Best Small Business Loans in Florida

Small business loans in Florida can help local businesses purchase equipment, commercial real estate, inventory and more.

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LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
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By Jill A. Chafin | Edited by Abigail Basset and Janet Schaaf | July 3, 2024
Best For:
Commercial auto loans
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Best For:
Interest-free loans
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Best For:
Working capital
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Best For:
Minorities
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Best For:
Flexible funding
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Best For:
Rural businesses
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Best For:
Online lending
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Best For:
SBA loans
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Best For:
Nationwide banking
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More Options

State-wide loan options for Florida small businesses

The following lenders and organizations provide small business loans for Florida-based companies.

Florida Credit Union: Best for commercial auto loans

Up to 100% of loan-to-purchase price

6.74%

36 to 72 months

Not disclosed

Not disclosed

Pros
  • Loans for used or new vehicles with potentially no down payment
  • Offers small business solutions like merchant processing and wire transfers
  • Local lender offering quick business loan decisions
Cons
  • Lack of transparency on eligibility requirements
  • Only 12 physical branches throughout Florida

Why we picked it

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The Florida Credit Union (FCU) provides commercial auto loans and commercial truck financing for local entrepreneurs. With an FCU loan, you can receive competitive rates and a flexible repayment plan customized to fit your business needs.FCU also offers an SBA 504 loan, which can help with growth projects such as purchasing commercial real estate or other long-term expenses.

Florida Small Business Emergency Bridge Loan Program: Best for interest-free loans

Up to $50,000

Interest-free

12 months

600

Must be established before Aug. 29, 2023

Pros
  • Interest-free business loans for emergencies
  • Low minimum credit score requirement
  • Higher loan limits available for agricultural small businesses
Cons
  • Only available to businesses with 100 or fewer employees
  • Business must be impacted by natural disaster to qualify
  • Short repayment term

Why we picked it

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The Florida Small Business Emergency Bridge Loan provides interest-free emergency business loans to eligible businesses within specific Florida counties. These bridge loans are designed to cover short-term funding gaps between a major catastrophe and when a company can secure long-term recovery resources. Your business must have 100 or fewer employees to qualify.

Rebuild Florida Business Loan Fund: Best for working capital

$25,000 to $2,500,000

Based on the current Prime Rate

36 to 120 months

Not disclosed

Not disclosed

Pros
  • Competitive interest rates
  • Flexible terms
  • Funds can be used for a variety of purposes
Cons
  • Requires a 10% down payment
  • Only available to businesses primarily operating in Florida

Why we picked it

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The Rebuild Florida Business Loan Fund offers affordable financing to help new and existing Florida businesses strengthen their resiliency efforts. Similar to a working capital loan, this fund can be used for various business expenses, such as inventory, equipment, commercial real estate, business expansions and seasonal financing. Business owners must secure the loan with collateral.

Local small business loans in Florida

Depending on your business’s location and other criteria, you might qualify for one of the following local Florida business loans.

LiftFund: Best for minorities

$500 to $500,000

9.90%

5 to 120 months

Not disclosed

Not disclosed

Pros
  • Offers consultation services, networking events and entrepreneurship programs
  • Helps build business credit
Cons
  • Not available in all states
  • Lack of transparency on eligibility requirements

Why we picked it

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LiftFund, a nonprofit organization, provides up to $500,000 for small businesses in Miami, Jacksonville, Tampa, Orlando and throughout Florida — with a focus on women-owned businesses and minority entrepreneurs.Funds can be used for equipment, inventory, real estate, working capital and more. LiftFund is also an excellent option for a startup business loan or a microloan.

Small Business Loan Fund: Best for flexible funding

$10,000 to $250,000

Not disclosed

36 to 84 months

Not disclosed

18 months

Pros
  • Flexible payments to match your cash flow
  • Can receive funds within a few days after approval
  • Offers pre-loan counseling
Cons
  • Priority is given to Broward, Palm Beach and Dade counties
  • Processing time from application to closing can take up to 60 days

Why we picked it

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The Small Business Loan Fund (SBLF) is a Community Development Financial Institution (CDFI) and nonprofit lender focused on helping low-income, minority and women entrepreneurs access the tools, resources and financing they need to grow and expand their businesses.Once you submit an application, a dedicated loan coordinator will guide you through the process to ensure you’re on the right track.

Rural Community Development Revolving Loan Program: Best for rural businesses

Not disclosed

2.00%

Varies

Not disclosed

Not disclosed

Pros
  • Low interest rate
  • Flexible payment options
  • Collateral is negotiable
Cons
  • Restrictions on how to spend the funds
  • Only available to businesses in rural areas
  • Doesn’t list loan amounts

Why we picked it

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Created in 1996, the Rural Community Development Revolving Loan (RCDRL) Program provides local governments financial assistance to boost and diversify the economy of rural Florida communities. Counties with populations of 75,000 or less (or a contiguous county of 125,000 or less) are eligible to apply.Loan funds can go toward equipment purchases, land acquisition, building improvements and construction and more. However, you can’t use the loan to cover payroll or grant administration.

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Nationwide small business loans for Florida

If you want a lender with a national reach, these loans for small businesses offer competitive rates and a range of business products for Florida businesses.

National Funding: Best for online lending

$5,000 to $500,000

1.11 factor rate

4 to 24 months

600

6 months

Pros
  • Quick approval within 24 hours
  • No down payment or collateral needed
  • Early payoff discounts
Cons
  • High annual revenue requirement
  • Factor rate makes it hard to compare other lenders
  • Only two loan products available

Why we picked it

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National Funding is an alternative business lender offering quick business loans up to $500,000 for low-credit borrowers. To qualify, your business must have been in operation for at least six months with a minimum of $250,000 in annual sales. Funds could hit your business bank account within 24 hours after approval.You can also finance up to 100% of the cost of new or used equipment with National Funding, along with securing a low rate with its Guaranteed Lowest Payment program.

Live Oak Bank: Best for SBA loans

Up to $15,000,000

Rates vary, subject to SBA maximums

Up to 300 months

680

36 months

Pros
  • An approved SBA Preferred Lender
  • Competitive rates and flexible terms
  • Offers a variety of lending products
Cons
  • Only available to well-established businesses
  • Doesn’t disclose interest rates
  • Must earn $250,000 annual income or higher to qualify

Why we picked it

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Live Oak Bank is a leading SBA Preferred Lender focused on helping well-established businesses take their companies to the next level. With Live Oak Bank, you can enjoy lower payments, longer repayment terms and no prepayment penalties (unless you have a commercial real estate loan).In addition to SBA loans, you can apply for a conventional loan, USDA loan and business line of credit with Live Oak Bank.

Wells Fargo: Best for nationwide banking

$10,000 to $15,000,000

Varies by product

Up to 300 months

680 for unsecured lines of credit (not disclosed for other products)

Startup to 24 months

Pros
  • Large branch and ATM networks
  • Offers a range of business products and services
  • Automatic enrollment in free rewards program
Cons
  • Must be in business for two years to qualify for most loans
  • Personal guarantee required for some products
  • High annual fees for unsecured line of credit

Why we picked it

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With over 1,300 branches and ATM locations throughout Florida and a strong nationwide presence, Wells Fargo is an excellent choice for a traditional bank with in-person support. You can take advantage of a range of small business solutions, including business credit cards, SBA loans, commercial real estate loans, business lines of credit, payroll services and more.New businesses that have been in operation for less than two years with a credit score of 680 or higher may qualify for Wells Fargo’s unsecured line of credit with no collateral required.

What to know about small business lending in Florida

Small businesses in Florida can connect with local and nationwide lenders to get the funds they need to grow and expand their companies. You can apply for small business financing in Florida through a traditional bank, online lender or governmental agency.

There are also Florida small business grants to help startups, women entrepreneurs and minority business owners access capital for their businesses. Eligible business owners might also qualify for a tax credit within the state.

Types of business loans in Florida

SBA loans

The U.S. Small Business Administration (SBA) guarantees a portion of SBA loans, making them an affordable financing solution for businesses who struggle qualifying for traditional loans. The SBA 7(a) loan is ideal for everyday business purposes, while the SBA 504/CDC loan is more commonly used for larger assets like real estate or equipment.

Term loan

Business term loans provide a lump sum of cash upfront with a fixed weekly or monthly repayment schedule. Short-term business loans have repayment terms of a few months to a year or more, whereas long-term business loans can reach up to 10 years or longer.

Line of credit

With a business line of credit, you can borrow up to your limit as often as needed for recurring business expenses. You only pay interest on the withdrawn amount, along with any maintenance, withdrawal or annual fees.

Equipment financing

Equipment financing helps businesses acquire and upgrade machinery or equipment needed for their business. Since equipment financing uses the equipment as collateral, an equipment loan is typically easier to get than other types of business funding.

Other funding options for your small business in Florida

Florida’s government and business community are committed to helping small businesses grow and succeed. Here are some grants, tax credits and coaching programs to consider, as well as how to utilize resources offered by your local small business development center.

Small business grants in Florida

Here are some grants for small businesses to help you make a difference in your community.

  • Targeted Marketing Assistance (TMAP): TMAP will award funds to help minority, rural and agritourism businesses in Florida improve their marketing. Nonprofits and independently owned businesses with gross revenue below $1.25 million are welcome to apply.
  • Florida High Tech Corridor Matching Grants Research Program (MGRP): Partnering with the University of Central Florida and the University of South Florida, MGRP awards grants for applied research between faculty, students and industry in 23 Florida counties.
  • Florida Urban and Community Forestry Grants: With funds from the U.S. Forest Service, the Florida Forest Service assists local communities, nonprofit organizations and educational groups in starting or improving local urban forestry projects. The State of Florida anticipates a budget of $750,000 for fiscal year 2023.

Florida small businesses tax credits

  • Brownfields Redevelopment Act: Eligible businesses with a Brownfield Site Rehabilitation Agreement could receive a Job Bonus Tax Refund of up to $2,500 by creating at least 10 jobs in the community.
  • Rural and Urban Job Tax Credit Programs: These tax credits are awarded to eligible businesses creating rural or urban jobs within qualified areas throughout Florida. The Rural Job Tax Credit ranges from $1,000 to $1,500 per qualified employee. The Urban Job Tax Credit ranges from $500 to $2,000 per qualified job.
  • Community Contribution Tax Credit Program (CCTCP): The CCTCP encourages Florida business owners to donate toward community development and housing projects for low-income residents. Businesses can take a tax credit of up to 50% of the donation’s value.

Coaching and mentorship for Florida businesses

Entrepreneurs can network and learn from local coaching and mentorship programs in their community.

  • Prospera: This nonprofit organization provides bilingual assistance to Hispanic entrepreneurs to help establish or expand their businesses. Small business owners can receive free support with legal and accounting assessments, creating a business plan, marketing and sales planning, branding development and more.
  • weVENTURE: Women entrepreneurs in Brevard, Indian River and St. Lucie Counties can utilize weVENTURE’s Women’s Business Center Program with free one-on-one consultations and low-cost business classes.
  • FAU Business Mentoring Program: Offered by Florida Atlantic University, the FAU Business Mentoring Program helps bring students and business professionals together to share ideas and network. Participants develop interviewing and networking skills, oral and written presentation skills and experience solving complex problems.
  • SCORE Business Mentoring: SCORE is one of the nation’s leading nonprofit networks of volunteer business mentors, helping entrepreneurs develop, launch, manage and grow their business ideas. You can find a SCORE mentor in your area to access free training, webinars, workshops and more.

Small business development centers in Florida

A Small Business Development Center (SBDC) provides individualized support and technical assistance at every stage of business development — from your first idea to a nationwide expansion. You can receive help implementing new technologies, improving your business strategy and operations, enhancing marketing efforts, increasing productivity and more.

While the SBDC doesn’t fund loans, your local branch can help you find affordable government loans for your small business.

Enter your business zip code and how far you will travel to find an SBDC location near you.

Florida business loan requirements

While business loan requirements vary by lender and loan type, here is a general guideline of what you might need when applying for a Florida business loan.

  Credit score

You typically need a FICO Score of 670 or higher and a business credit score above 80 to get the best business loan interest rate. Boosting your scores before applying can improve your chances of securing the most competitive loan offer. Or, you can consider a business loan for bad credit.

  Business plan

A business plan outlines your company’s goals, including marketing strategies and financing plans. A detailed business plan can reassure lenders that you will use their money responsibly.

  Annual revenue

Many lenders require a steady income stream to qualify for small business financing. Annual minimums can range from $36,000 to $480,000 or higher, although some lenders may accept lower earnings for startups. If your revenue doesn’t allow you to qualify for a small business loan in Florida, consider applying for microloans or business credit cards to cover your immediate needs.

  Time in business

Online lenders typically require companies to have been in operation for six months to one year to qualify for a business loan. Traditional banks usually want to see an established track record of two or more years.

  Collateral and/or personal guarantee

Some lenders require collateral to reduce risk with a secured business loan. Collateral can be real estate, equipment or a cash down payment. The lender can seize your collateral as a form of payment if you default on the business loan. A personal guarantee is slightly different since it’s connected to your personal assets.

How to apply for a small business loan in Florida

Here are the general steps to apply for a small business loan in Florida.

Step 1: Decide what type of business loan you need

You have multiple options when it comes to types of small business loans. Some small business loans have limitations or restrictions on how to spend the funds, so be sure to pick one that matches your needs.

Step 2: Determine your eligibility

Review the lender’s criteria on their website to ensure it’s a good match. Boost your credit score before applying to improve your chances of securing a competitive rate.

Step 3: Compare small business lenders

You can apply for small business financing via a traditional bank, online lender, government lender or peer-to-peer lending. Watch out for lenders offering no-credit-check business loans or a deal that sounds too good to be true. Reading small business lender reviews before applying can help avoid scams.

Step 4: Gather required documents

Save time by gathering essential documents in advance, such as your business plan, business tax ID number, business licenses, personal and business tax returns and business financial statements. Some lenders may also require a certificate of good standing before approving your loan application.

Step 5: Submit and review offers

Most banks and lenders allow you to submit a small business loan application online, although some banks may require an in-person appointment. Review all loan offers to pick the best deal for your needs.

How to compare Florida business loans

Here are some key factors to consider when comparing small business loans in Florida:

  • Interest rates. Start by looking for a loan with a low interest rate. It’s also generally best to pick a fixed interest rate to avoid any unexpected rate increases in the future.
  • Fees. Check the loan agreement for additional fees, such as origination fees, late charges and prepayment penalties. Add these to the loan amount to ensure the overall cost is worth it.
  • Terms. Some small business loans require daily or weekly repayments. Make sure your business budget can handle the repayment schedule.
  • Funding speed. Online lenders typically approve and fund small business loans within a few days. In comparison, traditional banks or SBA loans can take several weeks or months to scrutinize your application details. If you can wait, you will likely get better rates and terms with a traditional bank or SBA lender.

How we chose the best small business loans in Florida

We reviewed the leading local and nationwide lenders to determine the best business loans in Florida. To make our list, lenders must meet the following criteria:

  • Minimum time in business: Options available for startups and companies who have operated for six to 36 months.
  • Minimum credit score: Personal credit score requirements of 680 or lower.
  • Rates and terms: We prioritize lenders with a range of loan amounts, competitive rates, limited fees, flexible repayment terms and APR discounts.
  • Repayment experience: We consider each lender’s reputation and overall business practices. We favor lenders that report to all major credit bureaus, offer reliable customer service and provide extra support to customers, like free business coaching.

Frequently asked questions

You typically need a good to excellent credit score and strong finances to qualify for a small business loan in Florida. Most lenders also want to see your business in operation for at least six months.

While there are financing options for startups and bad-credit borrowers, these loans often have higher interest rates and less flexible terms. If you struggle to qualify for small business financing, consider other funding options, such as a personal loan for business or GoFundMe for business.

Finding the best small business loan depends on your business type, funding needs and eligibility criteria. Consider a business line of credit if you want access to revolving funds or a short-term business loan for low-cost projects or seasonal dips in income. A business acquisition loan could help buy an existing business or franchise. And if you need help purchasing supplies, inventory financing uses the inventory as collateral to help secure the loan.

Check your local or state government and business community sites for up-to-date opportunities for Florida small business owners. For example, check out Open My Florida Business for tips and guidance on how to start a business in Florida.

For other opportunities in Florida, visit USA.gov and the U.S. Economic Development Administration.