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How do I qualify for a small business loan?

Sunwise Capital is one of the few online alternative lenders that offers Small Business Loans Florida to business owners with highly competitive interest rates and generous repayment terms in the State of Florida.

Learn how small business owners in Florida are getting the loan they need to fund their business.

The U.S. Small Business Administration Office of Advocacy states that 98.9% or 2.3 million businesses in Florida are small businesses. 

These State of Florida small companies employ 3.1 million individuals or just over 43% of the workforce. 

From Palm Beach, Ft. Lauderdale, Miami, and the Keys in South Florida to Tampa, Tallahassee, Orlando, and Jacksonville in North Florida, Florida small businesses are booming.

Sunwise Capital, with headquarters located in Deerfield Beach, FL since 2005, stands ready to support all Florida small to medium-sized businesses.

Located in Broward County, we proudly service Miami-Dade County to Palm Beach County (and all 2 million small businesses throughout the state).

Small business loan options designed for a wide range of purposes and business expenses. Our loan programs include:

SBA Loans (Small Business Administration).

SBA loans through the small business administration provide small companies attractive rates and terms. The Sunwise Capital program works directly with SBA lenders and important financial institutions.

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

The 7(a) loan programs offered by the SBA provide working capital and funding for those companies that are 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 loan provides funding for inventory, hard assets, or cash flow.

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

The small business administration 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 business owners.

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

Loan Amount Base Rate Comparison

Less Than Seven 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 an SBA bank 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 SBA 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 business property and take the savings to grow your business?

Let us put our SBA team to work for you.

How do I start a business in Florida with no money?

Starting a company with no money down in Florida is challenging. Most, if not all, lenders want to see you put some skin in the game.

If you’re not willing to invest in your business, it begs the question: Why should a lender invest?

Beyond the variety of ways to raise money, there are a few options available to secure a loan.

Unsecured Business Lines of Credit.

This small business financing is the ideal option, especially for startup loans for small businesses. The minimum requirements for approval is a strong personal credit history with a credit 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 of credit comes in the form of a business credit card(s).

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


SUCCESS STORIES

Small Business Equipment Loans

Florida small business owners – Do you qualify for Equipment Financing?

Start Up Businesses get up to $45,0000

  • 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

 

Unlike the small business administration (SBA loans) process, the application process is easy.

Florida business owners will need maybe 10 minutes to complete the application online. Just provide the vendor invoice with the one-page app.

You’re done.

One of our funding experts will get in touch with you and work out the best financing for you.

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 Real Estate Restaurant Retail Trucking

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.

The reason you would buy over a lease is the tax advantages in Section 179 Tax Deduction (talk to your tax advisor or CPA) and improving your credit 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.

Is it Hard to Get Small Business in Florida?

Working Capital

Florida small business owners, if you do not qualify for SBA loans or bank lines of credit, 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 business decisions and funding can be within 24 hours.

Regardless of your business needs, small business owners can be confident that we can customize a loan to fit your Florida business.

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

Whether you need machinery, you have an eye towards expansion, or new opportunities, we can help.

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

A longer-term business loan is available with better credit applications qualifying for up to two years. This loan makes more sense if you are considering much larger projects or business acquisition or expansion.

Our unsecured line of credit is perfect for those that have a FICO score above 700. You can qualify for funds up to $200K, even as a startup.

Well-qualified Florida companies can receive up to $5 million.

Can you get a small business loan with bad credit?

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

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

The bare-bones minimum requirements are:

  • 6 months in business
  • Fico score 500+
  • Monthly revenue $12,500+

Unlike the Florida banks, credit unions, and other traditional lending institutions, we focus primarily on the financial health of your company and cash flow.

It is all about your cash flow. Do you make more than $12,500 a month?

Are you able to keep an average daily cash balance of at least $1,000? If so, you meet the absolute minimum financial qualifications.

Next is your time in business. Have you been in operations, with an established business bank statement 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? You must have no open bankruptcies, and any liens more than $175,000 require a payment plan.

Is your answer “Yes?” Then let’s talk.

We provide an array of fast and easy small business loans that are as diverse as the population.

We offer to fund owners with bad credit. These can be loans with an initial no credit check (soft credit pull) that include our unsecured and short term capital options.

We offer unsecured business loans with 24-hour approvals and next day funding. As a result, we can work with you and your Florida small business even if you have bad credit.

Additional funding options for those with credit challenges are invoice factoring, accounts receivables funding, and cash advances through our merchant cash advances.

How can I get a grant 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 having to pay back the funds. The idea of “FREE” money is very appealing. Getting grant funding 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.

Getting a business grant, like any other funding option, can be challenging. Realistically, a new business has a better chance of getting the grant than a more established company.

Any time you’re looking for investment capital, especially venture capital, you need to present the best financial picture possible.

The objective from the “grantors” perspective is to help launch a business that creates jobs. Secondarily, to promote the economy.

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

The SBA or Small Business Administration is a critical player in helping you find a grant that fits your profile. You can go to https://www.sba.gov/funding-programs/grants.

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 womens business centers.

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

These loans include business funding for women with bad credit.

Florida

There is an organization called Enterprise Florida, Inc. that associates and partners with organizations to help secure funding options.

Enterprise Florida was born from The State Small Business Credit Initiative (SSBCI) was created 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, financing for cash flow, any 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.

 

veteran-owned businesses

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 the business startup and economic development of Florida.

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

They state that they are “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 SBA loan program for Vets provides small business lending under the SBA Express program.

Seventy-three percent of all the SBA loans that go to veterans is 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 funding available for small companies in Florida.