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HOW DO I QUALIFY FOR A FLORIDA SMALL BUSINESS LOAN?

Welcome to the Sunshine State. Fortunately, Governor Desantis recognized early on that Florida’s small businesses were essential to jobs and the health of the community. He was quick to offer a business damage assessment survey and the technical assistance to keep the state operating and today we Floridians enjoy the benefits.

Sunwise Capital is an online alternative lender that offers assistance to owners in Florida capital to help companies grow and expand. As a lender, we offer a financing solution with highly competitive interest rates and generous repayment terms. We are helping the business owner in the State of Florida with working capital.

Learn how Florida business owners are getting the money they need to fund their companies, despite recent substantial economic injury due to Covid-19. We offer PPP loans with loan forgiveness (helping with payroll costs) and can help you with SBA disaster loans (EIDL) that are available to Florida businesses and pay out a maximum of $150,000 for Covid-19 disaster assistance. The idea is to mitigate the economic impact on you, your company, and your employees.

The U.S. Small Business Administration Office of Advocacy states that 98.9% or 2.3 million enterprises in Florida are small businesses. We provide economic opportunity even to those businesses suffering from the economy including the PPP loan (Cares Act), the economic injury disaster loan, and even an emergency bridge loan.

These State of Florida small companies employ 3.1 million individuals or just over 43% of the workforce. It’s important for us to provide the eligible companies a financing option to help Florida’s economy.

From Palm Beach, Ft. Lauderdale, Miami, and the Keys in South Florida to Tampa, Tallahassee, Orlando, and Jacksonville in North Florida, Florida entrepreneurship is booming. Our one-page loan application and same-day approvals mean the borrower can get their loan proceeds in 24 hours or less.

Sunwise Capital, with headquarters located in Deerfield Beach, FL since 2005, stands ready to support all Florida small to medium-sized businesses.

Located in Broward County, we proudly service Miami-Dade County to Palm Beach County (and all 2.3 million small businesses throughout the state).

Our loan options, including short term loans, are designed for a wide range of purposes and company expenses. Our loan programs include:

Small Business Administration Loans.

Loans through the SBA provide small companies attractive rates and terms. Sunwise works directly with SBA lenders. These relationships enable us to help guide you through the myriad of choices and help you secure the best and lowest rate, terms, and loan guarantees. We are not limited to just a Florida bank.

These commercial loans are financing options, including the Commercial Real Estate Loans through the Small Business Administration program, the SBA 7a Loan Program (SBA microloans), and the SBA 504 program.

The 7(a) loan programs offered by the SBA provide working capital and financing for those companies that are purchasing equipment, inventory, or are looking to grow and expand.

Microloans offered by the Small Business Administration have a maximum loan amount of $50,000. This SBA product provides money for inventory, hard assets, or working capital. This is not a bridge loan program. There is a pilot loan program being offered by the SBA which is designed as a bridge loan (and we. can help you with the bridge loan application). You can also check out America’s SBDCS ( Small Business Development Center)

The 504 loans typically require the purchase of a fixed asset. These assets are either property or materials. Look for these SBA to work in partnership with the CDC or Community Development Companies and banks.

The SBA application and documentation process can be lengthy.

You must have:

  • a strong track record and
  • be prepared to supply at least three years of both individual and business tax returns,
  • balance sheets,
  • profit and loss statements, and
  • a personal guarantee by all owners.

The starting interest rate for SBA loans is currently in the mid-single digits. However, your FICO score must reflect a 680 or better.

Loan Amount Base Rate Comparison

Less Than Seven Years vs. More Than 7 Years

Up to $25,000 Base rate + 4.25% vs Base rate + 4.75%
$25,000 – $50,000 Base rate + 3.25% vs Base rate + 3.75%
$50,000 or More Base rate + 2.25% vs Base rate + 2.75%

Sunwise Capital provides hands-on customer service to help guide you and navigate every step of the process.

We work directly with an SBA bank to offer a pre-qualification for SBA loans in five minutes with funding in five to ten days. We do not have the same restrictions as your local bank or Florida credit union.

Florida loan ranges from $50,000 to $5M for real estate acquisition with terms up to 25 years.

Are you renting? As a small business owner, why not make a real estate investment into a commercial property and take the savings to grow your business?

Let us put our SBA team to work for you.

How do I start a business in Florida with no money?

Starting a company with no money down in Florida is challenging. Most, if not all, lenders want to see you put some skin in the game.

If you’re not willing to invest in yourself, it begs the question: Why should a lender invest?

Beyond the variety of ways to raise money, there are a few options available to secure a loan.

Unsecured Business Lines of Credit.

This small business financing is the ideal option, especially for startup loans for small businesses. The minimum requirement for approval is a strong personal FICO and a score of 700 or better.

That’s it – no time in business, no annual revenue. You must demonstrate personal income to support the loan payments.

The application process is easy, and funds are usually available within a month.

Loan amounts range from $20,000 to $200K. This revolving line comes in the form of a business credit card(s).

The LOC has a starting interest rate often as low as 0% for the first 6 – 12 months. If you are a startup, this is probably your best, if not the only option.


SUCCESS STORIES

Small Business Equipment Loans

Florida small business owners – Do you qualify for Equipment Financing or a Cash Advance for operating expenses and payroll?

Start Up Businesses get up to $45,0000

  • Time in business requirement – none
  • Incorporated – yes
  • Fico Score – 600+
  • Down payment – little to none

 

Established businesses looking for less than $150K

  • Time in business requirement – 2+ years
  • Fico Score – 600+
  • Down payment – little to none

 

Established businesses looking for $150K+

  • Time in business requirement – 2+ years
  • Fico Score – 675+
  • Down payment – little to none

 

Unlike the small business administration (SBA loans) process, the application process is easy.

Florida business owners will need maybe 10 minutes to complete the application online. Just provide the vendor invoice with the one-page app.

You’re done.

One of our funding experts will get in touch with you and work out the best financing for you.

What industries benefit from this type of financing?

Agriculture Auto Repair Beauty & Wellness Business Services Chiropractic Cleaning Services Construction/Contractor Daycare Dental Practice Electrical Food Trucks Gardening & Landscaping Gym & Fitness Healthcare/Medical HVAC Plumbing Real Estate Restaurant Retail Trucking

The benefit of this type of financing is that it allows you to purchase what you need without using existing working capital.

The difference between buying and leasing is the owner of the equipment.

The reason you would buy over a lease is the tax advantages in Section 179 Tax Deduction (talk to your tax advisor or CPA) and improving your score with timely monthly payments.

Leasing offers some of the same advantages as well. The similarities and differences are similar to buying or leasing your car?

Speak to a tax professional to help decide the best option for you.

Is it Hard to Get Small Business in Florida?

Working Capital

Florida small business owners, if you do not qualify for SBA financing or bank lines, you can look at a Sunwise Capital business loan.

We are one of the few small business lenders that offer a guarantee that we will have the lowest rates.

Plus, our underwriting decisions and funding can be within 24 hours.

Regardless of your needs, owners can be confident that we can customize a loan to fit your Florida business.

Our term loan amounts can range from $10,000 to $2M. Well-qualified Florida companies can receive up to $5 million.

Whether you need machinery, you have an eye towards expansion, or new opportunities, we can help.

Our term loans range from 3 to 18 months. This loan is ideal for purchasing inventory, new employees, marketing, or advertising expenses.

A longer-term loan is available with a stronger application reflecting a strong financial history qualifying for up to two years. This loan makes more sense if you are considering much larger projects or business acquisition or expansion.

Our unsecured lines are perfect for those that have a FICO score above 700. You can qualify for funds up to $200K, even as a startup.

Well-qualified Florida companies can receive up to $5 million.

Can you get a business loan with bad credit score?

Many well-run businesses in Florida fall just short of qualifying for a business loan from a local bank or credit union.

Whether you are a fledgling enterprise on the cusp of explosive growth or a well-established company, there are alternative lenders like Sunwise Capital ready to help you with the capital to fuel your growth.

The bare-bones minimum requirements are:

  • 6 months in operation
  • Fico score 500+
  • Monthly revenue $12,500+

Unlike the Florida banks, credit unions, and other traditional lending institutions, we focus primarily on the financial health of your company and cash flow.

It is all about your revenue. Do you make more than $12,500 a month?

Are you able to keep an average daily cash balance of at least $1,000? If so, you meet the absolute minimum financial qualifications.

Next is your time in operation. Have you been running, with an established business bank account for at least six months? If so, you meet the next minimum qualification.

Lastly, do you have a FICO score of at least 500 or better? You must have no open bankruptcies, and any liens more than $175,000 require a payment plan.

Is your answer “Yes?” Then let’s talk.

We provide an array of fast and easy small business loans that are as diverse as the population.

We do offer to fund owners with damaged or dinged credit. These can be loans with an initial no credit check (soft credit pull) that include our unsecured and short term capital options.

We offer unsecured business loans with 24-hour approvals and next-day funding. As a result, we can work with you and your Florida small business even if you have bad credit.

Additional funding options for those with credit challenges are invoice factoring, accounts receivables funding, and cash advances through our merchant cash advances.

How can I get a grant to start a business?

The notable difference between a business loan and a grant is that the loan is repaid, including principal, interest, and fees over a set period.

Small business grants provide you with capital without having to pay back the funds. The idea of “FREE” money is very appealing. Getting grant money is HARD.

W A R N I N G

“Most small businesses do not qualify for government grants,” warns the SBA on its website.

You will need a business plan to start.

Getting a business grant, like any other funding option, can be challenging. Realistically, a new business has a better chance of getting the grant than a more established company.

Any time you’re looking for investment capital, especially venture capital, you need to present the best financial picture possible.

The objective from the “grantors” perspective is to help launch a business that creates jobs. Secondarily, to promote the economy.

Nonprofits, state, and local governments are the conduits for grant opportunities.

The SBA or Small Business Administration is a critical player in helping you find a grant that fits your profile. You can go to https://www.sba.gov/funding-programs/grants .

Minority Business and Women Small Business Loans in Florida

Over one-third of these Florida firms are minority-owned small businesses.

Women business owners represent about 8 percent of those companies. Women entrepreneurs should check out womens business centers.

Sunwise Capital, as a woman-owned business, provides small business loans for women.

Florida

There is an organization called Enterprise Florida, Inc. that associates and partners with organizations to help secure funding options.

Enterprise Florida was born from The State Small Business Credit Initiative (SSBCI) was created through the Small Business Jobs Act of 2010 (the “Act”).

The goal is to help a small business secure the funding necessary for startup costs, financing for cash flow, any fees associated with franchises, machinery or tools, and inventory.

This program can even assist with an owner-occupied commercial building or facility.

Your ability to meet their conditions will ensure success with the program.

 

veteran-owned businesses

Small Business Loans in Florida for Vets

Both minority-owned businesses and veteran-owned businesses are about 9 % and 12 %, respectively.

Both the minority and veteran entrepreneur populations are critical to the business startup and economic development of Florida.

The Florida SBDC is a business resource for all business owners (from the startup to existing businesses).

They state that they are “the only statewide provider of entrepreneurial and business development services.”

The Florida SBDC Network plays a vital role in Florida’s economic development by assisting entrepreneurs in every stage of the business “lifecycle.”

The top industries in Florida include healthcare, construction, manufacturing, transportation accommodation (tourism industry), international trade, and food services (restaurants, etc.).

Veterans in Florida can look for an SBA loan. The program for Vets provides small business lending under the SBA Express program.

Seventy-three percent of all the SBA loans that go to veterans is for $350,000 or less.

To meet the qualifications as a veteran-owned company, 51% owned or controlled by:

Veterans (other than dishonorably discharged);
Service-Disabled Veterans;
Active Duty Military service member participating in the military’s Transition Assistance
Program (TAP);
Reservists and National Guard Members; or
Current spouse of any Veteran, Active Duty service member, or any
Reservist or
National Guard member; or
Widowed spouse of a service member who died while in service or of
a service-connected disability.

Although applications are not currently accepted, veterans should look to the Veterans Business Fund as an alternative to the SBA loan.

Find out today why we provide the best loan program and funding to companies in Florida.