Small Business Loans Florida – Find Your Florida Business Loan Now

Small Business Loans Florida – Find Your Florida Business Loan Now

Small business loans FloridaSmall business loans Florida – welcome to Florida. The land of sunshine and small business opportunities.


If you are looking for small business loans in Florida, you’ve come to the right place. Florida is a pretty special place to own a small business.


But let’s face it. Without the right capital, your business isn’t going to get off the ground. Unfortunately, getting a small business loan in Florida can be an uphill battle, so before you start applying, you’ll want to take a moment to get your ducks in a row.


Then you can check out my suggestions for small business loans in Florida further down the page.


Small Business Loans Florida – What You Need to Know Before You Apply

Business loans are tricky. Banks aren’t as comfortable handing out money to business owners as they are to someone buying a new car or home. With an auto loan or mortgage, the bank can easily repossess the┬ácolleterial and get their money back if you default on the loan, but with a business, it is never as easy.


That means they are a little tougher when handing out money. It also means you need to have everything in order before you apply. That way, you have the best possible chance of being approved.


1.Know your credit score – If you haven’t checked your personal credit score lately, go ahead and do so now. Most lenders that give business loans in Florida will check your personal credit score before they approve your loan.


Once you have your credit report, do check for errors and have them corrected immediately.


2. Make sure you business records are in good order – If you are applying for a small business loan for an established business, lenders in Florida will want to see all of your financial records. Plan on producing at least two years worth.

From your financial statements, they should be able to tell if your business is profitable and if it is being managed properly. You’ll also want to include your accounts receivable and accounts payable information as well.


3. Have a well thought out business plan– If you are a new business, then the bank is going to insist on seeing your business plan.


No one enjoys putting a business plan together, but without one, you won’t be able to receive a loan from a traditional lending source.


Even if you are an established business planning an expansion, you will still need to provide a business plan addressing that expansion and how you intend to pay back the loan.


Lenders for Small Business Loans in Florida

The type of lender you select will depend on your personal situation and how much money you need to borrow. If your personal credit is good and you have a relationship with a local bank, this should be your first stop. You’ll find the best interest rates here.


If your credit is okay but not great, you should talk to a local credit union in your city. Credit unions are willing to look at the bigger picture sometimes and make allowances for a so/so credit score in ways that a bank won’t.


Your next choice if your credit is okay or even not so great are these lenders. Some of them don’t even use your personal credit score to determine whether or not you will be approved. While others will accept a credit score as low as 500.


A good rule of thumb to keep in mind is that the lower your credit score the higher the interest you will pay, and the higher your credit score the lower the interest you will pay.


Good Lenders for Small Business Loans in Florida


If you feel a personal loan would work better for your situation, LeadsGate provides personal loans up to $3,000. LeadsGate will actually match you with a lender and once approved, you will have your money deposited in your bank account within twenty-four hours.


Where ever you get your small business loans Florida, with a little prep beforehand, you’ll find the right lender as well as the right interest rates and terms for your business, and you can’t ask for more than that.