Florida Small Business Loans  

Florida is a bustling state with many successful industries, including tourism, clean technology, aviation, and aerospace. With over 3 million small businesses, Florida thrives off small businesses. In fact, in 2023 alone, more than 158,000 new small businesses have formed in Florida, which is more than any other state in the nation. Florida is poised for expansive growth with small businesses at the forefront and bringing prosperity to their communities.

Construction: With a booming real estate market, the construction industry in Florida must keep up with demand. Project costs such as materials, labor, and equipment can be expensive.

Healthcare: Private medical practices bring essential healthcare services to towns and cities across Florida. Medical professionals know that in order to provide the best care, they need to keep up with hiring the best staff and staying on top of medical advancements.

Agriculture: With 42% of the nation’s oranges coming from Florida, agriculture is a booming industry. Farmers need funds to maintain crops, purchase new equipment, and hire seasonal workers.

Information technology: Florida boasts a robust information technology industry, which includes nearly 33,000 companies. Information technology is needed in almost every other industry today, providing a backbone for our society. Today, IT businesses need to stay on top of trends and best practices and invest in hardware and software to meet their needs.

Florida is ripe with opportunity and with the right financing, your business could reach its potential and more. Businesses may need access to financing for many reasons – whether it’s to expand operations or cover unexpected costs. There are loan types available to suit any kind of business need and goal. Here are the most popular loan types business owners use:

Short-term business loan: Many Florida businesses may find themselves needing capital temporarily, whether to purchase more inventory during a growth period or cover unexpected expenses. A short-term business loan helps businesses invest in the immediate future and bridge any gaps in cash flow.

Working capital business loan: Florida businesses rely on working capital to pay wages, utility costs, and other business expenses that maintain daily operations. If your business doesn’t have enough working capital, then this loan type provides relief to help make those important business payments.

Equipment financing: Equipment can be expensive when it breaks unexpectedly, or you need to upgrade to stay on top of changing technology. An equipment loan helps offset those costs and most equipment qualifies, whether new or pre-owned.

Florida business owners have many options when it comes to financing, from loan types to lender types. It’s important to find the right lender to partner with depending on your business’s needs and goals. Two common lenders you’ll see are the Small Business Administration (SBA) and alternative lenders – each with their own set of advantages and disadvantages.

Small Business Administration (SBA)

The SBA is a government-backed institution that generally provides support to small businesses nationwide. It offers a variety of loan types, including 7(a) loans, microloans, and CDC/504 loans. These loans are typically offered at a lower interest rate with longer repayment terms, but also commonly have extensive applications and a turnaround time of several months.

Alternative financing

Our lending partners offer a popular financing solution for small businesses in Florida. Alternative lenders typically offer smaller amounts and shorter repayment terms compared to the SBA, but their streamlined application process and less stringent qualifications make it much easier to get approved by an alternative lender. Our SmallBusinessLoans partners make it easy for Florida small businesses to quickly receive the capital they need.

Grants for small businesses in Florida

Grants are available for minority-owned or disadvantaged businesses in Florida. The Florida Department of Economic Opportunity (DEO) promotes economic prosperity for newly established or growing small businesses by providing access to capital or business management training. The DEO provides loans and grants to qualifying small businesses.

Qualifying for a loan with an alternative lender is achievable for many small businesses. Working with a trusted, reliable lender – like our partners – ensures the application process will be hassle-free. Our partners typically require:

• At least six months in business
• Minimum $250,000 in annual gross sales (or $21,000/month)
• Fair to excellent credit

Getting financing for your business doesn’t have to be complicated or stressful. In fact, our partners are known for their stress-free and simple application process. No matter your industry or small business goals, securing financing for your business is easy once you understand the application process. Once you understand the process and know what to expect, you’ll realize how manageable it can be. Here we outline the basic steps to get a loan:

• What are your financial needs? What financing can you afford? Once you have answers to these questions, then you can find out what you may qualify for. Most alternative lenders we partner with require a business to be in operation for at least six months and a minimum of $250,000 in annual sales.
• An alternative lender application is often fast and simple. You’ll typically need to provide bank statements and both personal and business credit scores.
• Then the lender will review your application, credit history, and any other qualifications. SmallBusinessLoans pairs you with lenders who quickly review and respond to applications.
• The lender then determines the loan amount, interest rate, and repayment terms. If you accept the terms, the funds are then transferred to your business – often in as little as 24 hours.¹
• Lastly, you’ll repay the loan according to the agreement between you and the lender.

We pride ourselves on making financing easy and accessible for small businesses. We know small business owners are often short on time and resources, so we sourced trusted lenders to match you with, based on your needs and goals. SmallBusinessLoans takes the stress of researching lenders out of the equation, so you can quickly find a highly-rated lender and unlock financing for your business even faster. Discover how your business can get up to $500,000 in as little as 24 hours.¹