of your new product) or through your company’s investors. Massacre does not require a certain amount of time in business, income, or credit, making it an attractive source for start-up costs and business expansion. But raising a lot of money requires a big marketing campaign.

Kovid Relief Loans

Many businesses in Florida have received government loans for the cholera epidemic. Forgiveness loans are coming to an end through the Payroll Protection Program (PPP), but there are still loans through the Economic Disaster Risk Loan Program (EDL). EIDL loans have a 3.75% interest rate (2.75% for nonprofits) with a 30-year repayment period. You can apply for EIDL directly through the US Small Business Administration at SBA.gov.

Tip: Get it free Help and counseling for your Florida small business from the Florida SBCC Network. Small business development centers and other SBA resource partners, such as SBO or Women’s Business Centers, can alert you to state or local support programs such as a bridge loan program designed to help Florida businesses or other economic development loans affected by the VV-19 crisis. Get local help here in Florida.

How To Get A Small Business Loan In Florida

There are many ways to get and get a small business loan in Florida. Small business owners can apply through:

  • Bank or credit union. Loans from these financial institutions are attractive, but they require at least two years of good business and documentary loans. (You can check with local lenders to determine their requirements.
  • Credit broker. A broker will work with you to match your lenders. Brokers can vary in experience and lending network size. It is also important to understand how some people are compensated for selling high-value, high-commission lending products.
  • Online lender. Some lenders offer full or partial online application process. Online lenders usually process loans quickly, and they can usually approve the application in a matter of minutes. Eligible applicants may receive financial assistance within hours or days.
  • Lender Marketplace. Online small business loan marketplace combines the convenience of a single broker – multiple loan options – with an online lender. Provide information about your business and qualifications and then relate to a variety of loan options that are appropriate based on your qualifications.

How to choose the right loan option for your small business in Florida

Choosing the right loan option for your small business in Florida involves understanding your money, your qualifications and how much you can afford to repay the loan and how much you still use to make money.

If you want to borrow money for a short period of time (3-18 months) then consider options like A

  • Short-term credit line,
  • Business Credit Card,
  • Invoice finance or financial work,
  • Merchant or business cash advance

If you want to borrow longer, you may want to consider:

  • Time loan,
  • Equipment rental or finance,
  • Bank or SBA loan

What is the minimum credit score for a business loan?

Not all small business lenders and financiers check the owner’s personal loan, but for those who do, it usually requires at least 680 private loans. If your credit score is low, that does not mean you are lucky. Some types of financing are based on income rather than loans. And raising a lot of money doesn’t require a good loan.

How to qualify for a small business loan in Florida

Most lenders base their decision on a small business loan for one or more reasons.

  • Revenues. You need to be able to make your business financially viable and have strong revenues more comfortable with your lender’s ability to repay.
  • Credit. Your personal and / or business credit shows to lenders whether they are willing to pay for the extended financing. If you pay on time, you are more likely to pay on time.
  • Time in business. Many, but not all, lenders want to see your business last at least two years — or perhaps a post-epidemic economy.

If one of these factors is weak, the other must be strong. For example, if your personal loan is not good, but your business is strong and well-established, you will still have some financial options.

What is the easiest business loan to get?

Some online lenders will be able to approve loans within a few hours, depending on the borrower’s qualifications. Businesses with a strong income may not need high personal loans to obtain certain types of financing, such as a business venture or a billing plant. Online lenders can usually make a decision almost immediately after the lender has provided their information. And credit markets help you get loans from many lenders based on your qualifications.

This article was originally written on May 25, 2021 and has been updated on July 13, 2021.

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