Small Business Loans in Miami, FL

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 3 million small businesses are found in the city. It’s also a big contributor to Florida earning a top-ranking spot on WalletHub’s Best States to Start a Business list.

Running a business in Miami is costly, however, whether your operations are in Brickell, Doral or somewhere in between. Not surprisingly, the city’s competitive market can be challenging for many entrepreneurs.

You’ll need capital when you’re looking to keep pace or get ahead of the competition. However, accessing funding can sometimes prove difficult. So, where can you turn for a small business loan in Miami, FL?

At Fast Capital 360, our lending marketplace features lenders offering funding options for Miami businesses in nearly all industries, including the following and more:

• Travel
• Tourism
• Retail
• Restaurants
• Finance
• Media 
• Agriculture
• International trade
• Warehousing 
• Manufacturing
• Professional services
• Telecommunications

Access up to $500,000, with some funding options available on the same day of approval in some cases.

While banks have long been the go-to source for business loan services in Miami and around the country, the requirements to qualify can be difficult to meet.

Today, alternative lenders, like those featured on the Fast Capital 360 marketplace, can offer speedy, convenient financing to most entrepreneurs, including those who may have been denied a conventional bank loan. 

Here are a few examples of the types of Miami-Dade small business loans and financing solutions we can offer through our lending network.

Short-Term Loans

At Fast Capital 360, short-term loans could be funded on the same day of approval in some cases. Terms span 3-18 months, and payments are daily or weekly. Short-term loans are great for inventory purchases, unanticipated expenses and cash-flow crunches.

Minimum qualifications: 

• 1 year in business
• $75,000 annual revenue
• 540 credit score

Working Capital Loans

Another option when you need to cover short-term expenses and bridge gaps in cash flow is a working capital loan. These are often used to cover emergency expenses, seasonal fluctuations and payroll costs. 

Minimum qualifications: 

• 6 months in business 
• $200,000 annual revenue
• 550 credit score

Merchant Cash Advances

A popular alternative financing product for business owners who need capital fast but don’t have the best credit is a merchant cash advance. This type of funding product often has daily payments and uses a factor rate instead of an interest rate. Additionally, because merchant cash advances are designed to be repaid in a few months, they’re best used for financing short-term expenses.

Minimum qualifications: 

• 4 months in business 
• $100,000 annual revenue
• 500 credit score

Business Lines of Credit

If your funding needs often fluctuate and you’d like to access capital when you need it, consider a business line of credit. Like a credit card, once you’re approved for your credit line, you can draw funds from it as needed, and you’ll only be charged interest on the amount you use. Additionally, with a revolving credit line, as you pay down what you borrow, the amount you can access replenishes up to your limit. 

Minimum qualifications: 

• 1 year in business
• $200,000 in annual revenue
• 560 credit score

SBA Loans

At Fast Capital 360, we also partner with lenders that offer Small Business Administration (SBA) loans with fast turnaround times. Get competitive interest rates and longer terms. Use funds for working capital, business expansion, real estate, inventory and more.

Minimum qualifications: 

• 2 years in business
• $50,000 in annual revenue
• 650 credit score

Ready to apply for your Miami business loan?

You might seek a business loan for any number of reasons depending on your needs, the time of year and your existing financial commitments, among other factors. Here are examples of a few motivators for pursuing a business loan in Miami.

Covering Operating Expenses

It takes a lot to keep a business running smoothly. If you experience ebbs and flows that make it difficult to cover operating expenses some months of the year, that’s one reason to seek funding from a small business or commercial lender in Miami, Florida. 

Use  funding for any of these reasons and more: 

• Rent 
• Payroll
• Inventory
• Utilities 
• Insurance
• Advertising 
• Taxes

Expand Operations

If business is booming and you think you’re ready to open another location or offer additional products or services, a business loan for your Miami venture could help your expansion efforts. Use funding to acquire real estate, broaden your online presence and more.

Purchase Machinery and Tools

When it’s time to upgrade outdated equipment, you might not have (or want to part with) the funds needed to acquire new pieces. A small business loan for your Miami company can provide the funds you need for a down payment or an outright purchase.

Invest in Renovations

Sometimes, small business establishments can benefit from an uplift. If your brick-and-mortar location has seen better days, a business loan for your Miami company can provide the capital you need to remodel and modernize your space. Purchase new furniture, fixtures, flooring and more.

If you’re looking for a quick business loan in Miami, consider our alternative financing solutions. Here’s how you’ll benefit.

Fast and Easy Application

Complete a simple online application. A few minutes is all it takes to get started.

Multiple Offers

Get more funding offers thanks to our nationwide network of lending partners.

Expert Advice

A Fast Capital 360 Business Advisor will review your offers with you so you can choose the one that works best for your business.

Once you find a funding offer from the right small business or commercial lender in Miami, Florida, search for organizations that can help you grow as a business owner too. Here are a few local ones that provide access to mentors, networking events and opportunities for professional development.

Women’s Business Development Council of Florida

If you’re a female entrepreneur, check out this Florida 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 Small Business Development Center (SBDC) in Miami, offered in partnership with Florida International University’s College of Business.

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.