Find the best business loan rates (2021)

LOCATION & INDUSTRIES

Small Business Loans in Miami, FL

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  • Get funds as fast as 24 hours
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By Erin Ryan Staff Writer and Editor at Fast Capital 360 Reviewed By Mike Lucas
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Loan Overview

  • Coins stacked on table with blue arrow pointing up
    Loan Amount Up to $500,000
  • Calendar image appearing as though the page is being flipped
    Estimated Repayment Terms 1-5 Years
  • Speedometer icon
    Interest Rate Starting at 7%
  • Dollar sign in circle
    Speed of Funding As fast as 1 day

Real estate in Miami is costly and so is the cost of doing business, whether you run operations in Brickell, Doral or somewhere in between. Not surprisingly, the city’s competitive market can be challenging for many entrepreneurs.

Freeing up the capital to make a substantial change to your offices, storefront, mobile platforms or restaurant can prove difficult, however. Where do you turn for a small business loan in Miami, FL?

We’re letting you in on top lenders for Miami businesses as well as resources to turn to when you need support for your venture.


Miami’s Business Landscape

Miami-Dade County is host to a unique, culturally rich business climate. Miami’s beaches, restaurants and nightlife combine to make South Florida a desirable destination for people to relocate, retire and visit. It’s no wonder many of the state’s 2.7 million small businesses are found in the city.

Some of the major industries include:

  • Tourism
  • Finance
  • Agriculture
  • International trade
  • Media and telecommunications

5 Best Banks for Small Business Loans in Miami, FL

1. First National Bank of South Miami

This bank has been in operation since the 1950s and has earned a 4.8-star rating on WalletHub. It also has an A+ rating with the Better Business Bureau (BBB). Whether you’re looking for SBA loans in Miami or another type of commercial loan, you’ll find it here.

Available funding options include:

  • Letters of credit
  • Commercial loans
  • Equipment financing
  • Commercial real estate financing
  • Commercial lines of credit

2. Regions Bank

Regions Bank has earned a spot on WalletHub’s 2021’s Best Bank in Miami, FL, list as well as the site’s 3.9-star rating. Additionally, it’s earned an A+ rating with the BBB, where it also is accredited.

You can find the following Miami small business loans and finance options here:

  • SBA loans
  • Lines of credit
  • Real estate loans
  • Working capital loans
  • Equipment financing
  • Business credit cards
  • Agriculture loans
  • Commercial loans

3. Bank of America

Bank of America made Forbes’ list of America’s Best Banks. It also earned a spot on WalletHub’s 2021’s Best Bank list and earned a 3.9-star rating on the site. If you’re in search of secured or unsecured business loans in Miami, you’ll find them here, in addition to the following: 

  • SBA loans
  • Franchise financing
  • Business auto loans
  • Business credit cards
  • Health-care practice loans
  • Commercial real estate loans
  • Secured and unsecured lines of credit

4. Grove Bank & Trust

Grove Bank & Trust has earned a 4.1-star rating on WalletHub and a 4.4-star rating from Google reviewers. It’s been in operation since 1926 and has 5 branches in Miami-Dade County.  

In addition to business credit cards, the following commercial financing is available here:

  • Term loans
  • Equipment loans
  • Construction loans
  • Industrial projects
  • Investor properties
  • Owner-occupied real estate financing
  • Income-producing real estate term loans
  • Secured working capital lines of credit 
  • Homeowners and condominium association lending

5. TIAA Bank

Head to the Coral Gables branch of TIAA Bank. This bank has earned a 4.4-star rating from Bankrate and a 4.5-star rating out of more than 1,400 WalletHub reviews.

Available commercial loans include the following:

  • Term loans
  • Lender financing
  • Specialty financing
  • Warehouse loans
  • Vendor equipment financing 
  • Commercial real estate financing

Alternative Forms of Financing in Miami, FL

Banks have long been the go-to source for business owners in need of a loan. While they may be able to offer long-term loans and competitive interest rates, the requirements to qualify can be difficult to meet. 

Today, alternative lenders are available to offer speedy, convenient financing, often to entrepreneurs who may have been denied a conventional bank loan. In turn, repayment terms are often shorter, more frequent payments are required and interest rates are higher. Examples of alternative funding options include short-term loans, merchant cash advances and accounts receivable financing, to name a few. 

  • Applying for Alternative Financing Through Fast Capital 360

    Whether you’re looking for an SBA loan, a merchant cash advance in Miami or another type of financing, we can help. Here’s how you’ll benefit.

    Speed

    Apply quickly online. Just a few minutes is all it takes to get started.

    Multiple Offers

    We partner with lenders throughout the U.S., which means you could have several financing offers to compare. 

    Expert Guidance

    A Fast Capital 360 Business Advisor will review your offers with you and answer your questions. Weigh your options and choose the best offer for your business.

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Small Business Resources in Miami, FL

In addition to business financing, find organizations that can help you grow as a business owner. Get access to mentors, network with other entrepreneurs and find professional development opportunities.

Women’s Business Development Council of Florida

If you’re a female entrepreneur, be sure to check out this organization. Sign up for a training seminar or connect with other women business owners. Access business coaches, too.

Also, find out how to get certified as a Women Owned Enterprise, which grants you access to procurement executives at major corporations and government agencies.

Small Business Development Center

If you’re starting a business or are an experienced entrepreneur seeking business advice, head to the Miami-Dade Office of the Florida Small Business Development Center (SBDC).

Sponsored in part by the Small Business Administration, the SBDC offers free or low-cost business management and technical support. Business-related training also is available.

SCORE

SCORE is a nationwide nonprofit with 2 branches in Miami-Dade County as well as 1 in Broward County. Here, entrepreneurs can sign up for free 1-on-1 mentoring with an experienced entrepreneur.

Training seminars, networking events and workshops also are available, not to mention the wealth of educational resources available on the organization’s website.

One application. Multiple loan offers.

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