Small Business Loans in Florida

How does small business financing work in Florida?

Small business financing in Florida is similar to many other states. If you use an online lender the process is almost identical no matter what state you operate in. However, the state of Florida does offer some specialized programs that assist small businesses that need financing. A little later on we will educate you on small business financing options specific to the state of Florida.

How do I get a small business loan in Florida?

If you own a business in Florida, you can apply for business financing through a bank, credit union, or online lender. If you use one of these traditional options you will want to select a lender and submit an application. If you are seeking a traditional business loan you should apply through Acorn Finance. You can submit one application and receive multiple personalized loan offers within minutes. However, we strongly encourage Florida business owners to learn about programs offered by the state first. If you can qualify for any of the options, they can be a smart way to help your small business secure financing.

The 4 Best Routes for Small Business Financing in Florida

When it comes to local financing options, the state of Florida and the federal government offers a few programs for small businesses. The application and approval process may be longer for these programs compared to other options. However, they are designed to benefit small Florida businesses so don?t give up on trying. If you are unable to qualify for these programs we recommend looking into business loans and personal loans through Acorn Finance. Acorn Finance partners with credible lenders that can offer same-day funding. If you are a Florida-based small business you may want to consider the following financing options.

1. Enterprise Florida Microfinance Guarantee Program

Small Florida businesses can take advantage of guarantees for small business loans. The Microfinance Guarantee program is run by Enterprise Florida, Inc. and offers the guarantee. To qualify for the guarantee, you should own a small business with 25 or fewer employees. Also, you should have an average annual revenue of $1.5M or less in the last two years. Small businesses that have a loan guarantee can take advantage of lower interest rates, higher loan amounts, and more flexible terms. The guarantee reduces the risk for the lender. If you qualify for the Microfinance Guarantee Program you can apply for a small business loan through a participating lender. Small businesses can qualify for business loans between $50,000 to $250,000 with a guarantee of up to 50% for terms up to three years long.

2. Florida Black Business Loan Program

If you are a black or minority-owned Florida small business the Florida Black Business Loan Program should be a top option. The Florida Black Business Loan Program does exactly what it sounds like; provides small business loans for black business owners with legal Florida business owners. Most small business loans issued through this program range between $2,500 to $75,000. However, under special circumstances, the program may fund loans up to $150,000. Only two providers, Miami Bayside Foundation and FAMU Federal Credit Union offer loans through this program. The Miami Bayside Foundation only works with businesses domiciled in Miami-Dade County. For a small business to qualify they need to be at least 51% owned by a black entrepreneur.

3. SSBCI Loan Participation

The Florida Small Business Loan Support Program or more commonly known as the Florida SSBCI Loan Participation helps small businesses secure financing. The Florida SBCCI offers loan participations and loans to CDFIs and lenders who offer loans to small Florida businesses. Compared to other programs, this program typically deals with higher loan amounts from $250,000 to $5M. It also offers repayment terms of up to five years. In order to qualify you should be a Florida business with less than 750 employees. Businesses can use the funds for working capital, startup costs, franchise fees, equipment, inventory, and other business expenses.

4. Independent banking institutions

Independent banking institutions can also provide financing for small businesses. If you are considering an independent banking institution it?s important to pick the right one. Some may be geared toward helping small businesses, while others may not. In Florida, TD Bank has a solid track record of helping small businesses secure financing. TD Bank is a Small Business Administration (SBA) approved lender. This means if you qualify for an SBA loan through TD Bank the SBA can guarantee up to 80% of any loss in the event the loan is defaulted on.

Conclusion

In conclusion, there are many Florida small business loan options. We encourage small business owners to look into programs offered by the state of Florida. While not all small Florida businesses can qualify for one or more of the programs, the ones that do qualify can benefit. As an alternative option, Florida small businesses can qualify for financing through Acorn Finance. Acorn Finance partners with a wide variety of lenders that can help all types of businesses and credit types. Business owners can compare multiple personalized loan offers through Acorn Finance without affecting credit scores. Acorn Finance offers completely free services that can save you tons of time, money, and hassle. Discover Florida small business loans. . . apply online today!