Business Loans & SBA Loans in Florida

The Sunshine State has a ballooning economy, thriving cities, and a year-long summer. Now is a great time to set up shop in Florida, and a business loan can help those work-from-the-beach dreams come true.

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Applying is free and won't impact your credit*

Types of Business Loans in Florida

Business is good in Florida. The state is focused on low corporate income taxes, and a huge variety of sectors, from high tech to tourism, are booming from Tallahassee to Key West. To support these small businesses, financiers have a ton of lending options for Floridian companies.

SBA loans

SBA loans are business loans that are partially backed by the Small Business Administration (SBA), a federal agency. These loans are serviced by private lenders, but are popular because they generally have good interest rates.

Line of credit

Use a line of credit as a flexible form of financing. Unlike with a loan, this option does not involve a big disbursement upfront that you must repay, providing a flexibility that better fits many entrepreneurs’ needs.

Term loan

Term loans are common small business loans in which you would apply for a large disbursement of capital and then repays it over several years, along with fixed or variable interest.

Equipment finance

With equipment financing, you receive a piece of equipment and then pay off the cost of the equipment in installments. This way, your business can make money off the equipment immediately, even if you don’t have the funds to buy it at the sticker price.

Accounts receivable financing

Accounts receivable financing is an alternative form of business financing in which your unpaid invoices serve as collateral for a lump disbursement of funds.

Florida Business Loan Options

Several local groups can help small businesses set up shop in the Sunshine State.

Florida Credit Union is a great funding option for small businesses. They even offer some alternative lending options, like equipment financing.

Enterprise Florida helps small and young businesses secure loans of various sizes. The State Small Business Credit Initiative and Microfinance Guarantee program expand access to small business loans through local lenders.

LiftFund is a non-profit that helps businesses located in Florida’s many metro areas find financing.

FAMU Federal Credit Union partners with the Florida Department of Economic Opportunity to provide alternate lending options to Black-owned businesses through the Black Business Loan Program.

The Florida Opportunity Fund provides investment funds to seed and early-stage startups with large growth potential.

The largest credit union headquartered in Florida, Suncoast Credit Union offers SBA loans, microloans, and equipment loans.

Four simple steps to funding.

Tell us about your business.

Answer a few simple questions and complete the application in minutes.

Submit your application.

We’ll present your application to our marketplace 75+ lenders. Applying is free and won’t impact your credit score.

Compare offers.

Find the funding option with the terms that best fit your small business goals.

Get funded.

Once you accept, funding can hit your bank account in as little as 24 hours.

Speak with a Florida representative

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FAQs

What other resources are available to Florida small businesses?

Florida’s state government and business community are very invested in helping small businesses succeed in the state, so there are a plethora of resources entrepreneurs can peruse. For example, Open My Florida Business has an excellent step-by-step guide to getting your company started in the Sunshine State. In addition, Florida has several Small Business Development Centers, which are partnered with the SBA and are a great resource for networking and finding a mentor. Along with connecting businesses with lenders, public-private partnership Enterprise Florida aims to help and even provides some funding resources to small businesses in the state.

What Florida small business grants are available?

Florida is home to several grants aimed at small businesses, especially companies that are in the tech, environmental conservation, or tourism sector, like the Florida High Tech Corridor Research Grant.To find a lengthy list of these grants, we recommend that you check out the USGrants.org page on Florida. Also, the Prospera grants are targeted specifically at Hispanic entrepreneurs in Florida. The Florida Opportunity Fund grant is broader in scope and is aimed at innovative companies in their early stages.

What do I need to qualify for a loan in Florida?

The first step toward qualifying for a Florida business loan is to officially set up your business by selecting a corporate structure (like a corporation or LLC), then registering with the Division of Corporations. In some cases, you might have to apply for a license to do business in Florida depending on your industry. Once you’re ready for business, you can apply for loans—approval will depend largely on your business plans, how long you’ve been in business, your company’s annual earnings, and your personal creditworthiness.

Which loan is right for my Florida business?

You should do your own research and compare the borrowing possibilities. Online platforms like Lendio let you explore your financing options for free and make the process easier than ever. If you run a highly seasonal business, like a fishing charter company or other operation that is highly impacted by seasonal tourism, a revolving line of credit might be a better fit than financing like term loans or startup loans.

How can a Florida business loan help my business?

A business loan in Florida can help your enterprise benefit from the state’s thriving economy and millions of annual tourists. By leveraging financing to expand your business, you can hit that next level, no matter how big your company is. Business loans can also help you weather situations where cash flows shift month-by-month, like if you run a company that largely caters to tourists or snowbirds.

Ready for funding?

See what you can qualify for on the Lendio Marketplace.

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