Critical pieces of information you can use to find an outstanding small business loan in Florida

by Anand Bailey Dec 07, 2022

Table of Contents

1. Small business loan providers
2. Tampa Bay Black Business Investment Corp.
3. South Florida Funding Group
4. Enterprise Florida
5. Florida Credit Union
6. Smart Capital Lending
7. Sunwise Capital
8. One Florida Bank
9. Online loans
10. Blueline
11. Greenbox Capital
12. Leland Capital
13. USDA
14. Qualifying for a Florida business loan
15. Conclusion

Identifying suitable small business loans in USA, or Florida in particular can take a lot of work. Thankfully, it's possible to obtain funding from offline, online lenders, and the state itself. Here are some ideas to keep in mind if you're looking for the right small business loan providers in Florida.

Small business loan providers

Tampa Bay Black Business Investment Corp.

If you want a significant working capital loan to fund and grow your business, then Tampa Bay Black Business Investment Corp can be a great option. At first, the company was established to assist African American entrepreneurs. Nowadays, the company works with any entrepreneur, regardless of their ethnicity. They provide outstanding business loans for startups, including a contractor loan and a direct loan that goes up to $50000. It can even go beyond that number under exceptional circumstances.

Additionally, the procurement loan program they offer is beneficial. It can work in a similar way to cash flow financing. It's one of the few programs where more than 51% of business owner needs to be African American. Tampa Bay Black Business Investment Corp also works with area-affiliated banks and offers small business loan guarantees. If you could not qualify beforehand, BBIC could provide you with better rates.

South Florida Funding Group

South Florida Funding Group is another solid option since it gives commercial real estate loans. These can go up to $50 million. However, you must have a FICO score equal to or over 700 to qualify. Your business also needs to be at least one year old. You can apply with a Tri merge credit report and a loan supplement form. The repayment time varies from 5-7 years for hybrid business loans, which can go up to 30 years for a fixed loan.

Enterprise Florida

Enterprise Florida has a microfinance guarantee program that helps minority and small businesses. Qualifying businesses must have an annual gross revenue of $1.5 million over the past two years. The business can't have over 25 employees. You can receive a business loan of up to $250000 and a 50% guarantee.

Florida Credit Union

Florida Credit Union has a business loan for startups. They specifically cover SBA 504 loans. These loans are long-term, they have a fixed rate, and you can get up to $5 million, according to the SBA. However, you have acceptable uses, like improving construction or buying land for your business. Applicant companies need to have a net worth of over $15 million.

Smart Capital Lending

Smart Capital Lending has a merchant cash advance that offers up to $200000 for any small business. You don't have to pay application fees, and those funds have no restrictions. Smart Capital Lending has accounts receivable and also purchase order financing.

Sunwise Capital

Sunwise Capital offers startup funding for small businesses, revolving lines of credit, invoice factoring, and various other loans. The company also has bad credit loans for those with a FICO score under 500. The restriction is that your business has to be at least one year old, bringing $15k in revenue every month.

One Florida Bank

Thanks to One Florida Bank, you can access a business term loan with different term options available. You can obtain transportation or equipment financing, real estate, agricultural loans, or a business line of credit. 

Online loans

Wealth Builders 365

Wealth Builders 365 offers many creative financing programs including a credit line hybrid which brings up to $150,000. You will have 0% financing for up to 1.5 years and a 24-hour pre-approval. The credit line hyrid can also be use as start up funding for small business. They can work with you even if your credit score could be better.

Blueline

With help from Blueline, you can obtain a business credit line of up to $250000. Their rate is around 4.8% or more, depending on your chosen loan. Their repayment terms will be anywhere from 26 to 52 weeks. Blueline will offer a decision in just 5 minutes. To quality, you need to be in business for at least 6 months, your company has to bring in upwards of $10k a month, and the FICO score should be over 625.

Greenbox Capital

Greenbox Capital has an exceptional bad credit business loan, which offers up to $500000 to businesses. They also provide invoice factoring and a collateral business loan depending on your needs. Fees and lending decisions will vary based on the risk assessment of every business.

Leland Capital

Leland Capital gives a cash flow funding system which makes them small investors. They will invest up to $200000 in a company with sales under $5 million a year and less than 20 employees. Depending on the deal, they might purchase a portion of the company's future revenue. Aside from that, you can also obtain inventory funding from them.

USDA

The USDA may be the best business funding in the USA and can help you with a rural economic development program. If you're a local business that wants to generate and retain employment in rural areas, you can obtain up to $300000 in grants. It's valid for locations that have up to 50000 residents.  

Qualifying for a Florida business loan

• One of the most important things to consider when you apply for a business loan is your FICO score. You always want to ensure that you maintain a high credit score. Pay your debt in time and establish good commercial credit. If you have poor personal credit, it's essential to repair that.
• Establish a great business plan. If you want to show lenders that your business has potential and stands out, then a business plan can help you do that. Aside from generating funds, it can also show your company's roadmap and plan for the long term. In doing so, you will find it easier to generate leads and customers while also having adequate guidelines for the future of your business.
• Many lenders usually require a specific business revenue or a minimal amount earned every month/year. It is an assurance for them since no lender will invest in a business that's bleeding money. Showing the lender guarantees and proof that your business can offer help and support is extremely important. If you have a profitable business and there are few risks, you will have an excellent result.

Conclusion

One of the main advantages of finding small business loans in USA is that many options exist. Florida, in particular, has many lenders that can help with exceptional, high-quality lending programs. It's possible to find an excellent lending program for any industry; it's all a matter of finding the right option to suit your needs.

You can browse multiple lenders and their loans and check their terms, fees, or rates. Once you know all that vital information, you will find it much easier to identify the right lender to suit your needs and requirements.

Take your time choosing the first lender in your way. Instead, it's better to assess any lender and ensure that you have access to a professional lending system. Also, check all the terms before signing up for the best business funding in the USA. You want to know what's expected from your side so that you can prevent any possible problems in the long term!