Best Small Business Loans in Florida

Small business loans in Florida can help local businesses purchase equipment, commercial real estate, inventory and more.

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LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
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Best small business loans in Florida in December 2023

By Jill A. Chafin | Edited by Abigail Basset and Janet Schaaf | December 12, 2023
How Does LendingTree Get Paid?
LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
LenderBest for…Max. loan amountTerm lengthMin. interest rateTime in business
Commercial auto loansUp to 100% of loan-to-purchase price36 to 72 months6.74%Not disclosed
Interest-free loans$50,00012 monthsInterest-freeMust be established before Aug. 29, 2023
Working capital$2,500,00036 to 120 monthsBased on the current Prime RateNot disclosed
Minorities$500,0005 to 120 months3.00%Not disclosed
Flexible funding$250,00036 to 84 monthsNot disclosed18 months
Rural businessesNot disclosedVaries2.00%Not disclosed
Online lending$500,0004 to 24 months1.11 factor rate6 months
SBA loan$15,000,000Up to 300 monthsRates vary, subject to SBA maximums36 months
Nationwide banking$15,000,000Up to 300 monthsVaries by productStartup to 24 months
Learn more about how we chose our picks.
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State-wide loan options for Florida small businesses

The following lenders and organizations provide small business loans for Florida-based companies.

Florida Credit Union: Best for commercial auto loans

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Loan amountsUp to 100% of loan-to-purchase price
Starting interest rate6.74%
Term length36 to 72 months
Minimum credit scoreNot disclosed
Minimum time in businessNot disclosed

Florida Small Business Emergency Bridge Loan Program: Best for interest-free loans

12
Loan amountsUp to $50,000
Starting interest rateInterest-free
Term length12 months
Minimum credit score600
Minimum time in businessMust be established before Aug. 29, 2023

Rebuild Florida Business Loan Fund: Best for working capital

12
Loan amounts$25,000 to $2,500,000
Starting interest rateBased on the current Prime Rate
Term length36 to 120 months
Minimum credit scoreNot disclosed
Minimum time in businessNot disclosed

Local small business loans in Florida

Depending on your business’s location and other criteria, you might qualify for one of the following local Florida business loans.

LiftFund: Best for minorities

12
Loan amounts$500 to $500,000
Starting interest rate3.00%
Term length5 to 120 months
Minimum credit scoreNot disclosed
Minimum time in businessNot disclosed

Small Business Loan Fund: Best for flexible funding

12
Loan amounts$10,000 to $250,000
Starting interest rateNot disclosed
Term length36 to 84 months
Minimum credit scoreNot disclosed
Minimum time in business18 months

Rural Community Development Revolving Loan Program: Best for rural businesses

12
Loan amountsNot disclosed
Starting interest rate2.00%
Term lengthVaries
Minimum credit scoreNot disclosed
Minimum time in businessNot disclosed
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Nationwide small business loans for Florida

If you want a lender with a national reach, these loans for small businesses offer competitive rates and a range of business products for Florida businesses.

National Funding: Best for online lending

Read our review
12
Loan amounts$5,000 to $500,000
Starting interest rate1.11 factor rate
Term length4 to 24 months
Minimum credit score600
Minimum time in business6 months

Live Oak Bank: Best for SBA loans

Read our review
12
Loan amountsUp to $15,000,000
Starting interest rateRates vary, subject to SBA maximums
Term lengthUp to 300 months
Minimum credit score680
Minimum time in business36 months

Wells Fargo: Best for nationwide banking

Read our review
12
Loan amounts$10,000 to $15,000,000
Starting interest rateVaries by product
Term lengthUp to 300 months
Minimum credit score680 for unsecured lines of credit (not disclosed for other products)
Minimum time in businessStartup to 24 months

What to know about small business lending in Florida

Small businesses in Florida can connect with local and nationwide lenders to get the funds they need to grow and expand their companies. You can apply for small business financing in Florida through a traditional bank, online lender or governmental agency.

There are also Florida small business grants to help startups, women entrepreneurs and minority business owners access capital for their businesses. Eligible business owners might also qualify for a tax credit within the
state.

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Types of business loans in Florida

SBA loans

The U.S. Small Business Administration (SBA) guarantees a portion of SBA loans, making them an affordable financing solution for businesses who struggle qualifying for traditional loans. The SBA 7(a) loan is ideal for everyday business purposes, while the SBA 504/CDC loan is more commonly used for larger assets like real estate or equipment.

Term loan

Business term loans provide a lump sum of cash upfront with a fixed weekly or monthly repayment schedule. Short-term business loans have repayment terms of a few months to a year or more, whereas long-term business loans can reach up to 10 years or longer.

Line of credit

With a business line of credit, you can borrow up to your limit as often as needed for recurring business expenses. You only pay interest on the withdrawn amount, along with any maintenance, withdrawal or annual fees.

Equipment financing

Equipment financing helps businesses acquire and upgrade machinery or equipment needed for their business. Since equipment financing uses the equipment as collateral, an equipment loan is typically easier to get than other types of business funding.

Other funding options for your small business in Florida

Florida’s government and business community are committed to helping small businesses grow and succeed. Here are some grants, tax credits and coaching programs to consider, as well as how to utilize resources offered by your local small business development center.

Small business grants in Florida

Here are some grants for small businesses to help you make a difference in your community.

  • Targeted Marketing Assistance (TMAP): TMAP will award funds to help minority, rural and agritourism businesses in Florida improve their marketing. Nonprofits and independently owned businesses with gross revenue below $1.25 million are welcome to apply.
  • Florida High Tech Corridor Matching Grants Research Program (MGRP): Partnering with the University of Central Florida and the University of South Florida, MGRP awards grants for applied research between faculty, students and industry in 23 Florida counties.
  • Florida Urban and Community Forestry Grants: With funds from the U.S. Forest Service, the Florida Forest Service assists local communities, nonprofit organizations and educational groups in starting or improving local urban forestry projects. The State of Florida anticipates a budget of $750,000 for fiscal year 2023.

Florida small businesses tax credits

  • Brownfields Redevelopment Act: Eligible businesses with a Brownfield Site Rehabilitation Agreement could receive a Job Bonus Tax Refund of up to $2,500 by creating at least 10 jobs in the community.
  • Rural and Urban Job Tax Credit Programs: These tax credits are awarded to eligible businesses creating rural or urban jobs within qualified areas throughout Florida. The Rural Job Tax Credit ranges from $1,000 to $1,500 per qualified employee. The Urban Job Tax Credit ranges from $500 to $2,000 per qualified job.
  • Community Contribution Tax Credit Program (CCTCP): The CCTCP encourages Florida business owners to donate toward community development and housing projects for low-income residents. Businesses can take a tax credit of up to 50% of the donation’s value.

Coaching and mentorship for Florida businesses

Entrepreneurs can network and learn from local coaching and mentorship programs in their community.

  • Prospera: This nonprofit organization provides bilingual assistance to Hispanic entrepreneurs to help establish or expand their businesses. Small business owners can receive free support with legal and accounting assessments, creating a business plan, marketing and sales planning, branding development and more.
  • weVENTURE: Women entrepreneurs in Brevard, Indian River and St. Lucie Counties can utilize weVENTURE’s Women’s Business Center Program with free one-on-one consultations and low-cost business classes.
  • FAU Business Mentoring Program: Offered by Florida Atlantic University, the FAU Business Mentoring Program helps bring students and business professionals together to share ideas and network. Participants develop interviewing and networking skills, oral and written presentation skills and experience solving complex problems.
  • SCORE Business Mentoring: SCORE is one of the nation’s leading nonprofit networks of volunteer business mentors, helping entrepreneurs develop, launch, manage and grow their business ideas. You can find a SCORE mentor in your area to access free training, webinars, workshops and more.

Small business development centers in Florida

A Small Business Development Center (SBDC) provides individualized support and technical assistance at every stage of business development — from your first idea to a nationwide expansion. You can receive help implementing new technologies, improving your business strategy and operations, enhancing marketing efforts, increasing productivity and more.

While the SBDC doesn’t fund loans, your local branch can help you find affordable government loans for your small business.

Enter your business zip code and how far you will travel to find an SBDC location near you.

Florida business loan requirements

While business loan requirements vary by lender and loan type, here is a general guideline of what you might need when applying for a Florida business loan.

  Credit score

You typically need a FICO Score of 670 or higher and a business credit score above 80 to get the best business loan interest rate. Boosting your scores before applying can improve your chances of securing the most competitive loan offer. Or, you can consider a business loan for bad credit.

  Business plan

A business plan outlines your company’s goals, including marketing strategies and financing plans. A detailed business plan can reassure lenders that you will use their money responsibly.

  Annual revenue

Many lenders require a steady income stream to qualify for small business financing. Annual minimums can range from $36,000 to $480,000 or higher, although some lenders may accept lower earnings for startups. If your revenue doesn’t allow you to qualify for a small business loan in Florida, consider applying for microloans or business credit cards to cover your immediate needs.

  Time in business

Online lenders typically require companies to have been in operation for six months to one year to qualify for a business loan. Traditional banks usually want to see an established track record of two or more years.

  Collateral and/or personal guarantee

Some lenders require collateral to reduce risk with a secured business loan. Collateral can be real estate, equipment or a cash down payment. The lender can seize your collateral as a form of payment if you default on the business loan. A personal guarantee is slightly different since it’s connected to your personal assets.

How to apply for a small business loan in Florida

Here are the general steps to apply for a small business loan in Florida.

Step 1: Decide what type of business loan you need

You have multiple options when it comes to types of small business loans. Some small business loans have limitations or restrictions on how to spend the funds, so be sure to pick one that matches your needs.

Step 2: Determine your eligibility

Review the lender’s criteria on their website to ensure it’s a good match. Boost your credit score before applying to improve your chances of securing a competitive rate.

Step 3: Compare small business lenders

You can apply for small business financing via a traditional bank, online lender, government lender or peer-to-peer lending. Watch out for lenders offering no-credit-check business loans or a deal that sounds too good to be true. Reading small business lender reviews before applying can help avoid scams.

Step 4: Gather required documents

Save time by gathering essential documents in advance, such as your business plan, business tax ID number, business licenses, personal and business tax returns and business financial statements. Some lenders may also require a certificate of good standing before approving your loan application.

Step 5: Submit and review offers

Most banks and lenders allow you to submit a small business loan application online, although some banks may require an in-person appointment. Review all loan offers to pick the best deal for your needs.

How to compare Florida business loans

Here are some key factors to consider when comparing small business loans in Florida:

  • Interest rates. It’s generally best to pick a fixed business loan interest rate to avoid any unexpected rate increases in the future.
  • Fees. Check the loan agreement for additional fees, such as origination fees, late charges and prepayment penalties. Add these to the loan amount to ensure the overall cost is worth it.
  • Terms. Some small business loans require daily or weekly repayments. Make sure your business budget can handle the repayment schedule.
  • Funding speed. Online lenders typically approve and fund small business loans within a few days. In comparison, traditional banks or SBA loans can take several weeks or months to scrutinize your application details. If you can wait, you will likely get better rates and terms with a traditional bank or SBA lender.

How we chose the best small business loans in Florida

We reviewed the leading local and nationwide lenders to determine the best business loans in Florida. To make our list, lenders must meet the following criteria:

  • Minimum time in business: Options available for startups and companies who have operated for six to 36 months.
  • Minimum credit score: Personal credit score requirements of 680 or lower.
  • Rates and terms: We prioritize lenders with a range of loan amounts, competitive rates, limited fees, flexible repayment terms and APR discounts.
  • Repayment experience: We consider each lender’s reputation and overall business practices. We favor lenders that report to all major credit bureaus, offer reliable customer service and provide extra support to customers, like free business coaching.

Frequently asked questions

You typically need a good to excellent credit score and strong finances to qualify for a small business loan in Florida. Most lenders also want to see your business in operation for at least six months.
 
While there are financing options for startups and bad-credit borrowers, these loans often have higher interest rates and less flexible terms. If you struggle to qualify for small business financing, consider other funding options, such as a personal loan for business or GoFundMe for business.

Finding the best small business loan depends on your business type, funding needs and eligibility criteria. Consider a business line of credit if you want access to revolving funds or a short-term business loan for low-cost projects or seasonal dips in income. A business acquisition loan could help buy an existing business or franchise. And if you need help purchasing supplies, inventory financing uses the inventory as collateral to help secure the loan.

Check your local or state government and business community sites for up-to-date opportunities for Florida small business owners. For example, check out Open My Florida Business for tips and guidance on how to start a business in Florida.
 
For other opportunities in Florida, visit USA.gov and the U.S. Economic Development Administration.