Small Business Loans in Miami

Looking to secure financing for your small business? Find out which loan options are available in Magic City and which will best meet your needs.

$
Applying is free and won't impact your credit*

Types of business loans in Miami.

When you shop around for small business loans in Miami, you’ll find countless options at your disposal. Below, we’ll go over several of the most popular financing solutions that you might want to consider.

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.

Miami business loan options.

Several local organizations provide small business funding resources in Miami.

The RISE Miami-Dade Small Business Loan may be an option if you run your business in Miami-Dade County, have been around for at least two years, earn gross sales of less than $5 million, and employ 50 or fewer employees and independent contractors.

You can also secure funding through the Miami Bayside Foundation, which offers a few loans for minority-owned and black businesses in the area.

In addition, the South Florida Regional Planning Council Revolving Loan Fund distributes loans ranging from $50,000 to $300,000 for small to medium-sized businesses who hope to grow.

Greenbox Capital offers a variety of funding options from $3,000 up to $500,000 to small businesses in Miami.

Miami Open for Business offers the Asset Building Loan for Entrepreneurs (ABLE) to provide low-interest financing to Black, Latino, LGBTQ+, veteran, and/or disabled-owned businesses in Miami.

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 Miami representative

No items found.

Read experiences from Miami business owners.

Fashion
Manufacturing

Flat Out Heels

July 31, 2014
—
2 min read

Lendio, the online leader* in helping business owners secure financing, is helping an up-and-coming shoe manufacturer sell more shoes.

Just one of the thousands of small business owners helped by Lendio each month, Dawn Dickson, founder of Flat Out of Heels turned to Lendio for a business loan to meet customer demand for her fashionable flats. Featured on TV programs that include CNBC, Bravo, and Real Housewives of Atlanta, Flat Out of Heels experienced a lift in demand that required an influx of capital to ramp up production.

At the recommendation of a friend, Dickson contacted Lendio to get the financing she needed. “I was really impressed with how fast it all happened,” said Dickson. “The folks at Lendio asked me a few simple questions about my business and I was very surprised when three days later I had the small business loan I needed.”

Flat Out of Heels began shortly after founder, Dawn Dickson, tried to find some fashionable flats after being on her feet in six-inch heels for several hours at an event in South Beach, Miami. When she couldn’t find anything to help give her feet a rest, she set out to create a fashionable, durable, and comfortable shoe that was durable enough for everyday wear and would roll up so it could be easily purchased from a vending machine.

Lendio is a free online service that helps businesses find the right type of loan within minutes.  Lendio works with small business owners across the country to help them find the financing necessary to grow their businesses and succeed.

“I have never worked with anyone who did their job so efficiently,” said Dickson. “If you need to access capital quickly, Lendio can have you qualified in a day and have you financed in just a few more. I would definitely recommend them and would use them again.”

For more information on the company or to complete an application visitwww.lendio.com.

Additional Resources:

Read the success story

Twitter

YouTube

The Business Fuel Blog

Facebook

*Based on volume of monthly visitors reported by Compete.com.

FAQs

What other resources are available to Miami small businesses?

Miami-Dade SCORE partners with the SBA to provide several services to small business owners in Miami, such as free counseling services and low cost workshops on a variety of business topics like marketing, payroll, and taxes. The Greater Miami Chamber of Commerce is worth exploring if you’re looking to network with other entrepreneurs and small businesses in the area. Another great resource is the Neighbors and Neighbors Association, which was founded to support “mom and pop” businesses in Miami-Dade County.

What Miami small business grants are available?

The Smart Biz Micro Grantwas designed to help small businesses invest in better hardware and software so they can expand their reach. If you have no more than 10 employees and are not part of a franchise or national chain, you might be eligible. Another local grant is the North Miami Regular Business Stabilization Grant, which is intended for North Miami small businesses who wish to pay for inventory, supplies, and services to reduce the economic impact caused by the pandemic.

How do I use a Miami small business loan?

A Miami small business loan can be used for just about any business-related expense. You may take out a line of credit, for example, to pay for seasonal inventory. Or you might get a term loan or SBA loan to pay for commercial real estate or startup costs. If you don’t have unlimited cash on hand, Miami business loans are invaluable.

What do I need to qualify for a Miami business loan?

Before you take out a Miami business loan, decide on a legal structure for your business, such as a sole proprietorship, corporation, or LLC. Then choose an available name and apply for a name certification. You may also be required to obtain permits or licenses. Don’t forget a Business Tax Receipt (Occupational License), a Certificate of Use, and EIN number from the IRS. Once you follow these steps, you’ll be ready to apply for a loan. Remember that loan requirements vary from lender to lender, but typically involve a certain credit score and annual revenue threshold.

Ready for funding?

See what you can qualify for on the Lendio Marketplace.

Apply
Contact
This is some text inside of a div block.
This is some text inside of a div block.
This is some text inside of a div block.

Heading 1

Heading 2

Heading 3

Heading 4

Heading 5
Heading 6

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur.

Block quote

Ordered list

  1. Item 1
  2. Item 2
  3. Item 3

Unordered list

  • Item A
  • Item B
  • Item C

Text link

Bold text

Emphasis

Superscript

Subscript

Text Link
Lendio
1
Text Link
Locations
2
Text Link
Miami
3