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Qualifications are less than banks.

Soft credit pull. Checking eligibility will not affect your credit score.

Why Sunwise Capital

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Fast and easy one-page application. It takes less than 5 minutes to complete.

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Get approved and funded the same day.

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Top Rated

Flexible financing and tailored funding solutions to your unique goals and needs.

How Florida Small Business Loans Can Help Your Company Grow

Florida small businesses can choose from a wide range of business loan options. The Tallahassee office of the Florida Department of State administers a number of these programs, and private sources, like Sunwise Capital, are an option for business funding in the sunshine state.

These business loan options include SBA loans, invoice factoring, lines of credit, and other available loans to Florida businesses.

Florida welcomes small businesses

The state of Florida has a thriving ecosystem for small businesses. It’s no secret that Florida is a great place to start a business because of its beautiful weather, large workforce, and low taxes.

According to WalletHub, the fourth-best state in the country to start a business is Florida. We think Floridians will respectfully disagree.

There are vibrant and growing cities in the Southeast that attract startups in various industries, including Jacksonville, Tampa, Orlando, and Miami-Dade.

So many traditional financing lenders and online lenders are interested in funding businesses in Florida as a result. In fact, South Florida is experiencing an explosion of financial services companies moving their headquarters to Palm Beach and Miami.

Can your Florida business benefit from a small business loan? Are you looking to make the long-awaited investment in a new employee, piece of equipment, or office space?

Whether it’s for business expansion or business expenses, capital for businesses is available.

SMALL BUSINESS LOANS FLORIDA

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How Do I Qualify for a Florida Small Business Loan?

Sunwise Capital is an online alternative lender that offers alternative lending solutions to owners in Florida. We help companies grow and expand. We offer a financing solution with highly competitive interest rates and generous repayment terms.

Sunwise Capital
Headquarters in Deerfield Beach, FL
Providing access to capital since 2005

We stand ready to support all Florida small to medium-sized businesses.

Call 888.456.9223

Click the Apply Now Below

SMALL BUSINESS LOANS FLORIDA

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How Do I Qualify for A Florida Small Business Loan

Sunwise Capital’s bare-bones minimum eligibility requirements are:

  • 6 months in operation
  • Fico score 500+
  • Monthly revenue $12,500+
  • Average daily cash balance of at least $1,000
  • One-page application
  • 3 months business bank statements
  • Minimum loan size $10,000
  • Repayment terms; daily, weekly, and monthly payment
  • Competitive business loan rates
  • Business loan decision and funding same day or next

Learn how Florida-based entrepreneurs are getting the funding solution they need to fund their companies, despite recent substantial economic injury due to local and global economics.

The U.S. Small Business Administration Office of Advocacy states that 98.9% or 2.3 million enterprises in Florida are small businesses. These State of Florida small companies employ 3.1 million individuals or just over 43% of the workforce.

Sunwise Capital provides access to capital to those businesses.

We provide the eligible companies with a financing option to help Florida’s economy.

From Palm Beach, Ft. Lauderdale, Miami-Dade County, and the Keys in South Florida to Tampa, Tallahassee, Orlando, and Jacksonville in North Florida, Florida entrepreneurship is booming.

Our one-page loan application and same-day approvals mean borrowers can get their loan proceeds in 24 hours or less.

Best small business loan options for Florida businesses

The best small business loan provides your company with the funds it requires when it is needed. It should be inexpensive and contribute to the company’s continued growth. It should, of course, be one for which you are qualified. The following are some of the top Florida loan options:

business loan options florida

Small Business Administration (SBA) Loans

Loans through the SBA provide small companies with attractive rates and terms. Sunwise Capital works directly with SBA lenders. These relationships enable us to help guide you through the myriad of choices and help you secure the best and lowest rates, terms, and loan guarantees. We are not limited to just Florida banks.

These commercial loans are financing options, including the Commercial Real Estate Loans through the Small Business Administration program, the SBA 7a Loan Program (SBA microloans), and the SBA 504 program.

The 7(a) programs offered by the SBA provide working capital and financing for companies purchasing equipment, inventory, or are looking to grow and expand.

Microloans offered by the Small Business Administration have a maximum loan amount of $50,000. This SBA product provides money for inventory, hard assets, or working capital.

The funding option is not a bridge loan program. The SBA offers a pilot program designed as a bridge loan (and we can help you with the bridge loan application).

You can also check out America’s SBDCS (Small Business Development Center).

The 504 loans typically require the purchase of a fixed asset, and these assets are either property or materials. Look for these SBA to partner with the CDC or Community Development Companies and banks.

The SBA application and documentation process can be lengthy.

You must have:

  • a strong track record and
  • be prepared to supply at least three years of both individual and business tax returns,
  • balance sheets,
  • profit and loss statements, and
  • a personal guarantee by all owners.

The starting interest rate for SBA loans is currently in the mid-single digits. However, your FICO score must reflect a 680 or better.

LOAN AMOUNT BASE RATE COMPARISON</4>

Less than 7 Years vs. More Than 7 years

Up to $25,000 Base Rate + 4.25% vs. Base Rate + 4.75%
$25,000-$50,000 Base Rate + 3.25% vs. Base Rate + 3.75%
$50,000 or more Base Rate + 2.25% vs. Base Rate + 2.75%

 

Sunwise Capital provides hands-on customer service to help guide you and navigate every step of the process.

We work directly with SBA banks to offer a pre-qualification for SBA loans in five minutes with funding in five to ten days. We do not have the same restrictions as your local bank or Florida credit union.

Florida loan ranges from $50,000 to $5M for real estate acquisition with terms up to 25 years.

Are you renting? As a small business owner, why not make a real estate investment into a commercial property and take the savings to grow your business?

Let us put our SBA team to work for you.

 

Additional Business Loans

Merchant Cash Advances

You can acquire a merchant cash advance if your company processes any credit or debit card transactions. The MCA lender will give you an advance against future sales based on your existing sales history with this financing. It is not a cheap form of financing, but it can be quick and straightforward to qualify. This option is best for those with credit challenges.

 

Invoice Factoring

Do you send invoices to other companies? You may be able to obtain the funds you require through invoice financing or invoice factoring. Those invoices will be a significant source of qualification in both circumstances. Some lenders may run a credit check on the business owner, but this financing does not typically necessitate a high credit score.

 

Equipment Loans

Equipment financing or equipment leasing may be beneficial if you need to purchase or upgrade equipment for your business. If you own the equipment outright, you might be able to receive finance using it as security. This form of financing might help you keep your cash flow while also providing you with the tools you need to expand.

The benefit of this type of financing is that it allows you to purchase what you need without using existing working capital.

The difference between buying and leasing is the owner of the equipment.

You would buy over a lease because of the tax advantages in Section 179 Tax Deduction (talk to your tax advisor or CPA) and improving your score with timely monthly payments.

Leasing offers some of the same advantages as well. The similarities and differences are similar to buying or leasing your car?

Speak to a tax professional to help decide the best option for you.

 

Do you qualify for Equipment Financing?

  • Time in business requirement – none
  • Incorporated – yes
  • Fico Score – 600+
  • Down payment – little to none

 

Established businesses looking for less than $150K

  • Time in business requirement – 2+ years
  • Fico Score – 600+
  • Down payment – little to none

 

Established businesses looking for $150K+

  • Time in business requirement – 2+ years
  • Fico Score – 675+
  • Down payment – little to none

 

What industries benefit from this type of financing?

Agriculture Auto Repair Beauty & Wellness Business Services Chiropractic Cleaning Services
Construction/Contractor Daycare Dental Practice Electrical Food Trucks Gardening & Landscaping
Gym & Fitness Healthcare & Medical HVAC Plumbing Retail Restaurant Trucking
SMALL BUSINESS LOANS FLORIDA

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Business Term Loan

Your Florida small businesses can take advantage of our BSET standard loan. Our loan options, with competitive rates and terms including short term loans, are designed for a wide range of purposes and company expenses.

If you do not qualify for SBA financing or bank lines, you can look at a Sunwise Capital business loan.

We are one of the few small business lenders that offer a guarantee that we will have the lowest rates. Plus, our underwriting decisions and funding can be within 24 hours.

Our term loan amounts can range from $10,000 to $2M. Well-qualified Florida companies can receive up to $5 million.

Our term loans range from 3 to 18 months. This loan is ideal for inventory purchases, new employees, marketing, or advertising expenses.

A longer-term loan is available with a more robust application reflecting a solid financial history qualifying for two years. This loan makes more sense if you consider much larger projects or business acquisitions, or expansion.

Our unsecured lines are perfect for those with a FICO score above 700.

Can you get a Florida business loan with bad credit score?

Many well-run businesses in Florida fall short of qualifying for a business loan from a local bank or credit union.

Whether you are a fledgling enterprise on the cusp of explosive growth or a well-established company, alternative lenders like Sunwise Capital are ready to help you with the capital to fuel your growth.

Are you able to? If so, do you meet the absolute minimum financial qualifications?

Next is your time in operation. Have you been running with an established business bank account for at least six months? If so, you meet the next minimum qualification.

Lastly, do you have a FICO score of at least 500 or better? It would be best if you had no open bankruptcies, and any liens more than $175,000 require a payment plan.

Are you looking for affordable business loans? If “Yes,” then let’s talk.

 

Unsecured Business Lines of Credit.

This small business financing is ideal, especially for startup loans for small businesses. The minimum requirement for approval is a strong personal FICO and a score of 700 or better.

That’s it – no time in business, no annual revenue. You must demonstrate personal income to support the loan payments.

The application process is easy, and funds are usually available within a month.

Loan amounts range from $20,000 to $200K. This revolving line comes in from business credit card(s).

The LOC has a starting interest rate often as low as 0% for the first 6 – 12 months. If you are a startup, this is probably your best, if not the only option.

Top Local Loans for Florida Small Business

Small company loans, particularly for Florida-based enterprises, are scarce. State governments provide most state-specific small business loan programs, and Florida’s state government primarily offers business financial aid in the form of small business tax credits.

A small business loan might mean getting funds to invest in that employee, equipment, or new location you’ve been dreaming about for years.

There are three small business loan choices in Florida for you to consider:

 

  1. Enterprise Florida Microfinance Guarantee Program – Enterprise Florida, Inc.’s Microfinance Guarantee Program provides loan guarantees for small enterprises in Florida. You fulfill the primary conditions of this program if your small business has 25 or fewer employees and yearly revenue of $1,5 million or less in the previous two years.

    You could get a small company loan from $50,000 to $250,000 with a guarantee of up to 50% of the loan amount if you qualify for a business loan from a participating lender.
     

  2. Florida Black Business Loan Program – The Black Business Loan Program is a good alternative if you need money for your Florida-based businesses. Loans are available to black business owners based in Florida through this program. These Florida small company loans can range from $2,500 to $75,000, with loans up to $150,000 available in certain circumstances. However, the program doesn’t specify what those circumstances are.
     
  3. SSBCI Loan Participation – Florida SSBCI Loan Participation, also known as the Florida Small Business Loan Support Program, provides loans and loan participations to lenders and CDFIs that offer loans to Florida small businesses.

    These loans are often available in quantities ranging from $250,000 to $5 million, with payback lengths of five years. The SSBCI Loan considers participants on a case-by-case basis for loans of less than $250,000.

    This program would provide cash for startup expenditures, working capital, franchise fees, equipment, inventory, and other business expenses to Florida small enterprises with less than 750 employees.

How can I get a grant in Florida to start a business?

The notable difference between a business loan and a grant is that the loan is repaid, including principal, interest, and fees over a set period.

Small business grants provide you with capital without paying back the funds.

The idea of “FREE” money is very appealing.

Getting grant money is HARD.

W A R N I N G

“Most small businesses do not qualify for government grants,”
warns the SBA on its website.

You will need a business plan to start.

Nonprofits, state, and local governments are the conduits for grant opportunities.

 

Minority Business and Women Small Business Loans in Florida

Over one-third of these Florida firms are minority-owned small businesses.

Women business owners represent about 8 percent of those companies. Women entrepreneurs should check out women’s business centers.

Sunwise Capital, as a woman-owned business, provides loans for women.

An organization called Enterprise Florida, Inc. associates and partners with organizations to help secure funding options.

Enterprise Florida was born and created from The State Small Business Credit Initiative (SSBCI) through the Small Business Jobs Act of 2010 (the “Act”).

The goal is to help a small business secure the funding necessary for startup costs, cash flow financing, fees associated with franchises, machinery or tools, and inventory.

This program can even assist with an owner-occupied commercial building or facility.

Your ability to meet their conditions will ensure success with the program.

 

Small Business Loans in Florida for Vets

Both minority-owned businesses and veteran-owned businesses are about 9 % and 12 %, respectively.

Both the minority and veteran entrepreneur populations are critical to Florida’s business startup and economic development.

The Florida SBDC is a business resource for all company owners (from the startup to existing businesses).

They state “the only statewide provider of entrepreneurial and business development services.” The Florida SBDC Network plays a vital role in Florida’s economic development by assisting entrepreneurs in every stage of the business “lifecycle.”

The top industries in Florida include healthcare, construction, manufacturing, transportation accommodation (tourism industry), international trade, and food services (restaurants, etc.).

Veterans in Florida can look for an SBA loan. The program for Vets provides small business lending under the SBA Express program.

Seventy-three percent of all the SBA loans to veterans are for $350,000 or less.

To meet the qualifications as a veteran-owned company, 51% owned or controlled by:

 Veterans (other than dishonorably discharged);
 Service-Disabled Veterans;
 Active Duty Military service member participating in the military’s Transition Assistance
 Program (TAP);
 Reservists and National Guard Members; or
 Current spouse of any Veteran, Active Duty service member, or any
 Reservist or
 National Guard member; or
Widowed spouse of a service member who died while in service or of a service-connected disability.

Although applications are not currently accepted, veterans should look to the Veterans Business Fund as an alternative to the SBA loan.

Find out today why we provide the best loan program and funding to companies in Florida.

 

FLORIDA SMALL BUSINESS RESOURCES

Aside from the limited Florida commercial programs offered by the state government, several Florida small business financing programs can help small enterprises in the state.

If you’re willing to go beyond small company loans for financial assistance, the Florida state government offers venture capital and tax credit alternatives.

Beyond the Florida small business loan choices we highlighted, here are some other programs to consider for your small business:

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