SBA Loans Florida

An SBA loan, otherwise known as a Small Business Administration-backed Loan, is a financing instrument that provides the funding necessary for you to afford growth opportunities, tackle new challenges, and streamline your business processes. There are many different ways entrepreneurs use SBA loans in Florida, but some of the most common include

• Equipment purchases
• Expenses, like rent and utilities
• Working capital management
• Inventory purchases
• Hiring new employees
• Launching a new marketing initiative
• Real estate acquisitions
• Refinancing mortgages
• Purchasing a new business
• Implementing new technological systems

The government backing allows lenders to offer SBA loans with some of the lowest interest rates and most favorable terms on the market, but it also makes them highly competitive. In fact, many entrepreneurs will seek out SBA loans before considering other lenders because they want to explore the best option first. With so many people applying for the same funds, lenders have no choice but to approve applications with the strongest financials, which can prevent businesses with less than favorable financial information from reaching an approval.

Banks and online lenders can offer SBA loans, but they’re not assuming all of the risk. SBA loans are “partially guaranteed” by the Small Business Administration, meaning that they take on a portion of the risk to make the deal more attractive to lenders. This approach decreases the lender’s risk and, in turn, allows them to offer more competitive rates and terms.

There’s one other challenge associated with SBA loans—the underwriting process. In some cases, it can take up to 8 months from start to finish, and that doesn’t include the applicants who are denied after waiting months to hear back. That’s why it’s so important to team up with an organization that pre-qualifies you BEFORE submitting your formal application, like National Business Capital. Our client-focused approach has streamlined the process to nearly 45 days, giving you an opportunity to cut your wait time in (more than) half.

SBA Loans are some of the most coveted financing programs in the business world, but the qualifications stand as a barrier for many entrepreneurs. The low-interest rates and favorable terms that make SBA loans so attractive also make them more competitive, as the lender has to rigorously examine each business to determine their capability of repaying the borrowed amount.

Because of this, SBA lenders uphold strict eligibility requirements across all of their lending solutions. Make sure you meet all the qualifications before you apply, too, or you can spend months waiting for a denied application.

Here are the qualifications you need to meet when you work with National Business Capital.

• 2+ Years in Business
• $100,000 in Gross Annual Sales
• 685+ Credit Score

There are a few different types of SBA loans for you to choose from, with each one having a specific purpose and unique characteristics. Here are some of the most common:

SBA 7(a)

The SBA 7(a) program is one of the most popular financing instruments leveraged by entrepreneurs in Florida. According to the SBA, it’s best for real estate acquisitions, but it can also be beneficial for:

• Short- and long-term working capital
• Refinance current business debt
• Purchase furniture, fixtures, and supplies

You can borrow up to $5 million through the 7(a) program, with repayment terms ranging from 7 to 25 years. They feature interest rates starting at the FED’s current prime rate, too.

SBA CDC/504 Loans

SBA 504 loans are used to fund the acquisition of major, fixed assets that promote job creation and support business growth. Much like the 7(a) program, you can borrow up to $5 million with an SBA 504 loan, but you’re limited in how you can use the borrowed amount. No lender will approve your application if you’re seeking to purchase something other than a major, fixed asset through this type of financing, so make sure to carefully review the eligibility requirements before submitting a formal application.

Microloans

SBA microloans are minor financing instruments designed to help you handle less expensive capital challenges. You can borrow up to $50,000 with an SBA microloan, with your repayment terms lasting up to six years from the date you began the financing.

Better Terms. Faster Funding. Easier Process.

Accelerate your success with frictionless financing and expert advice that breaks down the barriers to growth for every entrepreneur.

Thrive with access to a business lending marketplace that’s built for entrepreneurs, by entrepreneurs. Experience a time-saving machine that cuts approval times from months to hours. Leverage an extensive network of over 75 lenders and teams of expert financing advisors to ensure you’ll always have access to the capital that best fits your business.

Working with NBC, gain a financing partner for the future, ensuring your business has the capital it needs to seize every opportunity and grow without limits.

National Business Capital. Grow to Greatness.