13 Best Business Loans in Tampa Florida

As the CEO of a dynamic Florida-based company committed to supporting small businesses, I understand the unique challenges and opportunities of seeking financial growth in Tampa, Florida.

“How to Get a Small Business Loan in Tampa, Florida” is more than just a guide; it’s a vital roadmap for local entrepreneurs looking to fuel their ventures in this vibrant business ecosystem. In this detailed article, we’ll explore the various avenues for securing a small business loan in Tampa, from traditional bank loans and SBA offerings to innovative financing options like online lenders and crowdfunding.

Focusing on the specific requirements, benefits, and strategic approaches tailored to Tampa’s market, we aim to equip you with the insights and tools necessary to navigate the financial landscape confidently. Whether expanding operations, upgrading equipment, or just starting, join us as we travel to the west coast of FLA and explore the essential steps to unlock your business’s funding and thrive in the Sunshine State.

How to Get Small Business Loans in Tampa Florida

The unfortunate reality of business is that not all business owners can get loans from traditional lending institutions like banks for businesses. This challenge is especially true for their first loan, a crucial step in establishing a strong credit rating. 

Sunwise Capital offers loans to struggling small business owners in all industries, from retail to construction. This post will explain the steps you need to take to get a small business loan in Tampa, FL if a bank has denied you a loan.

Commercial lenders and other lending professionals are the perfect solution for business owners to start or expand their businesses. But many of these loans have strict requirements, including sizable down payments and collateral, that most people don’t have. 

These requirements decrease their business financing options and leave them with no way to start or grow their business. Meanwhile, medium-sized commercial enterprises in the United States start or grow their company.

This is where Sunwise Capital comes in. They provide a wide range of loans for the small business owner to start or grow their businesses with fewer restrictions than traditional lenders. 

This program is perfect for entrepreneurs who want to start a new business, expand a current one, or take their existing business to the next level. We’re here to help the owner of any type of small business, regardless of industry, whether they need a working capital loan or an equipment lease.

We provide funding solutions for business owners nationwide, and we understand how difficult it can be to find financing when starting a new venture. 

Our team works hard to ensure every applicant gets approved quickly and easily. You’ll never have to worry about rejection because of bad credit history or lack of collateral. Our process is simple:

• Please fill out our online one-page application form.
• Upload the required documents (business bank statements from the last three months).
• Wait for the approval.

Our mission is to connect every borrower with the most favorable short-term loan terms available. We do this by providing competitive rates and flexible repayment plans.

Sunwise Capital allows businesses in the Tampa, St. Pete area to get loans by providing flexible lending options without collateral. 

Since not everyone has the same budget, we provide flexible payment plans to accommodate various situations.

If you are interested in our lending options, contact us today.

As the economy improves, more and more small businesses start up, growing, or expanding. A Tampa, Florida, business loan could be the catalyst your company needs to take off if you are trying to find funding and count yourself among the many would-be entrepreneurs who need it right now.

Small business loans Florida in Tampa are a great option if you need to fund your startup, and the same goes if you’re looking to grow an existing company. They can be obtained through SBA lenders in Tampa or any other city in Florida and offer various benefits for small businesses.

Benefits of Florida Business Loans

• Access to capital by offering lower interest business loan rates than traditional banks.
• Receive an SBA-insured loan at a lower interest rate.
• Higher credit limits and fewer collateral requirements.
• No collateral for loans up to $2M.
• An SBA Agency Guarantee provides risk mitigation.
• Bad credit business loans are available.
• Help entrepreneurs start a company or grow a business
• Purchase equipment and real estate.

What Do Tampa FLorida Business Owners Need To Know About Small Business Loans?

You probably understand that you must research your options before applying for a small business loan. But if you aren’t sure where to begin, here are four questions to ask yourself before applying.

What Is My Credit Score?

Your credit score will be a significant factor if you want a loan. Fortunately, you can easily view your credit score online. Log into your free Experian account and click “View Report.” Once you’ve done this, you’ll be able to see your FICO score and other details regarding your financial history.

How Much Do I Need To Apply For A Loan?

The amount of money you need to apply for a loan depends on the type of loan you want. Loans with higher interest rates may be all that is available to people with poor credit. However, if you have good credit, then you should be able to find a loan with competitive interest rates.

Do I Have The Right Business Plan?

When applying for a loan, having a solid business plan is essential if you apply to the SBA, local bank, or credit union. This plan will help you prove that you know what you’re doing when running your own business, and it also helps lenders determine how much they’re willing to lend you.

Can I Afford To Pay Off My Loans On Time?

If you don’t pay off your loans on time, you could end up paying more than you would if you had paid them off early. In addition, late payment fees could damage your credit score. Keeping your payments current is essential to avoid late fees and penalties. You should budget accordingly and pay off your loans on time.

A small business loan might be helpful if you answered “yes” to any of the above questions. Before doing so, make sure you’re ready to take on the responsibility of managing your finances.

Doing Business in Tampa FL

Florida, the third-largest state in the U.S., is one of the most competitive states for business loans due to its robust economy and rising population.

The Tampa Bay area is home to over 2.5 million people in Hillsborough County, with an average population density of 8,500 people per square mile. The area also has many businesses and corporations, such as PepsiCo, Raymond James Financial, and Honeywell International.

Many business loan programs are available in Tampa Bay, including SBA loans for small businesses and commercial lenders for larger companies.

Here are the Top 13 Sources for Commercial Financing in the Tampa Area.

Florida is an excellent place for business owners to start their ventures to take advantage of a business opportunity. However, the initial capital needed for a business can be challenging, especially for those seeking a traditional loan.

Business loans can be a huge part of starting and growing a business. Whether you’re just starting or expanding into a larger market, having the right financing can make all the difference.

Business loans are available, including traditional bank loans, SBA loans, and other alternative lending options. Before deciding on a loan for your company, weighing the benefits and drawbacks of each type of financing is essential.

Florida Business Development Corporation

Florida is a state in the southeastern U.S. is known for its beaches, theme parks, and other tourist attractions. The sunshine state, home to the big guava, is one of the premier states for business in the country.

The Florida SBDC helps entrepreneurs and small businesses by providing them with counseling on their finances for economic development. They offer programs that help with securing funding and managing cash flow. 

The SBDC (small business development center) also offers financial education courses to help people learn about personal finance, budgeting, and credit scores.

The Florida SBDC has more than 40 locations that provide these services. Staffing at these locations is by professionals with expertise in finance, law, marketing, and more.

The Small Business Administration’s (SBA) Loan Program

You can get Florida SBA loans from Sunwise Capital, which works with a direct SBA lender to facilitate your funding. A U.S. Small Business Administration loan is available to start a business, expand your existing business, or purchase an existing business.

The SBA loans are available for all types of businesses, including those with investment capital of less than $5 million. There is no maximum loan amount for any type of SBA loan product. 

You can borrow up to $5 million in working capital and up to $500,000 in real estate acquisition financing or refinance. For more information on the eligibility requirements, you must meet to qualify for an SBA loan, visit https://www.sba.gov/.

It’s no secret that Florida is a hotspot for entrepreneurs in America, and Tampa Bay is a hub for many small businesses and startups in the region. However, finding financing to start or expand a business is not always easy. You can get assistance from Sunwise Capital, which offers loans that the government guarantees.

The SBA provides two types of loans:

The 7(a) Loan Program

The government backs these loans. They are available to small businesses with less than $20 million in annual revenue or $5 million in annual revenue and at least two full-time employees.

The 504 Loan Program

This loan program offers loans of up to $5 million with rates based on a company’s credit score. Private investors back these loans. They are available to smaller businesses with less than $10 million in annual revenue or less than $3 million in annual revenue and fewer than 25 full-time employees. You must complete a formal loan application process to apply for this program.

SBA Express

The United States Small Business Administration (SBA) offers a lending program called the SBA Express Loan to assist small businesses in getting the funding they need to grow. 

The SBA Express Loan Program was established in 1998 as part of the Small Business Jobs Act and has been expanded several times since then, most recently in 2010, when it was renamed the Express Plus Loan Program. 

It allows eligible borrowers to borrow money through direct lending from banks and other lenders.

Sunwise Capital is offering SBA Express Loans. We do not guarantee approval or interest rate. Approval depends on meeting specific criteria, such as income, assets, and collateral.

The Best Way to Obtain SBA Loan Approval in Tampa, FL

The SBA provides various programs to help small businesses get the capital they need to grow. They also assist in financial counseling, training, and education.

The Tampa Bay Regional SBA office is at 400 North Tampa Street in downtown Tampa. The SBA business office is open Monday through Friday, 8:30 am-5 pm.

You can also call us directly at 888.456.9223

 

Business Loans

Equipment Loans 

Business owners who own equipment often struggle to pay off loans fast enough to avoid losing money. Fortunately, several options are available to business owners who need financing for equipment.

One option is to apply for a loan online. Many lenders offer quick approval and flexible terms, making securing funding for equipment purchases easy. Another financing option is to contact local banks and credit unions directly. These institutions tend to offer competitive rates and flexible repayment plans, allowing businesses to repay loans over time instead of paying monthly interest.

Whatever financing you’re looking at, it’s critical to shop for the best offer. Lenders vary widely in terms and conditions, so comparing multiple offers is vital before choosing one. And remember to read the fine print before putting your signature on anything.

Business Term Loans 

Loans come in a variety of forms for businesses. These loans range from short-term to long-term financing options, and each type offers different benefits and drawbacks.

A term loan is a short-term loan that typically lasts from three to five years. These loans are ideal for businesses that need quick cash flow to cover expenses until they receive customer payment.

Term loans fit into two categories: revolving and nonrevolving. 

Revolving loans allow business borrowers to borrow money multiple times throughout the loan period. Nonrevolving loans, however, require borrowers to pay back the entire amount borrowed during the life of the loan.

While both types of term loans offer benefits, each type has different requirements. Borrowers should consider each option’s pros and cons before choosing which is best for their business needs.

What Do Tampa, FL Entrepreneurs Need To Know About Revolving Lines Of Credit?

A revolving line of credit is perfect for businesses that need short-term cash flow. These lines of credit are a favorite of manufacturers, distributors, wholesalers, retailers, service providers, and others who sell products regularly.

A revolving credit line is your best bet if you need cash immediately. They are often used as a temporary solution until a new product has been launched or to cover a range of business expenses – especially unexpected expenses.

Revolving lines are usually at banks or other lending institutions. You can choose which one you prefer.

You can buy inventory, stock, raw materials, supplies, and equipment with a revolving line of credit.

Once you receive the money, you can use it to buy whatever you need.

You can repay the line of credit whenever you like.

Some companies offer revolving lines of credit without requiring collateral. Others require some form of security.

How Can A Small Business Use Revolving Lines Of Credit For Their Finances?

As an entrepreneur, you can use revolving lines of credit for many reasons. Here are just a few examples:

• Purchase inventory

• Cover payroll

• Buy raw materials

• Make repairs

• Acquire equipment

• Pay bills

• Fund advertising campaigns

• Pay taxes

• Pay for rent

• Pay for utilities

• Pay for insurance

• Pay for maintenance

• Pay for repairs

Revolving Line of Credit

This line of credit allows companies to borrow money based on their current financial situation. Companies pay back their debt over time, making it easy to manage.

The interest rate is fixed for the life of the loan and can be paid off in any amount up to your company’s maximum borrowing capacity. There are no fees or penalties associated with this type of financing.

A revolving line of credit is an excellent option for established businesses that need additional working capital. It also works well when financing equipment purchases or inventory.

Pros:

• No collateral requirement for an unsecured business line

• Easy to use

• Low-cost funding

Cons:

• Interest rate is fixed

• Does not provide long-term financing

Revolving Term Loans

These loans are perfect for businesses planning to spend most of their funds within a few months. Because they allow borrowers to borrow money repeatedly, revolving loans provide flexibility and convenience.

Pros:

• Easy application process

• No collateral required

Cons:

• Interest rates tend to fluctuate based on market conditions

Nonrevolving Term Loans

Nonrevolving loans are ideal for companies anticipating spending all their money in a single month. Unlike revolving loans, nonrevolving loans require borrowers to repay the total amount borrowed during the loan’s life span.

Pros:

No interest payments

Cons:

• Repayment terms are fixed

• Requires collateral

Factoring 

Factoring is another form of financing. Instead of borrowing money, companies sell their accounts receivable to a third party. This loan option gives them cash immediately while still allowing them to retain ownership of their business assets.

The factoring company will pay you the amount your business owes on its invoices within 24 hours or less. An advantage of this method is that it expedites the payment process for your services compared to billing your business clients directly.

You can use the funds from factoring to purchase new equipment. If you’re having trouble paying your bills, consider using factoring as an alternative funding source. You may be able to obtain a loan against your future sales by selling your invoices to a factoring company at a discount. 

In return, they’ll give you immediate access to cash.

Factoring companies are usually willing to offer attractive rates because they know businesses with good business credit history and ratings are more likely to repay their debts. If you have a steady flow of invoices, you should have no problem getting approved for a small business line of credit.

How Much Can I Factor?

When you factor your invoices, you’ll receive payment based on how much your customer owes you.

Merchant Cash Advance

Merchant cash advances are short-term advances designed to help businesses meet immediate needs. Alternative names for these loans include “working capital,” “business cash advance,” or “short-term debt.”

Merchant cash advance loans are available through most alternative lenders online, and they are easy to get.

Most merchant cash advance lenders do not require collateral when granting a loan. However, some exceptions exist, and some lenders may require a personal guarantee.

When it Comes to Business Financing, What Are the Pros and Cons of Using Merchant Cash Advances?

There are several advantages to using merchant cash advances. One of the most significant is that these loans are relatively quick and straightforward to apply for and can often be funded in one day.

Another benefit is that merchant cash advances reflect your business’s health or cash flow. Personal credit is not a factor; the advance demonstrates your business’s financial performance. 

Therefore, even though you might not qualify for a traditional bank loan, you could still be eligible for a merchant cash advance.

Merchant cash advances are considered unsecured loans, and as such, they carry a higher risk than other forms of financing. The disadvantage of merchant cash advances is that they have higher interest rates than other forms of funding.

For example, a bank loan carries an APR of around 10%. A merchant cash advance doesn’t charge interest since it’s a cash advance, not a loan per se. The fixed-rate fee can range from 15% to 50% of the amount borrowed (also known as a factor rate).

Commercial Lending 

Commercial lending refers to financing banks, commercial lenders, and other financial institutions provide. Commercial lending companies specialize in providing loans to small businesses.

The term “commercial loan” is used interchangeably with the terms “business loan,” “small business loan,” or “SBA loan.” The SBA defines a commercial loan as one made to purchase equipment, inventory, real estate, machinery, or working capital. It also includes loans for new construction, remodeling, business expansion, and repair projects.

Fast Business Loans

Fast business loans are available to businesses that need money fast. These loans are for short-term needs, such as payroll, inventory purchases, equipment upgrades, etc. 

Online lenders or alternative lenders usually offer fast business loans. Many providers, like Sunwise Capital, offering quick capital access, can fund your request the same or the next business day.

Large Business Loans

Are you a business owner seeking large business loans in Tampa, FL? You can benefit significantly from working with a reputable lender. Lenders specializing in lending money to businesses can provide more significant capital than traditional banks. 

These lenders understand the unique needs of businesses and offer flexible loan programs that allow borrowers to meet their short-term financial goals while maintaining long-term growth plans.

Larger companies typically require collateral to secure a loan, but smaller businesses can qualify for unsecured business loans. Any person or company, regardless of their credit history, within reason, can apply for and get an unsecured business loan. 

Smaller companies can also apply for commercial real estate loans, equipment financing, and other types of funding.

Secured vs. Unsecured Business Loans

Companies can take out loans in two categories: secured and unsecured. Secured loans require collateral, while unsecured loans do not. Before deciding which one is right for you, it is best to thoroughly consider each loan alternative’s pros and cons.

Secured loans offer greater flexibility, allowing borrowers to choose their money based on their current cash flow needs. Unsecured loans typically offer less flexible extended terms but lower interest rates. Borrowers who qualify for both types of loans can benefit from the advantages of each.

What Is a Secured Loan?

A secured or collateralized loan is an agreement in which a borrower promises to pay back a certain sum of money with interest over a specific period (usually three years) if he does not repay the principal within that time frame. After verifying that the borrower has sufficient assets to cover the loan, the lender only agrees to lend the money.

The owner must provide some form of collateral to secure the loan. For example, if you borrow $50,000 and use your house as collateral, the bank will only agree to lend you the total amount if you promise to pay back the entire $50,000 plus interest.

The bank can foreclose on your property and sell it to recoup losses if you fail to make payments. Foreclosure is the name for this procedure.

The bank might say no to giving you a loan if you can’t provide adequate security for it.

What Is an Unsecured Loan?

An unsecured loan is similar to a personal loan, except that the borrower is not required to provide any collateral. Instead, the bank simply relies on the borrower’s ability to repay the loan.

An unsecured loan usually carries higher interest rates than a secured loan because the risk associated with this type of financing is much higher.

How Do I Qualify for a Loan?

To qualify for a loan, you must meet several requirements, including showing proof of business revenue and creditworthiness.

Sunwise Capital, the Best Source for Florida Small Business Loans in Tampa

Sunwise Capital is a Florida-based company that provides loans to small businesses across the state with one-on-one assistance. Sunwise Capital offers a variety of loan types, including SBA loans and commercial loans.

Sunwise Capital, are business loan specialist and a leading provider of commercial lending solutions. Underwriters work closely with our clients to understand their business objectives and develop customized solutions for their unique situations. Our team comprises seasoned industry experts who pride themselves on delivering superior service and results.

The company was founded in 2010 by business professionals who saw the need for a lender to give entrepreneurs the same opportunities as larger corporations. They have been lending money to small businesses ever since.

In addition to providing loans, Sunwise Capital also offers consulting business services and financial advice for entrepreneurs who are just starting or want guidance on growing their businesses more quickly for business success.

Visit our website today to learn more about the different business loans for additional capital available in Tampa, FL.

FAQs: Business Loans in Tampa, Florida

What types of business loans are available in Tampa, Florida?

Business loans available in Tampa include:

• Term Loans: Fixed amounts with set repayment schedules.
• SBA Loans: Government-backed loans with low interest rates.
• Business Lines of Credit: Flexible, revolving credit for short-term needs.
• Equipment Financing: Loans specifically for purchasing equipment.
• Merchant Cash Advances: Advances based on future credit card sales.
• Invoice Factoring: Financing based on unpaid invoices.
• Startup Loans: Financing options designed for new businesses.

What industries in Tampa commonly use business loans?

Common industries in Tampa that benefit from business loans include:

• Hospitality and Tourism: To manage seasonal cash flow and expand operations.
• Retail: For inventory purchases and marketing.
• Healthcare: For equipment upgrades and practice expansions.
• Construction: For project financing and equipment purchases.
• Technology: For R&D, hiring, and scaling operations.

Can I get a business loan in Tampa with bad credit?

Yes, many lenders in Tampa specialize in providing business loans to those with bad credit. Options include merchant cash advances, invoice factoring, and short-term loans. However, these loans often have higher interest rates and fees. Improving your credit score can help secure better terms in the future.

What are the typical requirements to qualify for a business loan in Tampa?

Typical requirements for a business loan in Tampa include:

• Credit Score: A minimum score of 600-680 for traditional loans; lower scores may qualify for alternative financing.
• Time in Business: At least 6-12 months, though startups may qualify for specific loans.
• Revenue: Proof of consistent monthly revenue through bank statements.
• Documentation: Financial statements, tax returns, and a business plan may be required.

How long does it take to get a business loan in Tampa?

The time to get a business loan depends on the lender:

• Traditional Banks: Typically take weeks to process applications and disburse funds.
• Online Lenders: Can approve and fund loans within 24 to 48 hours.
• SBA Loans: May take several weeks due to the detailed application process.

What are the benefits of getting a business loan in Tampa, Florida?

Benefits include:

• Access to Growth Capital: Funds for expansion, hiring, or new projects.
• Cash Flow Management: Covering operational expenses during slow periods.
• Competitive Interest Rates: Tampa businesses may qualify for favorable rates through local banks or SBA-backed programs.
• Support for Diverse Industries: Loans tailored to the needs of Tampa’s thriving sectors like tourism, healthcare, and construction.

Are there local programs in Tampa to support small businesses seeking loans?

Yes, Tampa offers several local resources, including:

• Tampa Bay Economic Development Council (EDC): Assists businesses in finding financing solutions.
• Small Business Development Centers (SBDC): Provides guidance on loan applications and financing options.
• Local Community Banks and Credit Unions: Often provide business loans with personalized service and favorable terms.

What are the typical interest rates for business loans in Tampa, Florida?

Interest rates vary depending on the loan type and lender:

• SBA Loans: Typically range from 5% to 10%.
• Traditional Bank Loans: Rates often range from 6% to 15%.
• Alternative Loans: Rates can be higher, ranging from 10% to 40% or more. The actual rate depends on factors like credit score, loan amount, and business revenue.

Can startups in Tampa qualify for business loans?

Yes, startups in Tampa can qualify for business loans, though options may be more limited. Common choices include:

• SBA Microloans: Designed for startups needing up to $50,000.
• Business Credit Cards: A flexible option for smaller expenses.
• Alternative Lenders: Focus on cash flow and business potential rather than credit history.
• Personal Loans: Sometimes used by entrepreneurs to fund new businesses.

What documents do I need to apply for a business loan in Tampa?

Required documents typically include:

• Bank Statements: To verify cash flow and revenue.
• Tax Returns: Personal and business returns for financial verification.
• Profit and Loss Statements: To demonstrate business performance.
• Business Plan: For startups or larger loan requests.
• Legal Documentation: Business licenses, permits, and organizational documents.

Are there online lenders offering business loans in Tampa?

Yes, many online lenders offer business loans to Tampa businesses. Online lenders provide a wide range of options, including term loans, lines of credit, and merchant cash advances. They often have faster approval times and more flexible requirements than traditional banks, making them a good option for businesses needing quick access to funds.

What are the risks of taking a business loan in Tampa?

Risks include:

• Debt Repayment Obligations: Strained cash flow if revenue declines.
• Interest Costs: Higher interest rates increase overall repayment amounts.
• Collateral Requirements: Secured loans put assets at risk if payments are missed.
• Potential for Over-Borrowing: Taking on more debt than the business can sustain. It’s essential to borrow responsibly and ensure repayment is manageable.

How can I improve my chances of getting approved for a business loan in Tampa?

To improve your chances:

• Build Your Credit: A higher credit score increases approval odds and lowers interest rates.
• Organize Financial Records: Provide clear and accurate financial statements.
• Increase Revenue Stability: Demonstrate consistent income through bank statements.
• Prepare a Business Plan: Highlighting your business’s potential can impress lenders.

Can I refinance a business loan in Tampa, Florida?

Yes, refinancing a business loan is possible in Tampa. Refinancing involves replacing an existing loan with a new one at a lower interest rate or with better terms. This option benefits businesses looking to reduce monthly payments or pay off debt more efficiently.

Are there grants available for small businesses in Tampa?

Yes, grants are available for small businesses in Tampa through local, state, and federal programs. While grants are not loans and don’t require repayment, they often come with specific eligibility criteria. Resources like the Tampa Bay Economic Development Council and SBDC can help identify available grants.