According to the Small Business Administration (SBA), there are approximately 2.5 million small businesses in Florida, accounting for 99.8% of all state businesses. Most small business support systems offered by the state are in the form of tax relief, as opposed to loans. However, according to the latest figures, the average size of a small business loan in the Sunshine State is $78,784.
Quick Overview of Florida Small Business Loans
Program |
Administrator |
Minimum Loan |
Maximum Loan |
Repayment Period |
Special Conditions |
Microfinance Guarantee |
Enterprise Florida |
$50,000 |
$250,000 |
3 years |
25 or fewer employees |
BBLP |
Various |
$2,500 |
$100,000 |
5 years |
Varying domiciliary rules |
SSBCI |
Individual lenders |
$250,000 |
$5 million |
5 years |
Only for new financing |
TD Bank |
Commercial lender |
$10,000 |
$1 million |
5 years |
One-time financing |
We’ve rounded up four of the best options for Florida small business loans. At the end of the section, you’ll find a convenient table summarizing these options.
1. Microfinance Guarantee Program
The Microfinance Guarantee Program is a Florida-state program run by Enterprise Florida, Inc. (E.F.I.). While E.F.I. doesn’t provide funding directly, it offers guarantees for loans issued by third-party lenders to eligible small businesses. By doing so, it helps to improve the creditworthiness of the applicant.
The basic requirements to qualify for this form of support include:
- The company’s revenue for the last two years is below $1.5 million.
- The number of employees does not exceed 25.
The specific lender must still approve your application, but, should you get approved, Enterprise Florida will guarantee up to 50% of the loan amount.
The minimum loan amount is $50,000, and the maximum loan amount that can be guaranteed under the program is $250,000. The maximum repayment period is three years.
2. Florida Black Business Loan Program (BBLP)
An initiative of the Florida Department of Economic Opportunity (D.E.O.), the Florida Black Business Loan program is run by loan administrators that are certified for each fiscal year. The purpose of the program is to remove obstacles preventing black-owned businesses from otherwise competing successfully.
There are three possible loan administrators operating under the BBLP. In all cases, the business must be at least 51% owned by a black entrepreneur, but there are some specific differences between all of them:
Florida A&M University Federal Credit Union
- Provides state-wide servicing
- Only for businesses based in Miami-Dade County
- Special conditions for start-ups (firms less than one year old), where the business owner must provide a cash amount equal to 20% of the loan amount
Community Fund of North Miami Dade
- Business must be domiciled in Miami-Dade, Broward, or Palm Beach Counties
- The owners of businesses that have been operating for less than 12 months must provide 20% capital. If the company has been running for over a year, that proportion is 10%
Loan amounts across the three administrators range from $2,500 to $100,000, with repayment periods up to 5 years.
3. Florida SSBCI Loan Participation
The State Small Business Credit Initiative (SSBCI) is a federal scheme created as part of the Small Business Jobs Act of 2010. The initiative aims to improve existing small business support and to create new support channels. To complete the task, Florida has received a federal allocation of $97,662,349.
Under the SSBCI, the state supports small businesses by providing loans or loan participation to third-party lenders. This support means that firms that would have ordinarily been considered uncreditworthy become less of a risk to the lender.
The SSBCI support provides 5% to 50% of the loan amount and is only available for new financing, not for refinancing existing credit. Typical loan amounts range from $250,000 to $5 million, with repayment periods of up to five years.
4. TD Bank
Even though TD Bank is not specific to the state of Florida, in recent years, it has become one of the top providers of Florida small business loans. As such, the bank is worth considering as a commercial option if none of the state-supported programs is suitable for your company.
The latest annual update shows that TD Bank is still the top SBA lender to small businesses in Florida, having granted 280 loans, at an average of $189,855 per loan.
Top Online Florida Small Business Loan Options
If none of Florida's local small business loan options suits your company’s specific needs (or you don’t meet the eligibility criteria), an online loan can present a viable alternative. There are many funding solutions available nationwide, and below you will find the four top online lenders and service providers to consider for your small business financing.
