Best Small Business Loans in Florida
Small business loans in Florida can help local businesses purchase equipment, commercial real estate, inventory and more.
Best small business loans in Florida
State-wide loan options for Florida small businesses
The following lenders and organizations provide small business loans for Florida-based companies.
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.
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.
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
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.
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.
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 You only pay interest on the withdrawn amount, along with any maintenance, withdrawal or annual fees.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 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.
Rising counties: Where business is thriving (and struggling)
Professional and technical services, information, and transportation and warehousing are the fastest-growing industries in Florida, according to the state’s Bureau of Workforce Statistics and Economic Research. But these aren’t the only industries — or counties — thriving in Florida.
The newest LendingTree study finds that each of Florida’s 67 counties has seen a positive five-year change in business applications, businesses and payroll. Despite across-the-board growth, there’s a clear winner (Lafayette County) and loser (Calhoun County).
Here’s a county-by-county breakdown.
Key findings
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Business is booming in Florida
Across the Sunshine State’s 67 counties, business applications rose by an average of 60.4% between 2018 and 2022. This was led by triple-digit growth in Union County (132.4%) and Madison County (108.6%). In that same period, payroll spiked by an average of 33.2% across its 67 counties, while the number of establishments increased by an average of 12.1%. -
Lafayette County — the second smallest in the state — is the best Florida county in which to operate a business
The north-central county (home to Mayo) saw the biggest payroll growth — 77.7% — between 2018 and 2022. It also saw the seventh-biggest growth (21.5%) in establishments, even though it has only 75 as of 2022 — the lowest across the state. Behind Lafayette County are Polk County (home to Lakeland) and St. Lucie County (home to Port St. Lucie). -
Calhoun County — also one of the smallest in the state — is the worst Florida county to operate a business
The county (home to Blountstown) is in the bottom five for all three metrics, including last in payroll growth (8.7%) and third to last in business application growth (26.9%). Just ahead of Calhoun County are Bradford County (home to Starke) and Jackson County (home to Marianna).
Best/worst Florida counties to operate a business
| Rank | County | 5-year change, business applications | 5-year change, businesses | 5-year change, payroll | Index |
|---|---|---|---|---|---|
| 1 | Lafayette | 78.6% | 21.5% | 77.7% | 100.0 |
| 2 | Polk | 97.1% | 14.1% | 40.9% | 90.8 |
| 3 | St. Lucie | 89.3% | 19.7% | 35.5% | 90.2 |
| 4 | Sumter | 59.5% | 25.3% | 62.1% | 87.9 |
| 5 | Osceola | 91.3% | 25.8% | 31.3% | 87.4 |
| 6 | Flagler | 60.9% | 18.4% | 53.4% | 85.6 |
| 6 | Pasco | 72.1% | 16.4% | 41.4% | 85.6 |
| 8 | Marion | 78.4% | 13.4% | 41.6% | 84.5 |
| 9 | St. Johns | 54.0% | 25.9% | 47.9% | 82.8 |
| 10 | Lee | 67.2% | 15.8% | 39.4% | 79.9 |
| 10 | Walton | 43.9% | 32.7% | 63.9% | 79.9 |
| 12 | Hernando | 74.4% | 13.3% | 36.9% | 78.2 |
| 13 | Baker | 64.9% | 13.9% | 39.5% | 77.0 |
| 14 | Hendry | 98.2% | 27.5% | 21.6% | 74.1 |
| 15 | Gulf | 45.4% | 29.9% | 40.2% | 73.0 |
| 15 | Levy | 88.4% | 16.3% | 27.6% | 73.0 |
| 15 | Manatee | 63.0% | 16.8% | 34.8% | 73.0 |
| 18 | Charlotte | 71.2% | 12.8% | 34.6% | 69.5 |
| 19 | Glades | 88.2% | 12.2% | 28.9% | 69.0 |
| 20 | Madison | 108.6% | 5.8% | 37.3% | 67.2 |
| 21 | Collier | 53.7% | 14.0% | 37.3% | 66.1 |
| 21 | Gilchrist | 35.9% | 18.7% | 44.5% | 66.1 |
| 21 | Orange | 63.7% | 14.9% | 31.0% | 66.1 |
| 24 | Lake | 63.7% | 14.2% | 30.9% | 65.5 |
| 24 | Wakulla | 58.6% | 9.9% | 48.7% | 65.5 |
| 26 | Jefferson | 30.6% | 16.7% | 47.5% | 62.1 |
| 27 | DeSoto | 82.8% | 9.9% | 27.5% | 58.0 |
| 28 | Hillsborough | 53.4% | 12.9% | 32.9% | 57.5 |
| 29 | Escambia | 71.5% | 10.6% | 28.1% | 56.3 |
| 29 | Union | 132.4% | 11.2% | 18.3% | 56.3 |
| 31 | Hamilton | 84.7% | 1.8% | 35.6% | 55.7 |
| 32 | Nassau | 43.1% | 17.5% | 31.0% | 54.6 |
| 32 | Pinellas | 80.0% | 9.8% | 27.3% | 54.6 |
| 34 | Liberty | 34.3% | 11.1% | 58.2% | 54.0 |
| 35 | Taylor | 83.7% | 6.1% | 30.6% | 52.3 |
| 36 | Suwannee | 74.4% | 9.9% | 25.4% | 51.7 |
| 37 | Highlands | 57.8% | 8.6% | 35.2% | 50.6 |
| 38 | Santa Rosa | 42.6% | 18.4% | 28.1% | 50.0 |
| 39 | Clay | 63.1% | 11.2% | 24.9% | 46.6 |
| 39 | Miami-Dade | 49.6% | 11.2% | 29.2% | 46.6 |
| 41 | Monroe | 36.6% | 7.6% | 49.0% | 46.0 |
| 42 | Indian River | 51.9% | 9.4% | 31.8% | 45.4 |
| 43 | Palm Beach | 36.0% | 10.8% | 36.0% | 44.8 |
| 44 | Gadsden | 58.8% | 11.3% | 24.8% | 44.3 |
| 44 | Putnam | 73.9% | 6.8% | 26.4% | 44.3 |
| 46 | Martin | 35.5% | 11.3% | 33.6% | 43.7 |
| 47 | Dixie | 56.2% | 3.2% | 36.4% | 42.0 |
| 48 | Sarasota | 49.9% | 11.3% | 24.9% | 41.4 |
| 49 | Hardee | 61.3% | 6.3% | 29.3% | 40.8 |
| 50 | Duval | 46.2% | 7.9% | 31.7% | 37.9 |
| 51 | Okeechobee | 64.8% | 7.7% | 21.5% | 35.1 |
| 52 | Citrus | 72.7% | 7.1% | 14.5% | 34.5 |
| 53 | Broward | 48.4% | 8.5% | 27.7% | 32.2 |
| 54 | Holmes | 19.3% | 5.6% | 40.0% | 30.5 |
| 55 | Okaloosa | 48.4% | 9.8% | 23.4% | 29.9 |
| 55 | Volusia | 45.8% | 9.5% | 25.7% | 29.9 |
| 57 | Washington | 38.2% | 9.1% | 27.8% | 28.2 |
| 58 | Bay | 47.6% | 9.6% | 22.9% | 26.4 |
| 58 | Columbia | 64.8% | 5.5% | 20.4% | 26.4 |
| 60 | Alachua | 60.3% | 6.4% | 18.3% | 25.9 |
| 61 | Seminole | 49.2% | 7.0% | 24.1% | 24.7 |
| 62 | Brevard | 55.3% | 6.7% | 16.7% | 21.8 |
| 63 | Leon | 19.1% | 5.6% | 31.5% | 21.3 |
| 64 | Franklin | 40.5% | 5.6% | 25.5% | 16.7 |
| 65 | Jackson | 48.7% | 0.6% | 23.2% | 14.4 |
| 66 | Bradford | 39.0% | 1.8% | 21.8% | 8.0 |
| 67 | Calhoun | 26.9% | 4.9% | 8.7% | 0.0 |
Study methodology
LendingTree researchers analyzed three metrics to determine the best and worst Florida counties in which to operate a business. Those metrics are:
-
Five-year change in business applications
U.S. Census Bureau Business Formation Statistics, 2018 to 2022. -
Five-year change in businesses
U.S. Census Bureau County Business Patterns, 2018 to 2022. -
Five-year change in payroll
U.S. Census Bureau County Business Patterns, 2018 to 2022.
We ranked the 67 Florida counties in each metric. We then found each county’s average ranking and scored the counties according to that average.
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.
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.
Our methodology: 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.