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12 months in business
$15,000 monthly revenue
500+ FICO score
Florida small businesses can choose from a wide range of business loan options from Florida financial institutions. 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 finance in the sunshine state.
These business loan options include SBA loans, invoice factoring, lines of credit, and other available loans to Florida eligible 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, Florida is the fourth-best state in the country to start a business. Floridians will respectfully disagree.
Jacksonville, Tampa, Orlando, and Miami-Dade are just a few examples of thriving and expanding cities in the Southeast that attract startups from a wide range of industries.
So many traditional financing lenders and online lenders are interested in funding businesses in Florida as a result. South Florida is experiencing an explosion of financial services companies moving their headquarters to Palm Beach and Miami.
Does a small business loan make sense for your Florida company? Are you looking to invest in a new employee, piece of equipment, or office space?
Whether it’s for business expansion or business expenses, loans to businesses are available.
Sunwise Capital is an online alternative lender that offers alternative lending solutions to owners in Florida. We help companies grow and expand and offer a financing solution with highly competitive interest rates and generous repayment terms.
Headquarters in Deerfield Beach, FL
Providing access to capital since 2005
We stand ready to support all Florida small to medium-sized businesses.
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Sunwise Capital’s bare-bones minimum eligibility requirements are:
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.
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:
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:
The starting interest rate for SBA loans is currently in the mid-single digits. However, your FICO score must reflect a 680 or better.
Less than 7 Years vs. More Than 7 years
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
Getting a merchant cash advance is possible if you own a business that takes credit or debit cards. The MCA lender will give you an advance against future sales based on your existing sales history with this financing. It’s not the cheapest way to borrow money, but being approved is often fast and straightforward. This option is best for those with credit challenges
Do you send invoices to other companies? You can obtain the funds you require through invoice financing or invoice factoring. Those invoices will be a significant source of qualification in both circumstances. Although the lender may perform a credit check, a good credit score is usually optional for this type of funding.
If you need to buy or upgrade company equipment, consider equipment financing or equipment leasing options. If you own the equipment outright, you can receive finance using it as security. This form of financing might help you keep your cash flow while providing 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?
Established businesses looking for less than $150K
Established businesses looking for $150K+
Beauty & Wellness
Gardening & Landscaping
Gym & Fitness
Healthcare & Medical
Your Florida small businesses can take advantage of our BEST standard loan. Our loan options, with competitive rates and loan terms, including short-term loans, are designed for various 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 guaranteeing that we will have the lowest rates. Our underwriting decisions and funding can be as fast as a few 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 more significant projects, business acquisitions, or expansion.
Our unsecured lines are perfect for those with a FICO score above 700.
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.
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.
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:
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.
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.
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);
Active Duty Military service member participating in the military’s Transition Assistance
Reservists and National Guard Members; or
Current spouse of any Veteran, Active Duty service member, or any
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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