{"id":11558,"date":"2020-02-13T14:30:29","date_gmt":"2020-02-13T12:30:29","guid":{"rendered":"https:\/\/www.become.co\/blog\/?p=11558"},"modified":"2020-02-18T13:18:43","modified_gmt":"2020-02-18T11:18:43","slug":"small-business-loans-florida","status":"publish","type":"post","link":"https:\/\/www.become.co\/blog\/small-business-loans-florida\/","title":{"rendered":"Guide to Small Business Loans &#038; Financing Options for Florida Businesses"},"content":{"rendered":"\n\n<p><span style=\"font-weight: 400;\">How bright is the future of the economy in the Sunshine State?<\/span><\/p>\n\n<p><span style=\"font-weight: 400;\">It might come as a surprise if you\u2019re not a Florida resident, but there\u2019s actually more happening than Disney World, retirement homes, and orange groves!<\/span><\/p>\n\n<p><span style=\"font-weight: 400;\">As we\u2019ll explain in great detail just below, Florida is one of the best states in which you can operate a business.<\/span><\/p>\n\n<p><span style=\"font-weight: 400;\">Ready for the full breakdown? Keep reading!<\/span><\/p>\n\n<h2><span style=\"font-weight: 400;\">Starting &amp; operating a business in Florida<\/span><\/h2>\n\n<p><span style=\"font-weight: 400;\">Ranked #12 on <\/span><a href=\"https:\/\/www.cnbc.com\/2019\/07\/09\/top-states-for-business-florida.html\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">CNBC<\/span><\/a><span style=\"font-weight: 400;\">\u2019s 2019 list of America\u2019s Top States for Business, Florida generated nearly $1.1 trillion in GDP in Q2 of 2019 \u2013 amounting to roughly <\/span><a href=\"https:\/\/www.bea.gov\/system\/files\/2019-11\/qgdpstate1119.pdf\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">5.1%<\/span><\/a><span style=\"font-weight: 400;\"> of the total U.S. GDP.<\/span><\/p>\n\n<p><span style=\"font-weight: 400;\">Not impressed? Then consider the fact that Florida generates nearly <\/span><i><span style=\"font-weight: 400;\">twice as much in GDP<\/span><\/i><span style=\"font-weight: 400;\"> as Virginia, which was ranked #1 on CNBC\u2019s list.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Quite the eye-opener, we know! But what is it that makes Florida\u2019s economy so powerful?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><b>There are a number of reasons why Florida is such a great place for you to operate a small business, including:<\/b><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">A <\/span><a href=\"https:\/\/www.bls.gov\/eag\/eag.fl.htm\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">3%<\/span><\/a><span style=\"font-weight: 400;\"> unemployment rate places it at #14 in the country, 0.6% below the national average<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">A corporate income tax rate of <\/span><a href=\"https:\/\/www.stateofflorida.com\/taxes\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">4.5%<\/span><\/a><span style=\"font-weight: 400;\">, making it one of only 10 states with top rates at or below 5%<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">An overall economic growth rate of <\/span><a href=\"http:\/\/edr.state.fl.us\/Content\/presentations\/economic\/FlEconomicOverview_8-26-19.pdf\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">2.9%<\/span><\/a><span style=\"font-weight: 400;\"> \u2013 just under the national average (but higher than its neighboring state Alabama)<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Below average union presence, with only <\/span><a href=\"https:\/\/www.bls.gov\/news.release\/union2.t05.htm\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">6.2%<\/span><\/a><span style=\"font-weight: 400;\"> of employees having union membership (compare the national average of 10.3%)<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Being a right-to-work state, meaning unions and employers are banned from creating contracts obligating employees to pay the cost of union representation<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">A small business employment rate of <\/span><a href=\"https:\/\/www.sba.gov\/sites\/default\/files\/advocacy\/2018-Small-Business-Profiles-FL.pdf\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">42.2%<\/span><\/a><span style=\"font-weight: 400;\"> \u2013 employing approximately 3.3 million Floridians<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Roughly 2.5 million small businesses \u2013 comprising 99.8% of all Florida-based businesses<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The diversity of Florida\u2019s economy is also worth noting, especially when you consider that other states typically have at least one especially strong industry (like the oil industry in Texas). Sources of information provide different answers as to which industries are the strongest in Florida, but we\u2019ve filtered through to give you the following list.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><b>6 highest paying industries in Florida <\/b><span style=\"font-weight: 400;\">(according to <\/span><a href=\"https:\/\/datausa.io\/profile\/geo\/florida#economy\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">Data USA<\/span><\/a><span style=\"font-weight: 400;\">):<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Tobacco Manufacturing<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Software Publishing<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Transportation<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Financial Services<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Paper &amp; Paper Products<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Oil &amp; Gas Extraction<\/span><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you\u2019re currently working in any of those industries, or interested in getting started, there\u2019s still room to grow in Florida. That said, there are a number of other industries in Florida that are particularly strong, including:<\/span><\/p>\n\n<ol>\n<li style=\"font-weight: 400;\"><b>Tourism <\/b><span style=\"font-weight: 400;\">&#8211; \u201c<\/span><a href=\"https:\/\/www.statista.com\/statistics\/667790\/leading-vacation-areas-in-north-america-us\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">38%<\/span><\/a><span style=\"font-weight: 400;\"> of U.S. adults state that Florida is their top tourist destination\u201d<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Agriculture <\/b><span style=\"font-weight: 400;\">&#8211; <\/span><a href=\"https:\/\/www.fdacs.gov\/Agriculture-Industry\/Florida-Agriculture-Overview-and-Statistics\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">45%<\/span><\/a><span style=\"font-weight: 400;\"> of total U.S. citrus production comes out of Florida<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Aerospace &amp; Aviation<\/b><span style=\"font-weight: 400;\"> &#8211; <\/span><a href=\"https:\/\/www.census.gov\/foreign-trade\/statistics\/state\/data\/fl.html\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">U.S. Census<\/span><\/a><span style=\"font-weight: 400;\"> data shows that Florida\u2019s top export is civilian aircraft, engines, and parts<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>International Trade<\/b><span style=\"font-weight: 400;\"> &#8211; \u201c<\/span><a href=\"https:\/\/www.stateofflorida.com\/facts\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">40%<\/span><\/a><span style=\"font-weight: 400;\"> of all U.S. exports to Latin and South America pass through Florida\u201d<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Life Sciences<\/b><span style=\"font-weight: 400;\"> &#8211; Florida is home to \u201cmore than <\/span><a href=\"https:\/\/www.enterpriseflorida.com\/industries\/life-sciences\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">1,100<\/span><\/a><span style=\"font-weight: 400;\"> biotech, pharmaceutical and medical devices companies\u201d<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Construction <\/b><span style=\"font-weight: 400;\">&#8211; In Q4 of 2019, Florida\u2019s construction industry increased its output by approximately <\/span><a href=\"https:\/\/www08.wellsfargomedia.com\/assets\/pdf\/commercial\/insights\/economics\/regional-reports\/fl-economic-outlook-06042019.pdf\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">6.3%<\/span><\/a><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For small businesses, though, there may be a few more challenges to overcome before successfully establishing a base of operations in Florida. And for those obstacles, small businesses can often turn to <\/span><a href=\"http:\/\/www.become.co\/business-loans\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">business loans<\/span><\/a><span style=\"font-weight: 400;\"> to help them get by. But how do small business loans in Florida work?<\/span><\/p>\n\n<h2><span style=\"font-weight: 400;\">How to fund a business in Florida<\/span><\/h2>\n\n<p><span style=\"font-weight: 400;\">As is the case with running a business in any state, there are cons that come along with the pros of being a Florida business owner.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><b>The obstacles that small business owners face in Florida include:<\/b><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/www.become.co\/blog\/us-labor-shortage\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">Labor shortage<\/span><\/a><span style=\"font-weight: 400;\"> as a result of low unemployment rates<\/span><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/www.become.co\/blog\/how-to-compete-with-big-brands\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">Competing with big corporations<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Remaining relevant in the face of global outsourcing<\/span><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/www.become.co\/blog\/5-tactics-for-business-seasonal-survival\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">Surviving off-season<\/span><\/a><span style=\"font-weight: 400;\"> fluctuations in cash flow<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Developing a strong <\/span><a href=\"https:\/\/www.become.co\/blog\/small-business-cyber-security-plan\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">cyber security strategy<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Etc.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It\u2019s true that there are many potential setbacks that small Floridian businesses may face. Fortunately, there\u2019s also a wide variety of <\/span><a href=\"https:\/\/www.become.co\/blog\/alternative-business-funding\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">alternative business loans<\/span><\/a><span style=\"font-weight: 400;\"> available to Florida business owners. Here\u2019s an overview of the different financing options small businesses in Florida can make use of.<\/span><\/p>\n\n<p><img decoding=\"async\" class=\"aligncenter size-full wp-image-11570\" src=\"https:\/\/www.become.co\/blog\/wp-content\/uploads\/2020\/02\/GettyImages-499627512-min-scaled.jpg\" alt=\"small business administration of Florida\" width=\"1024\" height=\"683\" srcset=\"https:\/\/www.become.co\/blog\/wp-content\/uploads\/2020\/02\/GettyImages-499627512-min-scaled.jpg 1024w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2020\/02\/GettyImages-499627512-min-300x200.jpg 300w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2020\/02\/GettyImages-499627512-min-1200x800.jpg 1200w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2020\/02\/GettyImages-499627512-min-768x512.jpg 768w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2020\/02\/GettyImages-499627512-min-1536x1024.jpg 1536w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2020\/02\/GettyImages-499627512-min-2048x1365.jpg 2048w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2020\/02\/GettyImages-499627512-min-405x270.jpg 405w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n\n<h2><span style=\"font-weight: 400;\">Business loan options in Florida<\/span><\/h2>\n\n<p><span style=\"font-weight: 400;\">Before we jump straight into the variety of business loans in Florida, it\u2019s important to highlight that choosing which type of financing is best for your small business depends on many factors. You\u2019ll want to have the following details in mind before applying:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Which industry do you work in?<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">What do you intend on doing with the funds?<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Is your business financially healthy and stable?<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">How quickly do you need the money?<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">And more<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<blockquote>\n<p style=\"text-align: left;\"><span style=\"font-weight: 400;\">You can also use these resources to improve your loan application approval odds:<\/span><\/p>\n<p style=\"text-align: center;\"><a href=\"https:\/\/www.become.co\/blog\/how-to-apply-for-business-loan\/\" target=\"_blank\" rel=\"noopener noreferrer\"><b>How to Apply for a Small Business Loan<\/b><\/a><\/p>\n<p style=\"text-align: center;\"><a href=\"https:\/\/www.become.co\/blog\/business-loan-requirements-guide\/\" target=\"_blank\" rel=\"noopener noreferrer\"><b>How to Become Eligible for Business Loans<\/b><\/a><\/p>\n<p style=\"text-align: center;\"><a href=\"https:\/\/www.become.co\/blog\/small-business-lending-statistics-2019\/\" target=\"_blank\" rel=\"noopener noreferrer\"><b>How Hard Is it to Get Approved?<\/b><\/a><\/p>\n<\/blockquote>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">After you\u2019ve answered those questions, you\u2019ll want to look over the many different small business loans in Florida. Don\u2019t skip comparing the pros and cons of each sort of funding before you apply.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Among the <\/span><a href=\"https:\/\/www.become.co\/blog\/reasons-for-business-loan-rejection\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">reasons why business loan applications get rejected<\/span><\/a><span style=\"font-weight: 400;\"> is applying for the wrong <\/span><i><span style=\"font-weight: 400;\">sort <\/span><\/i><span style=\"font-weight: 400;\">of loan. If you want to strengthen your loan application approval odds, take a few minutes to study up on the differences between the following types of business funding options.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><b>Top 6 types of small business loans in Florida:<\/b><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">1. SBA loans<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">If your business is able to qualify for small business administration loans in Florida, then you\u2019ll probably want to take one. This is a type of business financing that\u2019s backed by the government, which means lenders will give some of the best terms and rates possible when they provide small business administration loans in Florida.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><b>Top Pro:<\/b><span style=\"font-weight: 400;\"> Low monthly payments<\/span><\/p>\n<p><b>Top Con:<\/b><span style=\"font-weight: 400;\"> Not for startups<\/span><\/p>\n\n<p><b>Quick Facts about SBA Loans &amp; Requirements:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><b>Credit Score:<\/b><span style=\"font-weight: 400;\"> 600+<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Time in Business:<\/b><span style=\"font-weight: 400;\"> 3 months minimum<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Loan Amount:<\/b><span style=\"font-weight: 400;\"> Up to $350k<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Time to Funding:<\/b><span style=\"font-weight: 400;\"> 14 days minimum<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Loan Term:<\/b><span style=\"font-weight: 400;\"> Up to 10 years<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Top Lender:<\/b><span style=\"font-weight: 400;\"> SmartBiz<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\"><strong><a class=\"btn btn-lg btn-success\" href=\"http:\/\/www.become.co\/sba-loans\/\" target=\"_blank\" rel=\"noopener noreferrer\">See if I Qualify &#8211; SBA Loans<\/a><\/strong><\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">2. Unsecured loans<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Unsecured business loans are a type of business funding that doesn\u2019t require any form of security to qualify. If your business is short on valuable assets (or if you simply don\u2019t want to put them in jeopardy), then you should think about applying for an unsecured business loan. Just remember that the rates are usually higher than other types of business funding solutions.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><b>Top Pro:<\/b><span style=\"font-weight: 400;\"> No risk to personal assets<\/span><\/p>\n<p><b>Top Con:<\/b><span style=\"font-weight: 400;\"> Higher interest rates<\/span><\/p>\n\n<p><b>Quick Facts about Unsecured Loans &amp; Requirements:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><b>Credit Score:<\/b><span style=\"font-weight: 400;\"> 350+<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Time in Business:<\/b><span style=\"font-weight: 400;\"> 6 months minimum<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Loan Amount:<\/b><span style=\"font-weight: 400;\"> Up to $250k<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Time to Funding:<\/b><span style=\"font-weight: 400;\"> 3 hours minimum<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Loan Term:<\/b><span style=\"font-weight: 400;\"> 6-24 months<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Top Lender:<\/b><span style=\"font-weight: 400;\"> OnDeck<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\"><strong><a class=\"btn btn-lg btn-success\" href=\"https:\/\/www.become.co\/unsecured-business-loans\/\" target=\"_blank\" rel=\"noopener noreferrer\">See if I Qualify &#8211;\u00a0 Unsecured Loan<\/a><\/strong><\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">3. Lines of credit<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">A business line of credit works almost the same as a credit card. You can use the funds as needed and up to a predetermined credit limit. As far as flexibility goes, a line of credit is one of the best solutions available. Just be careful not to use a line of credit too loosely, as you can run the risk of getting yourself stuck in a cycle of debt.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><b>Top Pro:<\/b><span style=\"font-weight: 400;\"> Use funds as-needed<\/span><\/p>\n<p><b>Top Con:<\/b><span style=\"font-weight: 400;\"> Penalties for late payments<\/span><\/p>\n\n<p><b>Quick Facts about Line of Credits &amp; Requirements:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><b>Credit Score:<\/b><span style=\"font-weight: 400;\"> 300+<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Time in Business:<\/b><span style=\"font-weight: 400;\"> 3 months minimum<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Credit Line:<\/b><span style=\"font-weight: 400;\"> Up to $100k<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Time to Funding:<\/b><span style=\"font-weight: 400;\"> 4 hours minimum<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Interest Rates:<\/b><span style=\"font-weight: 400;\"> As low as 4.66%<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Top Lender: <\/b><span style=\"font-weight: 400;\">Fundbox<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\"><strong><a class=\"btn btn-lg btn-success\" href=\"https:\/\/www.become.co\/business-line-of-credit\/\" target=\"_blank\" rel=\"noopener noreferrer\">See if I Qualify &#8211; Line of Credit<\/a><\/strong><\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">4. Invoice factoring<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">If your business is in need of a way to effectively <\/span><a href=\"https:\/\/www.become.co\/blog\/unpaid-invoices\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">deal with slow or even non-paying customers<\/span><\/a><span style=\"font-weight: 400;\">, then invoice factoring is the way to go. Gain fast access to money that\u2019s stuck in unpaid invoices. The lender will provide you with roughly 80% of the value of your unpaid invoices and then pay you the remaining 20% once they\u2019ve successfully collected the payments on your behalf.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><b>Top Pro:<\/b><span style=\"font-weight: 400;\"> Access funds tied up from slow-paying customers<\/span><\/p>\n<p><b>Top Con:<\/b><span style=\"font-weight: 400;\"> Placing customer relationships in the hands of a third party<\/span><\/p>\n\n<p><b>Quick Facts about Invoice Factoring &amp; Requirements:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><b>Credit Score:<\/b><span style=\"font-weight: 400;\"> 530+<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Time in Business:<\/b><span style=\"font-weight: 400;\"> 3 months minimum<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Loan Amount:<\/b><span style=\"font-weight: 400;\"> Up to $5 million<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Time to Funding:<\/b><span style=\"font-weight: 400;\"> 3 hours minimum<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Loan Term:<\/b><span style=\"font-weight: 400;\"> 1-13 weeks<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Top Lender:<\/b><span style=\"font-weight: 400;\"> BlueVine<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\"><strong><a class=\"btn btn-lg btn-success\" href=\"https:\/\/www.become.co\/invoice-factoring\/\" target=\"_blank\" rel=\"noopener noreferrer\">See if I Qualify &#8211; Invoice Factoring<\/a><\/strong><\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">5. Equipment financing<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">There are several industries where small businesses rely very heavily on having properly functioning equipment \u2013 restaurants, construction, manufacturing, auto repair, etc. It doesn\u2019t matter you\u2019re looking to <\/span><a href=\"https:\/\/www.become.co\/blog\/equipment-financing-vs-leasing\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">purchase or lease equipment<\/span><\/a><span style=\"font-weight: 400;\"> (or even repair equipment) &#8211; this type of business financing solution can be a huge help. Plus, the equipment serves as its own collateral!<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><b>Top Pro:<\/b><span style=\"font-weight: 400;\"> No collateral needed<\/span><\/p>\n<p><b>Top Con:<\/b><span style=\"font-weight: 400;\"> Equipment devalues quickly<\/span><\/p>\n\n<p><b>Quick Facts about Equipment Financing &amp; Requirements:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><b>Credit Score:<\/b><span style=\"font-weight: 400;\"> 450+<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Time in Business:<\/b><span style=\"font-weight: 400;\"> 3 months minimum<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Loan Amount:<\/b><span style=\"font-weight: 400;\"> Up to $250k<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Time to Funding:<\/b><span style=\"font-weight: 400;\"> 2 hours minimum<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Loan Term:<\/b><span style=\"font-weight: 400;\"> Up to 5 years<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Top Lender:<\/b><span style=\"font-weight: 400;\"> Everlasting Capital<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\"><strong><a class=\"btn btn-lg btn-success\" href=\"https:\/\/www.become.co\/business-equipment-loans\/\" target=\"_blank\" rel=\"noopener noreferrer\">See if I Qualify &#8211; Equipment Financing<\/a><\/strong><\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">6. Merchant cash advance<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">If you need <\/span><a href=\"https:\/\/www.become.co\/blog\/best-fast-business-loans\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">fast access to business funding<\/span><\/a><span style=\"font-weight: 400;\">, then a merchant cash advance can be the savior in your time of need. It\u2019s important to note that MCAs balance out their quick and easy access of funds with high interest rates, short repayment terms, and frequent payment requirements (weekly or even daily). Additionally, they\u2019re repaid with a percentage of future credit and debit card transactions \u2013 so it\u2019s really only relevant if your business has a high volume of those sorts of payments.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><b>Top Pro:<\/b><span style=\"font-weight: 400;\"> Fast access to cash<\/span><\/p>\n<p><b>Top Con:<\/b><span style=\"font-weight: 400;\"> High interest rates<\/span><\/p>\n\n<p><b>Quick Facts about MCAs &amp; Requirements:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><b>Credit Score:<\/b><span style=\"font-weight: 400;\"> 500+<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Time in Business:<\/b><span style=\"font-weight: 400;\"> 6 months minimum<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Loan Amount:<\/b><span style=\"font-weight: 400;\"> Up to $150k<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Monthly Revenue:<\/b><span style=\"font-weight: 400;\"> $12k minimum<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Loan Term:<\/b><span style=\"font-weight: 400;\"> 2-10 months<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Top Lender:<\/b><span style=\"font-weight: 400;\"> Uplyft Capital<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\"><strong><a class=\"btn btn-lg btn-success\" href=\"https:\/\/www.become.co\/merchant-cash-advance\/\" target=\"_blank\" rel=\"noopener noreferrer\">See if I Qualify &#8211; MCA<\/a><\/strong><\/span><\/p>\n<p style=\"text-align: center;\">\u00a0<\/p>\n<p style=\"text-align: center;\"><iframe style=\"border: none;\" src=\"https:\/\/www.become.co\/widget\/get-loan-slider\/slider.html\" width=\"500\" height=\"295\"><\/iframe><\/p>\n<p style=\"text-align: center;\">\u00a0<\/p>\n<p style=\"text-align: center;\">\u00a0<\/p>\n<h2 style=\"text-align: left;\"><span style=\"font-weight: 400;\">Business loans for minorities in Florida<\/span><\/h2>\n\n<p><span style=\"font-weight: 400;\">The Sunshine State has nearly <\/span><a href=\"https:\/\/www.sba.gov\/sites\/default\/files\/advocacy\/2018-Small-Business-Profiles-FL.pdf\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">1 million<\/span><\/a><span style=\"font-weight: 400;\"> minority-owned businesses which make up roughly 37% of all Florida businesses. That\u2019s no small number! And it\u2019s no secret that human bias can play into decision-making processes &#8211; so how are business owners supposed to obtain funding in a fair way?<\/span><\/p>\n\n<p><span style=\"font-weight: 400;\">When you consider the fact that <\/span><a href=\"https:\/\/www.fedsmallbusiness.org\/medialibrary\/fedsmallbusiness\/files\/2019\/sbcs-employer-firms-report.pdf\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">49%<\/span><\/a><span style=\"font-weight: 400;\"> of business owners that are in search of a financial boost will go to their bank, and that only 58% will get approved, it raises questions about why there\u2019s such a large gap.<\/span><\/p>\n\n<p><span style=\"font-weight: 400;\">That question is then magnified when you look at the whopping 82% approval rate for small businesses that apply for loans through online lenders. The answer is complex, but one of the main factors for the great difference in approval rates is that online lenders &#8211; like those in Become\u2019s <\/span><a href=\"https:\/\/www.become.co\/blog\/online-marketplace-for-business-lending\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">online business lending marketplace<\/span><\/a><span style=\"font-weight: 400;\"> &#8211; use the power of technology to help differentiate qualified applicants from unqualified applicants.<\/span><\/p>\n\n<blockquote>\n<p><b>The bottom line:<\/b><span style=\"font-weight: 400;\"> Human bias is largely eliminated through <\/span><a href=\"https:\/\/www.become.co\/blog\/alternative-business-funding\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">alternative lending options<\/span><\/a><span style=\"font-weight: 400;\">. The result is improved approval rates for all small businesses, including minority-owned businesses.<\/span><\/p>\n<\/blockquote>\n\n<h2><span style=\"font-weight: 400;\">Local Florida business grants<\/span><\/h2>\n\n<p><span style=\"font-weight: 400;\">When it comes to Florida business grants, there are a variety that your small business can apply for. Grants, as opposed to loans, provide funds with no need to repay. Who said there\u2019s no such thing as a free lunch?!<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Just remember that there are still qualifications that your small business will need to meet in order to get approved for a Florida business grant. Those criteria can pertain to your business\u2019s size, your intended use for the funds, where your business is located, and so on.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><b>Here are a handful of local Florida business grants for you to consider:<\/b><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">State Small Business Credit Initiative (SSBCI)<\/span>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Must be a Florida business<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Must have less than 500 employees on average<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Must have an identified Partnering Lender providing new private capital<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Microfinance Guarantee Program<\/span>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Must be an entrepreneur or small business located in Florida<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Must have no more than 25 employees<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Must have generated an average annual gross revenue of $1.5 million or less per year for the last 2 years<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Florida Opportunity Fund<\/span>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Must be an emerging business in Florida (or relocating in Florida)<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Must have perceived long-term growth potential<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Targets Florida\u2019s top industries including Aerospace &amp; Aviation, Clean Energy Technology, Information Technology, Manufacturing, and more<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There are many more Florida business grants that your small business may qualify for, so it\u2019s always worth investigating which can fit your needs the best. The bottom line is, if you <\/span><i><span style=\"font-weight: 400;\">can <\/span><\/i><span style=\"font-weight: 400;\">qualify for Florida business grants, you have every reason to apply!<\/span><\/p>\n\n<h2><span style=\"font-weight: 400;\">Wrapping it up<\/span><\/h2>\n\n<p><span style=\"font-weight: 400;\">It\u2019s clear that, with such a strong economy, taking a small business loan in Florida is an investment that\u2019s worth your while. And when you consider the fact that business loans in Florida come in many varieties, there\u2019s bound to be a funding solution for you whatever the reason may be. Get the financial boost you need to keep your Florida-based business running at maximum capacity!<\/span><\/p>\n\n<p><a href=\"http:\/\/www.become.co\/apply\/?k=blogbanner\" target=\"_blank\" rel=\"noopener noreferrer\"><img decoding=\"async\" class=\"aligncenter size-full wp-image-10745\" src=\"https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/07\/Franchise-min.jpg\" alt=\"Small Business Failure Rate\" width=\"1024\" height=\"341\" srcset=\"https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/07\/Franchise-min.jpg 1024w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/07\/Franchise-min-300x100.jpg 300w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/07\/Franchise-min-768x256.jpg 768w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/07\/Franchise-min-1200x400.jpg 1200w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/07\/Franchise-min-604x201.jpg 604w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Business loans in Florida come in many shapes and sizes. Learn all about the best small business loans in Florida as well as Florida business grants, here. <\/p>\n","protected":false},"author":1,"featured_media":11566,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[79,1,12],"tags":[118,303],"class_list":["post-11558","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-guides","category-uncategorized","category-us-resources","tag-alternativeloan","tag-fast-loans"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Guide to Small Business Loans &amp; Financing Options for Florida Businesses - Business Funding Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.become.co\/blog\/small-business-loans-florida\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Guide to Small Business Loans &amp; Financing Options for Florida Businesses - Business Funding Blog\" \/>\n<meta property=\"og:description\" content=\"Business loans in Florida come in many shapes and sizes. Learn all about the best small business loans in Florida as well as Florida business grants, here.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.become.co\/blog\/small-business-loans-florida\/\" \/>\n<meta property=\"og:site_name\" content=\"Business Funding Blog\" \/>\n<meta property=\"article:published_time\" content=\"2020-02-13T12:30:29+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-02-18T11:18:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/d2y0x0ts101nr7.cloudfront.net\/2020\/02\/Blog-cover-2-13-2020-min.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"568\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Become\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Become\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"10 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.become.co\\\/blog\\\/small-business-loans-florida\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.become.co\\\/blog\\\/small-business-loans-florida\\\/\"},\"author\":{\"name\":\"Become\",\"@id\":\"https:\\\/\\\/www.become.co\\\/blog\\\/#\\\/schema\\\/person\\\/813104bb9784ace7d518254945f76ccf\"},\"headline\":\"Guide to Small Business Loans &#038; 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