Small Business Loans In Florida
Before the Great Recession, Florida wasn’t a significant center for entrepreneurship. After the state got walloped with job losses in that crisis, though, priorities changed. Now, Florida ranks 11th in the nation in venture funding. Overall, the state attracted just under $200 million in investment or 1% of the national total.
The business climate in Sunshine State has improved considerably in the 2010s. However, it still has a way to go. If an SME can’t secure angel funding, they ought to have easy access to small business loans in Florida.
Thankfully, there is a growing number of qualified business lenders in Florida. In this guide, we list the ones who specialize in Floridan small businesses. Every one of them is authorized to lend to small businesses by state authorities. They deal with applications quickly and are transparent in everything they do. Best of all, they boast higher acceptance rates than the banks.
Whether you’re looking for small business loans in Miami Florida, or Tampa Bay, they are ready to help you.
Best 3 Lenders in Florida
- No Origination, Maintenance or Termination Fees
- Borrower Qualifications are Relatively Relaxed
- Good for Newly Established Companies
- Multiple Avenues of Customer Support
- Low Credit Score Requirements
- Cash Available The Next Day
- Cash Available Within 24 hours
- Great For Young Businesses
- Min Credit Score of 600 Needed
- Prompt Customer Service
- Easy Application Process
- Transparent Advertising
- No Credit Checks
- Same-Day Approvals
- Flexible Eligibility Terms
- No Application Fees
- Loan Amount: Up to $200,000
- BBB Rating: A+
Additional Business Loan Options in Florida
On top of our list presenting the best business loans for small businesses in Florida, which is focused on online, quick, lending for the most part, there are also local business lenders and business loan brokers available in Florida. Read our short reviews below:
Funding Ape (fundingape.com) is a business loan broker and real estate network. As per their website, Funding Ape works with real estate inverters, home businesses, commercial builders, and land developers. The company offers business funding for MCA consolidation, SBA loans, merchant cash advance, equipment funding, and other specialized real estate programs. The company is headquartered in Florida, United States.
Florida First Capital (ffcfc.com) is a loan company that was established in 1983. Florida First Capital offers multiple loans for commercial real estate, commercial debt refinancing, green efficiency loans, SBA loans, and the Florida recycling loan program. Their company headquartered is in Tallahassee, Florida.
Ameritech & Associates (ameritechassociates.com) is a full brokerage and financial advisory network. The broker advertises more than 56 years of combined experience and offers business advisory, selling of a business, and business funding services. As per their website, Ameritech & Associates originated $400m while comprising more than one thousand loans like SBA loans, lines of credit or term loans.
Florida Business Development Corporation (fbdc.net) is a non-profit and certified development company, established in 1989. According to their website, Florida Business Development Corporation has helped businesses with over $29m in direct lending approved with over $220m in grants and loans. The company offers SBA loans, loan refinancing, and machinery and equipment financing.
Business Financial Consulting (bfcfinance.us) is a business loan company that offers multiple heavy equipment financing loans. The company offers heavy machinery loans such as commercial equipment financing, business equipment loans, and construction equipment financing. The headquartered is located in Miami, Florida.
Business Loan Solutions (blsfunds.com) is a business lending company located in Tampa, Florida. According to their website, the company loan programs are starting from $500,000 and go up to $50m. It offers loans like lines of credit and other non-traditional/alternate lending, but also services like credit enhancement strategies, equity investing, and wealth generation.
Greenbox Capital (greenboxcapital.com) is a loan broker network with over 10 years of experience. As per their website, the company offers loans from a minimum of $3,000 up to $500,000. Greenbox Capital company offers various loan services such as invoice factoring, merchant cash advances, credit lines, alternative small business loans, and collateral business loans. The headquartered of the company is located in Miami, Florida.
Globelend Capital (globelend.com) is a loan broker business network based in Miami, Florida. Globelend Capital offers multiple business loans with a hassle-free experience. According to their website, the company provides minimum business loans from $25,000 up to $1m. The company offers different loan programs like a line of credit, SBA loans, working capital loans, and term loans.
JemBiz (jembiz.com) is a commercial loan solutions network, which is located in Orlando, Florida. The JemBiz company offers various programs for commercial loans, short-term loans, lender consulting, and SBA loans. According to their website, the company has the fastest financing for those needing up to $150,000 and provides funding only in 1-3 days.
Alternative Funding Group (altfunding.com) is a lending network which is located in Lauderdale, Florida. As per their website, the company offers multiple funding programs for equipment financing, invoice factoring, real estate funding, SBA loans, and merchant cash advance. The company has financed more than $290b for SMEs across the USA.
Florida Small Business At A Glance
Florida is more than just a sunshine destination. Its annual GDP, which now clocks in at over $1 trillion, makes the state one of America’s biggest economies. That figure, which makes Florida America’s fourth-largest, comprises just over 5% of the USA’s total output. If Florida were a country, it would surpass economies like the Netherlands, Turkey, and Switzerland on the world stage.
Florida, as you might imagine, has one of America’s biggest tourism industries. However, it also has substantial real estate, agriculture, and phosphate mining sectors. Miami, the state’s largest city, is a finance leader not just in the Southeast, but for much of Latin America as well. Its tourism and real estate businesses, buoyed by Latin American investors and snowbirds, thrive. Spanish language media companies are also clustered in the Greater Miami area.
Orlando and Tampa Bay both have strong tourism sectors. However, they also have robust aerospace, defense, and technology clusters. Up north, Jacksonville has significant groups of logistics, defense, and finance businesses. In rural areas, agriculture and phosphate mining are the mainstay industries.
Small businesses in Florida make up 99.8% of all firms. These enterprises make up an overwhelming majority of firms in the state. Because of this, ensuring access to small business loans Florida is of paramount importance.
Fortunately, plenty of business loan brokers Florida have been equal to the task. Were it not for them, the Sunshine State would likely not be as prosperous as it is today.
Why Do Entrepreneurs Need Small Business Loans In Florida?
Small enterprises are tremendously important to the continued success of the Floridian economy. However, these businesses do face unique challenges. Firstly, rent can be extraordinarily expensive in some places. While much of this state can be affordable, in South Florida, it’s an entirely different story.
Secondly, the nature of Florida’s economy makes it uniquely vulnerable to economic shocks. Tourism is a dominant sector, and long-term tourism makes up a significant chunk. Mich of the real estate industry depends on the success of tourism. However, when recessions hit, travel is one of the first things to get cut from people’s budgets.
Both of these challenges means that Florida small businesses can experience sudden financial hardship. As a result, your average Business loan broker Florida does well in bad times as well as good. When SMEs miss bill payments, brokers that offer commercial loans Florida for bad credit get really busy.
When everything is going well, though, small business funding Florida is just as vital. When an Airbnb investor experiences unprecedented demand for their units, they may want to increase their holdings. Business financing Florida is robust enough to provide extra capital to these entrepreneurs.
No matter the need for funds, Floridian business owners need access to trusted, efficient business lenders in Florida. The ones we suggest in this guide approve more applications than the banks. Not only that, but they can also get you your money in under 24 hours.
Grants & SBA Lenders Available To Florida Small Businesses
Without small businesses, Florida would not be as steady and strong as it is right now. The state government realizes this – that’s why they offer grants and other forms of financial assistance. Below, we’ll list just a few of the initiatives that could help your enterprise get started.
- The Matching Grants Research Program is an initiative led by the Florida High Tech Corridor and three state universities. Startups looking to conduct research can apply for matching funds in amounts between $10,000 to $150,000. Applicants must provide proof of matching capital, and must work with the University of Florida, the University of Central Florida, or the University of South Florida.
- The Palm Beach County Job Growth Incentive Grant is offering grants to businesses who start or relocate their operations to Palm Beach County. Dispersed funds are meant to help with costs such as relocation, construction, environmental compliance, and others. Applicants must demonstrate an intent to create 50 positions with salaries above the county average.
- The Qualified Target Industry Tax Refund (QTI) provides tax refunds of up to 20% off local taxes to SMEs that create well-paying jobs in targeted industries. Florida offers this grant to businesses that create ten or more positions paid at 115% of the local metro area. Successful applicants will receive tax credits of up to $6,000 per job created.
- The Target Sector Trade Show Grant allows applicants to save on trade show expenses abroad. Companies in target sectors that employees less than 500 people can apply to have 75% of booth expense reimbursed. While there is a cap of $7,500, this program is invaluable to those looking to grow their export business.
Are you looking for a loan instead? Only seek out small business loans in Florida through approved SBA lenders. The federal government backs small Business Administration loans. This fact reduces the risk for business lenders in Florida, so they are more likely to offer flexible terms.
Here are just a few business lenders in Florida that issue SBA loans:
- TD Bank
- Wells Fargo
- JPMorgan Chase
- First Home Bank
- Seacoast National Bank
In the past, Florida had depended on its massive tourist industry to power its economy. However, as 2020 dawned, it was clear things were changing. Florida is poised to top the nation in growth this year. But, it appears it will do so with professional services, mining, and construction leading the way.
To make this happen, though, its 2.5 million SMEs will need all the support they can get. If they can get easy access to small business grants Florida, the future looks bright. If you need cash for growth, check out one of the lenders at the top of this guide.