Fund your business in Florida

When your own money isn’t enough, Florida’s options mostly work like the federal ones: a lender makes the loan, and a government program backs part of it. The state’s programs run through FloridaCommerce and its partners, and free advisors can help you get ready to apply.

What’s different in Florida

• Two SBA district offices, in Miami (South Florida District) and Jacksonville (North Florida District). The South Florida District serves the southern counties, from the Tampa Bay area and the Treasure Coast south. The North Florida District serves the northern counties, from the Orlando area north.
• State loan programs work through lenders. FloridaCommerce runs five programs under the federal State Small Business Credit Initiative: the Florida Small Business Loan Program (loan guarantee, loan participation and collateral support), the Florida Capital Access Program and the Florida Venture Capital Program. The Florida Small Business Loan Program runs with Florida First Capital Finance Corporation and reaches you through a participating lender. The venture program runs with the Florida Opportunity Fund.
• Disaster help has a state layer. After a major disaster, the Florida Small Business Emergency Bridge Loan Program offers short-term, interest-free working capital loans while a round is open, alongside the SBA’s disaster loans.

Do this

1. Write down what you need and what it’s for. Equipment, inventory and rent are different asks, and programs are sorted by use.
2. Talk to a free advisor first. The Florida SBDC Network has more than 40 offices across the state with no-cost, confidential consulting, training and market research. The SBA’s South Florida and North Florida district offices offer counseling and connect you to partner organizations that help with loan applications.
3. Understand who lends. SBA loans come from participating lenders, not the SBA. A 7(a) loan goes up to $5,000,000, a 504 loan up to $5,500,000, and a microloan up to $50,000, with the average microloan around $13,000. The SBA loans guide explains who makes each kind.
4. Ask about Florida’s programs by name on FloridaCommerce’s State Small Business Credit Initiative page: the Florida Small Business Loan Program (loan guarantee, loan participation and collateral support), the Florida Capital Access Program and the Florida Venture Capital Program. They’re for small businesses that can’t otherwise get the capital they need. For the loan programs you apply with a participating lender; the state’s share is arranged between the lender and the program partner, Florida First Capital Finance Corporation for the Florida Small Business Loan Program.
5. After a disaster, check both programs. SBA disaster assistance lends directly to businesses in a declared disaster area. FloridaCommerce’s Florida Small Business Emergency Bridge Loan Program opens rounds after major disasters, interest-free and short-term, to bridge the gap until longer-term money arrives.

What you get back

A loan offer from a lender, with rate, term and collateral. Any state share of the loan is between the lender and the program partner; your paperwork is with the lender. Help from an SBDC consultant to prepare the package costs nothing.