Small Business Loans Florida

Florida’s economy is highly competitive, making it increasingly difficult for new entrepreneurs to get their foot in the door. Even businesses that have operated for decades find it difficult to compete, but with the help of a small business loan, you can keep up with the rest of your industry.

You can use the funding from your loan for various purposes, like managing your working capital, kickstarting a new marketing campaign, purchasing equipment, or updating your business to the latest technological standard.

Most importantly, you can use your financing to give yourself a moment to take a look at your business from all angles and position yourself toward sustainable growth.

The price you’ll pay on your financing will determine how beneficial it is for you. If the terms of your loan are less than favorable, you’ll be more focused on paying back the financing than on growing your business, potentially leaving you in a worse position than when you started.

You should make sure to speak with your lender about all aspects of your financing and, if it won’t work for your situation, find another lender to finance your growth.

The minimum requirements for getting small business loans in Florida will vary by lender, who will need to review your business’s financial information before approving you. They’ll evaluate your credit score, time in business, and annual revenue most closely, but they might also ask for other documentation, such as a detailed plan of how you intend to use the borrowed funds.

At a minimum, you’ll need at least one year in business, $500k in annual revenue, and a 580 credit score. Your chances of securing favorable rates and terms only increase as your business’s financial information improves, so it might be worthwhile to proactively strengthen aspects of your business before applying for financing.

However, some businesses might not have the time to proactively strengthen their business; They need funding fast. In these cases, it’s best to speak with a variety of lenders to ensure you’re getting the best deal possible, and you can streamline your search by teaming up with a marketplace of lenders, like National Business Capital.

You can take a couple of different approaches to secure a small business loan in Florida. For starters, it helps to break things down by the type of lenders you can work with, i.e., banks, credit unions, and online lenders.

Banks and credit unions are best known for competitive interest rates. However, they also have strict requirements and low approval rates that can exclude many businesses from funding. You’ll need good credit and at least two years of business history – and even then, there’s no guarantee you’ll get approved.

Online lenders offer many of the same types of business loans as traditional banks and credit unions. They also maintain a larger diversity of lending products, and, most significantly, they are much more flexible when it comes to requirements and boast higher approval rates. The downside is that loans from online lenders feature higher interest rates on average.

Top Options for Small Business Loans

There are a number of government-sponsored small business loan programs in Florida. These programs can be a great low-cost financing option to help you launch or grow your company.

• Enterprise Florida Microfinance Guarantee Program: This program is offered by Enterprise Florida, Inc., a state organization focused on supporting local entrepreneurship. You can access business loans up to $250,000 with a guarantee of up to 50% of the loan amount. To qualify, you’ll need to have no more than 25 employees, as well as an average annual revenue of $1.5 million or less for the past two years.
• Florida Small Business Loan Support Program:  In collaboration with Enterprise Florida, Inc, the Florida Small Business Loan Support Program allows businesses to access larger loans, up to $5 million in value. Repayments can be spread out for as long as five years. However, small businesses must have no more than 750 employees to qualify.
• Florida Black Business Loan Program: One of the top financing programs in the state for providing business loans to black entrepreneurs. This business loan program offers between $2,500 to $75,000 in funding. In order to qualify, your business must be at least 51% owned by a black entrepreneur.

There are different types of small business loans in Florida, including term loans, business lines of credit, SBA loans, and alternative loans.

Every owner wants to grow their business, but doing so requires money.

The only ways you can grow your business are by reinvesting profits, raising equity, or using small business loans (or another business financing option).

At first glance, reinvesting your profits is the cheapest option. But with working capital covering every cost, it can take years for you to reach your goal.

Term Loans

You can think of term loans as your standard business loan. They feature a lump-sum payment broken down into regular installments for the duration of the term. The great thing about term loans is that they allow you to make large investments/purchases and pay down your debt while your business generates income. 

Term length

Can be short-term or long-term – less than one year or up to 25 years

Interest rates

Starting at the prime rate to 6%

Can be used for

Operation expenses, real estate purchases, equipment or technology purchases, inventory purchases, upgrades or renovations, debt refinancing, business acquisitions, expansion efforts, employee payroll, and more.

Ideal for

One-off investments, when you know exactly how much a project will cost, long-term financing 

Business Line of Credit

Business lines of credit involve a maximum credit limit you can draw from as you need. You’re able to access the same funds you withdrew as soon as you pay down your balance, as long as the amount you draw is less than the maximum limit.

If this setup sounds similar to a credit card, that’s because the two are structured very similarly. The main differences are that business lines of credit feature higher funding amounts – some reaching $25 million – and you can draw physical cash.

Term length

Revolving

Interest rates

Starting at the prime rate to 6%

Can be used for

Working capital needs, equipment purchases, inventory purchases, upgrades and renovations, paying employees, emergency expenses, and growth opportunities. 

Ideal for

Ongoing purchases or investments, when you don’t know the final cost of a project, long-term financing

SBA Loans

Small Business Administration (SBA) loans are government-backed loans with some of the lowest rates. They are highly sought-after because of their affordable, flexible nature. You can find SBA loans in Florida through approved participating lenders, typically banks and online lenders.

Term length

Can be short-term or long-term – less than one year or up to 25 years

Interest rates

SBA loans typically come with the lowest interest rates on the market

Can be used for

Operation expenses, real estate purchases, equipment or technology purchases, inventory purchases, upgrades or renovations, debt refinancing, business acquisitions, expansion efforts, employee payroll, and more.

Ideal for

Borrowers with good credit, borrowers looking for the most affordable options

Alternative Financing

Alternative financing helps fill the gap where traditional business lending products fall short. It’s more accessible and tends to have greater flexibility overall when it comes to small business loans in Florida. Common alternative loans include merchant cash advances, accounts receivable financing, and purchase order financing.

Merchant cash advances allow retailers to get an advance on their future sales. While accounts receivable financing and purchase order financing can help turn outstanding invoices into immediate cash. However, the immediate money comes at a price – typically 5% to 15% of the total incoming invoices – which might not be beneficial for some organizations.

Term length

Generally short-term – no more than two years

Interest rates

 Alternative loans tend to feature some of the highest interest rates in the market

Can be used for

Immediate cash needs, unexpected expenses, operating costs, employee payroll, inventory purchases, and marketing initiatives.

Ideal for

Borrowers who need liquidity fast, borrowers with limited credit history, and those who need short-term financing

National Business Capital’s streamlined process helps entrepreneurs go from application to funding within days—not weeks—like with traditional lenders.

We’ve finely tuned our process to favor the client, and our reliance on top-of-the-line technology helps us do just that. Not only that, but while we remain a leader in the Fintech industry, our clients agree that it’s our personalized service that sets us apart from the crowd.

When you apply with National, you’re connected with an experienced Business Finance Advisor promptly. They’ll go over your application, ask questions to learn more about your business, then get to work on finding a funding solution to your challenges.

We do the heavy lifting for you, searching through our marketplace of 75+ lenders, and come back to you with competitive options you can use to finance your growth.

We’re there for you before, during, and after the deal, establishing a relationship you can leverage for future capital needs. We’ve helped thousands of business owners since our inception in 2007 and secured $2 billion through 20,000+ transactions, with 1,700+ 5-Star reviews on TrustPilot to prove it. 

Don’t waste your time researching lenders on your own. Instead, streamline your search for competitive financing options with National and get back to what matters most—your business.

Looking for small business loans in Florida but not sure where to start? At National Business Capital, we can connect you with numerous lenders for personalized financing solutions through a single application.

You read that correctly; You don’t have to waste time by filling out multiple applications to lenders.

All you need to do is compare different offers and select the best fit – based on the interest rates, terms, or funding amounts that work for you. Our team is here to advise you throughout the process, combining years of industry knowledge and decades of experience with business financing to ensure you’re able to grow to greatness.