It’s no surprise the Sunshine State was ranked the 5th Best State for Business by Forbes.com. As a business owner, you contribute to this ranking.
That said, sometimes you need a hand when it comes to growing your business or just getting by during a down time.
We’re letting you in on lenders and resources you can turn to for small business loans in Florida.
Florida’s Small Business Landscape
The state of Florida is home to 2.7 million small businesses, which generate 3.5 million jobs in the private sector, according to the U.S. Small Business Administration (SBA).
The SBA also notes that the largest total of small firms in the state are found in these industry categories:
- Other services (except public administration)
- Professional, scientific and technical services
- Real estate, rental and leasing
- Administrative, support and waste management
- Construction
- Healthcare and social assistance
- Transportation and warehousing
- Retail trade
- Arts, entertainment and recreation
- Finance and insurance
How to Get a Small Business Loan in Florida
When you’re wondering how to get a business loan in Florida, the first step is to prepare what you’ll need to apply for a loan, including documents showing the state of your business finances (e.g., banking statements, profit-and-loss statements). It’s then a matter of finding the right lender and the right small business loan for your Florida company.
5 Small Business Lenders in the State of Florida
While you can certainly head to big banks like Wells Fargo or TD Bank, here are several other conventional lenders to consider that offer entrepreneurs in the state of Florida small business loans.
1. Ocean Bank
This Florida bank is accredited by the Better Business Bureau (BBB) and A+ rated. It’s also earned a 4-star rating from WalletHub. Head to 1 of 22 branches in the state, where you’ll find these business financing options:
2. CenterState Bank
Headquartered in Winter Haven, Florida, this lender is ranked No. 24 on Forbes.com’s 2020 list of Best Banks in America. The bank has been funding small business owners since its founding in 1999 and offers the following loan options:
- SBA loans
- Term loans
- Lines of credit
- Equipment financing
- Vehicle financing
- Livestock financing
- Agribusiness loans
- Commercial real estate loans
3. Fifth Third Bank
Not only is this bank accredited by the BBB, but it also has an A+ rating. Additionally, it has been recognized as a Best Bank in Florida by SmartAsset.com and earned top ratings for customer service.
- SBA loans
- Business credit cards
- Letters of credit
- Lines of credit
- Equipment financing
- Term loans
- Consumer financing
- Franchise financing
- Commercial real estate loans
4. Iberia Bank
This lender has also earned a 2020 Best Bank in Florida ranking on WalletHub’s list. It’s also A+ rated with the BBB. Head to 1 of 44 branches in the state, where you’ll find the following small business loans for your Florida company:
- SBA loans
- Short-term loans
- Long-term loans
- Real estate loans
- Operating lines of credit
5. Regions Bank
Here’s another financial institution that makes WalletHub’s Best Bank in Florida list, earning a 4-star rating. Speak with a loan specialist about one of the following products:
- SBA loans
- Lines of credit
- Business credit cards
- Equipment finance
- Term loans
- Seasonal loans
- Bridge loans
- Asset-based lending
Alternative Forms of Financing in Florida
While conventional lenders can offer borrowers competitive loan terms, the approval and funding process can be difficult and lengthy, often requiring multiple business documents, high credit score minimums and collateral. It can be hard to qualify.
That’s where nonbank lenders come in. If you’re looking for unsecured business loans in Florida, consider alternative lenders. With easy online applications, they can offer financing products that are fast to fund and often quick to repay. While terms can be less competitive, more small business owners are able to qualify due to less stringent requirements.
Applying for Alternative Financing Through Fast Capital 360
Ready to find financing for your company? Whether you’re seeking small business loans in Florida for “bad credit” or great credit, see what Fast Capital 360 can do for you.
Here’s how you’ll benefit:
Speed
Complete our online application in just a few minutes.
Multiple Offers
We have a nationwide network of lending partners, which means your single application could get you multiple funding offers. Small business loan rates for Florida businesses start as low as 6.95%.
Expert Guidance
You’ll have a dedicated Business Advisor to guide you through the financing process. Weigh your options and choose what’s best for your business.
Get Your Business Loan Faster
Small Business Resources in Florida
Whether you’re looking for small business loans for minorities in Florida or educational resources to help you succeed as an entrepreneur, these organizations can help.
Accion
With a branch dedicated to serving the East Coast and a location in Miami, this nonprofit community lender is a resource for minority business loans in Florida. The organization also offers financial coaching, networking opportunities, training workshops and a library of articles and videos to help entrepreneurs succeed.
SCORE
Since the ‘60s, this nationwide nonprofit has provided mentoring opportunities for small business owners. With more than 50 locations from coast to coast in the state, you’ll likely find an office in your county.
Head to the online library, which offers free business templates, checklists, blogs, videos and other helpful tools for small business owners. Or take part in a networking event, workshop, online course or webinar, which could be available in English or Spanish.
Florida Small Business Development Center
Funded in part by the SBA, this organization has a wealth of resources to help startup entrepreneurs and seasoned business owners. Visit 1 of 40 locations throughout the state and participate in training workshops, seminars, roundtable discussions and networking events. Also, take advantage of free business consulting and guidance on how to get a business loan in Florida.
