Small business lenders in Florida provide competitive loans to help support business development and growth.
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Biglaw Investor connects you with small business lenders who can help you expand your business, whether through working capital or via acquisition. A small business loan loan is a great way to grow your business—but it can be hard to know where to start. Our small business lenders offer an experience specially tailored to your goals.
Offered exclusively through Biglaw Investor, we make it incredibly simple to find the best loan for your business needs.
I’m an associate at a firm in Houston and used JD Mortgage thanks to your advice! The experience was great—they were super fast and responsive.” —Mary Kate Raffetto Beck Redden LLP
For a JD Mortgage, I had good luck with IBERIABank. [They] made this process very smooth.” —Clint Cowan Lynn Pinker Hurst & Schwegmann
Located in the southeastern portion of the U.S., Florida is perhaps most recognized as the vacation state, where there are a lot of coastal cities, amusement parks, retirement communities, and national parks to visit and explore. Because it is located on the Gulf of Mexico and the Atlantic Ocean, Florida is a treasure for its outdoor amenities and features. Yet, it offers much more than this. It is home to over 21 million people and is a large state as well. With cities like Miami, Fort Lauderdale, Orlando, Jacksonville, and Tallahassee, it is one of the most notable of U.S. states. The Sunshine State is also one of the best in terms of affordable cost of living and its thriving but diverse economy.
Florida certainly has a lot going for it, including being the home of one of the most significant tourism industries in the country. There is more to the state than just this, though. It has a strong healthcare industry, agricultural industry, and aerospace and defense program. Many large companies call it home. Yet, there are also a large number of small businesses in Florida, many of which contribute to the growth of the state’s economy.
The U.S. Small Business Administration states there are 3 million small businesses in Florida. Those businesses produce 3.6 million jobs with an annual total payroll of $154,913,869 each year. That makes small business in Florida one of the most important industries present, and that shows in the wide diversity of these companies. From restaurants and shops to service providers, many people make their living in the small business industry here.
To do that, there is also the need to borrow money. Small business loans in Florida total 9,909, according to the latest three year of data from the U.S. Small Business Administration. Those loans have a total loan volume of $7,738,097,784, with the average loan size in the state being $780,916. These funds are valuable and used for a wide range of needs, from expansion to building new locations, hiring more people, adding products, and building services.
Small business lenders in Florida provide a wide range of funding tools for small businesses in the state. Typically, a borrower is a smaller business with under 100 employees. Lenders provide borrowers with the funds they need to meet their capital needs. In exchange, the borrower repays the loan with interest over a period of time, often 5 to 10 years. This is a profitable situation for the lender as long as the borrower makes payments on time.
For borrowers, these loans can be critically important to helping to support the needs of small businesses. That is why they are such a critical part of the financial success of many small companies in the state. Cash flow is a leading challenge for plenty of small business owners, which is why plenty of them turn to working capital loans to get an upfront infusion of cash that’s paid back over time out of their earnings.
Before contacting a lender directly, look into your Florida-based small business development center, Enterprise Florida, Inc, or the Florida Department of Economic Opportunity to verify other funding support options.
Lenders have to mitigate some of their risks when lending to small businesses. That is why many have a few specific rules. Most do not lend to companies that are unproven, such as those without a proven level of profitability or at least one year in business. They may also create very specific creditworthiness requirements that small business borrowers have to meet.
This typically includes a strong business credit history or a strong owner credit history if the company does not have an established credit history. In addition to this, lenders also need to see things like the revenue the company brings in each month, the type of business and its industry, the local economic conditions, and growth projections. Many lenders also need to know the reason for borrowing.
With all of this information, Florida small business lenders will then create a loan offer for the business. This will include the length of the loan, the interest rate, and the amount the borrower can obtain. The borrower can then elect to take the loan or, in some cases, negotiate the terms. Lenders can offer a variety of forms of credit to small businesses. This includes options such as:
Depending on the needs of the company, small business loans from qualified Florida lenders can help to meet most goals, including funding expansion, improvement, new product development, marketing, and employee growth, among many other needs. Within the state of Florida, there are plenty of business resources out there to help you, including local economic development agencies, credit unions, short term lenders, assistance programs, and other loan options for your business needs. Financing options vary, and not all loans are created equal.
They usually have their own loan application and eligibility requirements, in addition to repayment terms. There are also variations on small business loans such as working capital loans, commercial real estate loans, and specific funds for minority-owned companies like the Black Business Loan program or other Florida small business loans.
Small business owners should always do their research to see if general loans will work best or if something specific like a real estate loan makes more sense. Consider the benefits of things like microloans that give you some temporary support without setting you back financially. With a smaller loan, the repayments are easier to keep up with so you can direct more of your revenues back into the business. If you have substantial revenue, however, other business financing can help entrepreneurs take their company to the next level.
| Rank | Bank Name | # of Florida Loans | Avergage Interest Rate | Average Loan Size |
|---|---|---|---|---|
| 1 | TD Bank | 364 | 7.05% | $246,301 |
| 2 | Wells Fargo Bank | 190 | 7.86% | $212,803 |
| 3 | Newtek Small Business Finance | 134 | 6.20% | $715,724 |
| 4 | United Midwest Savings Bank | 121 | 5.98/% | $228,246 |
| 5 | Live Oak Banking Company | 112 | 5.40% | $1,480,147 |
| 6 | BayFirst National Bank | 106 | 5.33% | $628,080 |
| 7 | Lake Michigan Credit Union | 101 | 5.78% | $1,083,049 |
| 8 | The Huntington National Bank | 90 | 5.63% | $433,564 |
| 9 | SouthState Bank | 86 | 5.32% | $998,616 |
| 10 | Paradise Bank | 66 | 5.19% | $1,633,670 |
TD Bank was founded in 1852 in Portland, Maine, as a bank to help the community. Since that time, TD Bank has grown to be able to provide all types of services and products to meet the needs of its customers on a broad level all across the country.
We reached out to TD Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
Wells Fargo Bank was started in 1852 by Henry Wells and William G. Fargo as a bank to help customers build business and manage money. Wells Fargo Bank offers many products through its many branches to meet customers’ needs, including mortgages, wealth management, and personal and small business banking.
We reached out to Wells Fargo Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
Newtek offers a number of services for businesses to help them to meet their financial needs. Products such as loans, cloud solutions, IT security, payment processing, payroll, and options when it comes to disaster recovery are available to protect and help a business to thrive and grow.
We reached out to Newtek to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
Live Oak Bank is based in North Carolina but serves all 50 states as a cloud based digital bank. Offering a number of products and services to its customers, from personal to small business loans, as well as options for personal and business banking like checking and savings accounts.
We reached out to Live Oak Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
Founded in 1889 as a community bank to provide for local individuals and businesses, United Midwest Savings Bank has over 130 years of experience in meeting customers’ needs. With 5 branches and 1 administrative office in the Columbus, Ohio area, United Midwest Savings banks can help all of its customers.
We reached out to United Midwest Savings Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
Small businesses are often founded on passion and interest. Yet, there is a need to have a strong financial foundation for any business owner. Getting that support and guidance may be possible with a few resources.
The first is the Small Business Administration of Florida. This organization offers a variety of tools and resources to help small companies to gain a strong financial footing. That includes support on building business credit, loans, financing tips, and business formation support. You can learn a great deal about how to build your business and get help with a range of business challenges. All of this information is available at no cost to borrowers.
SCORE is another organization that offers fantastic free information to small businesses. The main office for the location is in Daytona Beach, but there are opportunities throughout the state to work with the organization to build financial education. That includes through webinars, online tools, and workshops.
If you want to find the best small business loans in other states, click on your state below.
Joshua Holt is a lawyer and founder of Biglaw Investor. He spent 10 years practicing private equity mergers & acquisition law for one of the largest law firms in the country. As part of his practice, he advised small and medium sized businesses on matters ranging from business loans to the acquisitions and divestitures of stocks and assets.
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