| Lender | Best for… | Max. loan amount | Term length | Min. interest rate | Time in business |
|---|---|---|---|---|---|
 | Commercial auto loans | Up to 100% of loan-to-purchase price | 36 to 72 months | 6.74% | Not disclosed |
 | Interest-free loans | $50,000 | 12 months | Interest-free | Must be established before Aug. 29, 2023 |
 | Working capital | $2,500,000 | 36 to 120 months | Based on the current Prime Rate | Not disclosed |
 | Minorities | $500,000 | 5 to 120 months | 9.90% | Not disclosed |
 | Flexible funding | $250,000 | 36 to 84 months | Not disclosed | 18 months |
| Rural businesses | Not disclosed | Varies | 2.00% | Not disclosed |
 | Online lending | $500,000 | 4 to 18 months | 1.11 factor rate | 6 months |
 | SBA loan | $15,000,000 | Up to 300 months | Rates vary, subject to SBA maximums | 36 months |
 | Nationwide banking | $15,000,000 | Up to 300 months | Varies by product | Startup to 24 months |
The following lenders and organizations provide small business loans for Florida-based companies.
| 1 | 2 |
|---|---|
| Loan amounts | Up to 100% of loan-to-purchase price |
| Starting interest rate | 6.74% |
| Term length | 36 to 72 months |
| Minimum credit score | Not disclosed |
| Minimum time in business | Not disclosed |
Lack of transparency on eligibility requirements
Only 12 physical branches throughout Florida
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.
| 1 | 2 |
|---|---|
| Loan amounts | Up to $50,000 |
| Starting interest rate | Interest-free |
| Term length | 12 months |
| Minimum credit score | 600 |
| Minimum time in business | Must be established before Aug. 29, 2023 |
Only available to businesses with 100 or fewer employees
Business must be impacted by natural disaster to qualify
Short repayment term
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.
| 1 | 2 |
|---|---|
| Loan amounts | $25,000 to $2,500,000 |
| Starting interest rate | Based on the current Prime Rate |
| Term length | 36 to 120 months |
| Minimum credit score | Not disclosed |
| Minimum time in business | Not disclosed |
Requires a 10% down payment
Only available to businesses primarily operating in Florida
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.
Depending on your business’s location and other criteria, you might qualify for one of the following local Florida business loans.
| 1 | 2 |
|---|---|
| Loan amounts | $500 to $500,000 |
| Starting interest rate | 9.90% |
| Term length | 5 to 120 months |
| Minimum credit score | Not disclosed |
| Minimum time in business | Not disclosed |
Not available in all states
Lack of transparency on eligibility requirements
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.
| 1 | 2 |
|---|---|
| Loan amounts | $10,000 to $250,000 |
| Starting interest rate | Not disclosed |
| Term length | 36 to 84 months |
| Minimum credit score | Not disclosed |
| Minimum time in business | 18 months |
Priority is given to Broward, Palm Beach and Dade counties
Processing time from application to closing can take up to 60 days
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.
| 1 | 2 |
|---|---|
| Loan amounts | Not disclosed |
| Starting interest rate | 2.00% |
| Term length | Varies |
| Minimum credit score | Not disclosed |
| Minimum time in business | Not disclosed |
Restrictions on how to spend the funds
Only available to businesses in rural areas
Doesn’t list loan amounts
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.
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.
| 1 | 2 |
|---|---|
| Loan amounts | $5,000 to $500,000 |
| Starting interest rate | 1.11 factor rate |
| Term length | 4 to 18 months |
| Minimum credit score | 600 |
| Minimum time in business | 6 months |
High annual revenue requirement
Factor rate makes it hard to compare other lenders
Only two loan products available
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.
| 1 | 2 |
|---|---|
| Loan amounts | Up to $15,000,000 |
| Starting interest rate | Rates vary, subject to SBA maximums |
| Term length | Up to 300 months |
| Minimum credit score | 680 |
| Minimum time in business | 36 months |
Only available to well-established businesses
Doesn’t disclose interest rates
Must earn $250,000 annual income or higher to qualify
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.
| 1 | 2 |
|---|---|
| Loan amounts | $10,000 to $15,000,000 |
| Starting interest rate | Varies by product |
| Term length | Up to 300 months |
| Minimum credit score | 680 for unsecured lines of credit (not disclosed for other products) |
| Minimum time in business | Startup to 24 months |
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
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.
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.
On this page
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.
