Florida has been dubbed the top state in the country for entrepreneurs. However, sustaining a business sometimes requires extra capital. A small business loan is a type of financing designed for business purposes rather than personal use.
The business receives a one-time lump sum of money and then starts making regular payments based on the terms of the loan agreement. This could be daily, weekly, or monthly payments that are often auto-debited from your business checking account.
Keep the entrepreneurial dream alive by exploring options for small business loans in Florida from national and local lenders.
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Where to find small business loans in Florida
Formulating the necessary capital to fund a small business can be challenging, especially considering the unique economic climate in Florida. However, various financial companies have tailored their services to meet the specific needs of small enterprises within this region.
Here’s a rundown of eight of the best small business loans available to Floridians. Click the lender’s name in the table to jump to more details about its small business loans in the Sunshine State—or keep reading to find out more about all eight lenders.
| Lender | Biggest benefit |
| New Silver | Repeat customers can get reduced rates and fees |
| Bluevine | No fees for opening, maintaining, prepayment, or account closure |
| Kapitus | Approval in 4 hours, funding in 24 hours |
| OnDeck | 10-minute application with $300 cash back |
| Funding Circle | Funding in 48 hours |
| Florida Credit Union | Secured and unsecured lines of credit available |
| Florida Small Business Emergency Bridge Loan Program | Zero interest |
| Rebuild Florida Business Loan Fund | Loans up to $2.5 million |
New Silver
- Specializes in loans for real estate investors
- Offers fix-and-flip loans, rental loans, and ground up construction loans
- No income verification required
Founded by flippers, New Silver understands the unique requirements of the real estate market in Florida. It offers specialized loans for real estate investors that are simple, quick, and hassle-free. The company thrives on its ability to customize options to match the needs of fledgling property flippers.
Bluevine
- Provides lines of credit
- Offers invoice factoring services
- Quick online application process
Bluevine cuts through the red tape and makes securing loans smoother for small businesses. It offers lines of credit and invoice factoring services, among other solutions, with a simple online application procedure. BlueVine’s services stand out for their convenience and quick approval and disbursement process.
Kapitus
- Provides access to multiple finance products
- Wide range of loan amounts
- Tailors loan packages to suit business needs
Kapitus is recognized for its flexible and diverse portfolio of financial products designed to cater to all types of business needs in Florida. From equipment financing to lines of credit and financing for women, Kapitus offers a broad array of solutions to meet the diverse needs of your small business.
OnDeck
- Excellent customer service
- Transparent rates and terms
- Tailored loan solutions
OnDeck has garnered a reputation for its reliable support and tailored loan packages. The company’s transparent rates and terms make it a secure choice for many small businesses. OnDeck is committed to understanding its customers’ needs and crafting loan solutions to match them.
Funding Circle
- Known for low interest rates
- Flexible repayment terms
- Provides peer-to-peer lending
Funding Circle’s peer-to-peer lending has made it a favorite among small businesses. With its low-interest rates and flexible repayment terms, Funding Circle provides impressive and fair financial solutions. Its innovative system allows businesses to get funding from investors.
Florida Credit Union
- Nonprofit lender
- Provides loans with competitive rates
- Offers tailored loan packages
Florida Credit Union, a nonprofit lender, offers competitive rates on its credit products to support small businesses. As a community-focused institution, it aims to provide financially sound options and tailored loan packages to suit the requirements and constraints of small businesses.
Florida Small Business Emergency Bridge Loan Program
- Disaster-related loan program
- Short-term, interest-free loans available
- Quick disbursement
The Florida Small Business Emergency Bridge Loan Program steps in to help businesses get back on their feet after disasters. Its interest-free short-term loan provides quick cash infusions to help businesses rebound from crises.
Rebuild Florida Business Loan Fund
- Provides loans for infrastructure and job creation
- Offers loans for disaster recovery
- Affordable repayment terms
An initiative to support infrastructure and job creation, the Rebuild Florida Business Loan Fund provides funds to businesses in areas affected by recent disasters. It offers favorable repayment terms and is an effective option for businesses looking to rebuild post-crisis.
What to know about Florida small business loans
Applying for a small business loan in Florida is no different than in any other part of the country. Each lender has its own set of eligibility criteria, which can include reviewing annual revenue, financial statements, time in business, and personal or business credit scores.
SBA loans are also available for small businesses in Florida. While backed by the federal government, these loans are available through individual lenders that follow SBA underwriting guidelines. Types of SBA loans include:
- 7(a) loans: Designed for a variety of purposes.
- 504 loans: Used to purchase or improve assets such as real estate, equipment, or machinery.
- Microloans: Made for startups and small businesses to finance up to $50,000
Many online business lenders have a faster application and funding process than SBA programs. Loan amounts are smaller, but eligibility requirements may also be less complex. Plus, you may not need a down payment when using the funds to purchase assets or inventory.
Our expert recommends
Prior to acquiring any type of loan or opening up a line of credit, an entrepreneur must ask themselves what the purpose of that financing is and whether it will be the best source of funding for their project or investment. How much funding do you need up front? Can you get multiple loans at different times for when the cash flow is needed? With the rising cost of financing due to interest rates, entrepreneurs must balance their needs today with their expenses in the future. How soon can you pay down the loan? How much interest will you pay over the life of the loan, and is it worth it?
Types of small business loans in Florida
You can find a wide range of business financing options in Florida. Here are three common types of term loans that could help boost your finances.
| Loan Type | Purpose | Best for |
| Online business loans | General Wide range of amounts | Established businesses looking for flexible financing with quick funding times |
| SBA 7(a) loans | Multiple purposes, including real estate & working capital Larger loan amounts ($500,001 – $5 million) | Established businesses that want to borrow larger sums of money for a planned investment |
| Emergency bridge loans | Bridge the gap from lost business due to severe weather events Maximum of $50,000 | Small businesses that have lost business due to specific weather events in Florida |
Here are the requirements for each type of loan:
- Online business loans: Minimum time in business, minimum annual revenue, personal credit score
- SBA 7(a) loans: Meet SBA size requirements, creditworthiness, unable to obtain reasonable financing elsewhere, must make a down payment
- Emergency bridge loans: Located in an eligible Florida county; minimum credit score between 580 and 600; 100 employees or fewer
How to get a small business loan in Florida
Eligibility requirements vary depending on the lender, but in general, you can expect to take the following steps when applying for a small business loan in Florida.
- Budget how much money you need: Avoid taking out more debt than necessary. Instead, have a clear purpose for your funds and estimate how much you’ll need to achieve your goals.
- Compare lenders: Check each lender’s eligibility requirements to see whether you should apply. Consider getting a preapproval so you can compare costs, such as interest rates and origination fees.
- Submit your application: Complete your application, and be prepared to submit documentation. Lenders may want to see paperwork, such as financial statements, a business plan, and proof of ownership.
- Get an approval decision: The timeline depends on the lender. An online lender can respond the same day, and traditional lenders could take days or weeks.
- Get your loan funds: If you’re approved, most lenders can transfer funds to your business checking account. Some online lenders deliver funds the same day you sign your loan agreement, but others could take longer.
- Start making payments: Your loan agreement outlines how often you must make payments on your small business loan in Florida. The most frequent payment terms are daily, weekly, or monthly.
How to choose the right Florida small business loan for you
First, think about why you need financing for your business. Taking out a business loan in Florida should be a strategic move rather than a short-term solution for solving permanent cash flow issues. In addition to term loans, you can also explore other types of business financing, including:
- Business line of credit: A business line of credit allows you to draw funds as you need them. It’s ideal for smoothing out inconsistent cash flow or financing inventory before you get paid.
- Equipment financing: This can be used for many types of equipment, including heavy machinery or office and restaurant equipment. The risk is lower because the equipment itself often acts as collateral.
- Merchant cash advance: Borrow a lump sum based on future sales. Repayment is often a percentage of daily credit and debit transactions.
Once you know the best type of financing, create a plan to use and repay the funds. Many loans require automatic deductions from your business account that could be as frequent as daily or weekly. Determine whether that’s feasible for your cash flow.
Also find out whether a small business loan requires a personal guarantee or collateral. This can put your personal assets at risk if the company defaults on the loan payments.
Alternatives to small business loans in Florida
Other ways to get additional funding for your Florida business beyond taking out a loan include the following.
- Small business grants: The U.S. SBA offers grants for research and technology. You can also explore state-specific grants through programs such as Florida High Tech Corridor grants, Prospera grants, and Enterprise Florida trade agent grants.
- Tax credits: Employers may be able to increase net revenue by lowering their tax liability. Several federal and state tax credits are available related to benefits, hiring practices, and more.
- Crowdfunding: Instead of borrowing money, you can raise money from supporters, sometimes in exchange for a gift or for a small amount of equity. This is best for early-stage, product-based businesses that want to raise funds before a launch.
- Personal line of credit: Consider a home equity line of credit, and you can use the house as collateral.
There’s no single perfect solution for when your small business needs funding. You can combine multiple types of products and financing structures to achieve your goals and take advantage of opportunities as they arise.