Where to Find Business Loans in Florida for Your Small Business

Even though you are an established business, you might need an instant injection of cash. You may need to borrow to fund the gap in the working capital, or you might have come up with a propitious project you want to invest in.

Borrowing for a business is not as easy as borrowing for your personal needs. You will have to go through a lot of additional formalities and paperwork to get the nod. Challenges are up if you are a start-up or you have very little business experience.

As business loans are expensive and lenders are not as flexible as they are with emergency loans, you must research thoroughly to rest assured that you get the most competitive interest rates. For instance, if you live in Florida, you should consult a lender that targets the Florida market. Although you can access lenders across the USA, looking for better options in the same state makes more sense.

Where can you find loans in Florida for your small business?

Finding loans in Florida for your small business should not be too complicated. Here are the options:

• Banks

While emergency loans are not available from banks, business loans can be quickly signed off on from them. You will have to prove to your bank that you can repay the debt. As far as paperwork is concerned, it could be more than a direct lender, but it makes sense to borrow money from banks as they offer competitive interest rates. You will likely get much better interest rates if you have a good relationship with your bank.

However, your bank might turn down your application if you are a subprime borrower. Banks can entertain bad credit ratings on the condition that the credit rating is still closer to a fair credit rating. Interest rates will be quite high, and the risk involved in lending you money is high.

• Florida credit union

Florida Credit Union provides various types of financial services like personal loans, credit cards, business loans, auto loans and mortgages. It has served for almost 68 years in order to develop businesses by providing them with the right kinds of funds as and when needed.

The most significant benefit of borrowing from Florida Credit Union is that the loan will be processed faster than ever. You can get funds despite your poor credit score. Florida Credit Union is more flexible than banks when it comes to lending money to fund business needs. Flexible options will make it more convenient for you to access business lines of credit, business vehicle loans, machinery and equipment loans, and commercial real estate loans.

• Direct lenders

Banks are more trustworthy, but they put lots of restrictions. If you are a subprime borrower, you will be refused a business loan, and if you are approved, a cap will be put on a smaller amount. Direct lenders are more flexible with their lending, and when you are looking to take out small business loans in Florida for bad credit.

Despite your bad credit rating, you can borrow a larger sum. Banks may offer better interest rates only when your credit score is good, and you have been their premium customer. Of course, direct lenders provide you with a variety of options regardless of your credit rating. Here are some of the top direct lenders:

Florida Commerce

• Known for interest free loans.
• Maximum loan amount is up to $50,000.
• The term length is 12 months.
• Invites applications from businesses established before August 2023.

LiftFund

• The maximum loan amount you can apply for is up to $500,000.
• The maximum repayment length will be 10 years.
• Interest rates are based on current prime rates.
• Invites applications from all types of businesses, including start-ups

National Funding

• This online lending platform can approve up to $500,000.
• The maximum repayment length of the loan could be up to 24 months.
• Your business must be six months old.
• The minimum interest rate is 1.11 factor rates.

Wells Fargo

• This finance service company can offer you up to $15,000,000.
• The maximum repayment term is up to 25 years.
• Only those businesses that are at least two years old are eligible.
• Interest rates vary by individual circumstance.

Zeolite Funds

• This online broker is best for expansion and equipment financing.
• The interest rates depend on your business’s revenue conditions.
• Subprime borrowers are also entertained.
• Invites applications from all types of businesses including start-ups.

Requirements to qualify for business loans in Florida

Here are the general requirements you must meet when applying for a business loan in Florida, regardless of from whom you borrow money.

• Your FICO credit score and business credit score should be at least 670 and 80 to get lower interest rates. However, direct lenders can consider you if your credit score is low. Consult a USA loan broker if your credit rating is not so good so you can get the best deal matching your requirements.
• You should have a business plan, especially if you are a start-up, to convince a lender about the likelihood of the success of your business.
• Make sure you have all the documents to show you have a steady stream of revenues. The higher the profits, the better your chances of getting approval.
• Even though some lenders are ready to accept applications from start-ups, make sure that you have spent at least six months. This is the bare minimum requirement. It is better if you have been in your business for a longer time.

To wrap up

You can get business loans in Florida from a direct lender, financial service companies and banks. Everyone has their own criteria to decide your eligibility. Do proper research. Apply through a broker if you are looking to apply for these loans with a bad credit rating.