Small Business Loans Florida: Our Favorite Programs

small business loans florida

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With an $800 billion economy and abundant opportunities, Florida is a state where many small businesses thrive. 

Here are the best small business loans in Florida to help you get the funding you need. 

The Top Florida Small Business Loans

Small Business LoanTotal Approval Count in 2022Average Loan SizeMaximum Loan AmountPayback Terms
TD Bank459$153,810Up to $25 millionUp to 25 years
Wells Fargo227$57,904Up to $6.5 millionUp to 25 years for commercial real estate and up to 10 years for other purchases
Newtek Small Business Finance201$637,383Up to $10 million7 to 25 years
Huntington National Bank176$297,775Up to $5 millionUp to 25 years for commercial real estate and up to 10 years for everything else
BayFirst National Bank175$633,833Up to $5 millionUp to 25 years for commercial real estate and up to 10 years for everything else
Enterprise Microfinance Guarantee ProgramN/AN/AProvides guarantees up to 50% on loans up to $250,000 N/A
SSBCI Loan ParticipationN/AN/AN/AN/A
Seek CapitalN/AN/AUp to $500,0003 to 5 years for a term loan, 1 to 25 years for a business line of credit, and up to 25 years for an SBA loan
Lendio N/AN/ASmaller loans up to $150,000, and larger loans up to $5 million10 to 30 years for SBA loans
KabbageN/AN/AUp to $250,000 for a business line of credit6, 12, or 18 months for a business line of credit
Funding Circle N/AN/AUp to $250,000 for a business line of credit, up to $500,000 for a business term loan, and up to $5 million for an SBA 7(a) loan6 months to 7 years for a business term loan and 10 years for an SBA 7(a) loan

We picked these banks because they do the highest amount of SBA 7a loan lending in Florida in 2022. Source.

TD Bank

Source: TD Bank

With the average loan being $153,810 in 2022, it’s nowhere near as high as many other lenders. 

That said, TD Bank still has a robust small business loan program to promote economic development. 

It also has one of the highest numbers of account approvals in Florida at 459 in 2022. 

With plenty of flexibility through a Small Business Administration (SBA loan), commercial real estate loan, and lines of credit, you should be able to find the perfect match for your small business.

Besides that, you can also get a business credit card through TD Bank. 

Wells Fargo

Source: Wells Fargo

This national association is the third biggest bank in the US and can help Florida small business owners get the working capital they need. 

While $57,904 is one of the smallest average loan sizes in 2022, Wells Fargo approved 227 total small business loans. 

And when you combine that with small monthly payments and low down payments, it’s one of the best national funding options for small business owners to unlock economic opportunity. 

Like TD Bank, Wells Fargo can also supply you with a business credit card.  If you’re interested in business loans available specific to your area, also check out our Small Business Loans in Virginia or Small Business Loans Texas articles depending on your location.

Newtek Small Business Finance

Source: Newtek

If you’re looking for serious business funding for your Florida small business, Newtek Small Business Finance will likely pique your interest. 

So far in 2022, the average loan size is $637,383, which blows a lot of other lenders out of the water. 

And with the potential to get up to $10 million in term loans, Newtek can be your ticket to massive cash flow to propel your existing business forward. 

Note that you must have 2 to 3 years of tax returns to be eligible for funding through Newtek.

Huntington National Bank

Source: Huntington National Bank

Huntington National Bank offers several different small business loans, including a Small Business Administration 7(a) loan, Express loan, 504 loan, and Lift Local Business to promote diversity. 

Source: Huntington National Bank

With an average loan amount of $297,775 in 2022, this bank can provide solid financing to give your small business momentum. 

An added perk is that Huntington National Bank takes a personalized approach and will provide you with a specialist to find the optimal loan program. 

BayFirst National Bank

Source: BayFirst National Bank

With headquarters in St. Petersburg, this is the first bank or credit union we’ve mentioned so far that’s based directly out of Florida. 

And BayFirst National Bank has a lot going for it. 

It offers a variety of small business funding options, including:

  • SBA loans
  • Commercial real estate loans
  • Commercial term loans
  • Commercial lines of credit
  • Merchant cash advance

As for its average loan amount in 2022, it was $633,833 with 175 loans approved, making it perfect for Florida small businesses that need access to major working capital. 

Enterprise Florida Microfinance Guarantee Program

Source: Enterprise Florida

In Enterprise Florida’s own words, the “Microfinance Guarantee Program is designed to stimulate access to credit for entrepreneurs and small businesses by providing targeted loan guarantees to lenders made to entrepreneurs and small businesses. This program provides guarantees up to 50% on loans of $250,000 or less.” 

To qualify, you must have 25 or fewer employees and have earned a maximum gross revenue of $1.5 million in the last two years. 

You can get a full overview of the Enterprise Florida Microfinance Guarantee Program here.

SSBCI Loan Participation

Source: SSBCI

This isn’t a traditional small business loan from a bank or credit union. But it’s still a potential way for Florida small business owners to get financing. 

The State Small Business Credit Initiative (SSBCI) is part of the American Rescue Plan of 2021, which stemmed from the recession induced by COVID and allocated $10 billion in funding to help states get back on track. 

In February 2022, “the Florida Department of Economic Opportunity (DEO) applied for the SSBCI through the United States Department of the Treasury, and the application is currently under review.”

If approved, the total potential funding amount would be over $488 million. 

Source: SSBCI

You can find full details here and get access to the SSBCI small business development center. 

Seek Capital (Best Startup Lender)

Source: Seek Capital

One of the main reasons we like Seek Capital is because of their high approval rate. 

Of the candidates that apply for a small business loan with Seek Capital, a whopping 92% are approved. 

So if you’ve been rejected by other lenders and need working capital for business development, you may want to give Seek Capital a try. 

We also like how straightforward the application process is. 

You just fill out a basic form about your small business and can get pre-approved within two hours. Seek Capital will then show you your financing options so you can get the money you need. 

Finally, we love the flexibility of this loan program, as there is funding as low as $5,000 and as high as $500,000. 

There’s no collateral required, and applying won’t impact your credit score. 

Lendio (Best Business Loan Broker)

Source: Lendio

Lendio is another top pick for small business loans in Florida if you value simplicity and convenience. 

Here’s how it works. 

Source: Lendio

Lendio is a small business loan broker with an extensive network of over 74 lenders. 

To date, they’ve funded over 300,000 loans, totaling over $12 billion. 

And there’s a ton of flexibility. With Lendio, there are small loans of $150,000 or less, as well as much larger Small Business Administration loans going up to $5 million. 

This makes it relevant for both a business owner just starting out, as well as more established businesses that need serious small business loans. 

Kabbage (Best Online Lender)

Source: Kabbage

The main reason we’re including Kabbage is because of the wide variety of small business loans it offers.

For example, the Kabbage loan program includes secured business loans, unsecured business loans, industry-centric loans like retail, medical, restaurant, and minority loans (similar to the Accion Opportunity Fund). 

Whether you need financing to invest in new equipment, buy inventory, hire more employees, or any other reason, chances are Kabbage can supply the money you need. 

We also like the minimal eligibility requirements of this lender. 

To qualify, you just need to have been running your business for at least 12 months, have a valid business checking account, and be at least 18 years old.

The amount of money you can get will differ depending on the loan, but you can get up to $250,000 on a business line of credit.

Funding Circle

Source: Funding Circle

If you need working capital in a hurry, Funding Circle should be on your radar.

With this lender, you can qualify and receive a business loan in as little as 48 hours, and the application process is simple. 

Just fill out one application, and Funding Circle will provide you with a list of all the small business loan options you’re eligible for, such as a term loan, an SBA loan, and a business line of credit. 

There’s no obligation to apply, and this streamlined system makes it lightning-fast to find the perfect small business loan with reasonable loan rates.

Funding Circle offers basic lines of credit up to $250,000 and goes all the way up to $5 million with SBA loans. 

How to Choose the Right Option

First, figure out precisely why you need a business loan. 

Is it to buy commercial real estate for equipment financing in order to expand business services?

This should shed light on how much financing you need, and subsequently, which types of loans to consider. 

If your needs are minimal, for example, a basic business line of credit may suffice. But if you need serious financing, an SBA business loan may be the best route.

Next, look at factors like collateral requirements, how long it will take to get access to funds, repayment terms, interest rates, and so on. 

You’ll want to take all of these factors into consideration before making a commitment. 

Then, narrow down your options to find the best business loan. 

How to Qualify for a Business Loan in Florida

Have a Good Credit Score

Ideally, you should have a credit score of 700 or higher, as this should open plenty of doors. 

To raise your credit score, you may want to use net 30 accounts because a vendor may report account usage to credit bureaus after 30 days.

You may also want to consider using a business credit card or applying for credit builder loans like CreditStrong.

Beyond that, there are companies like BILL Spend & Expense and Credit Suite that can help you build business credit. You can also check out our article, Startup Business Credit Cards with No Credit for options as well.

Have a Proper Business Plan

As a small business owner, it’s crucial to have all your ducks in a row when applying for financing. 

A lender will want to know what your goals are, what your growth strategy is, how you’ll use the money, and so on. 

So always be sure to develop a concrete plan before applying for a business loan.

Show Business Revenues

Also, most lenders will want a detailed breakdown of what your monthly and annual revenues are. 

While some, like Kabbage, only require 12 months of revenue, others like Newtek require at least 2 to 3 years. 

Wrapping Up

Florida is a great state to start a small business. 

And with a wide variety of business loan opportunities, you can find financing for everything from real estate and equipment to payroll and expansion. 

It’s just a matter of finding the right fit for your situation. 

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