Top Online Florida Small Business Loan Options
Because Florida state only offers four options for small business loans, it’s possible that none of those options will suit your company’s specific requirements.
One of the many tax relief tools available may be a good alternative, but what if none of those is a good fit either? Where do you turn?
An online loan could be the answer. There are many nationally available options, and we’ve selected four of the best to give you a good start in choosing the best one for your business. Read on to learn more about them.
As part of the loan application process with Fundbox, you’re required to connect your firm’s checking account (and, optionally, your accounting software) to their system. This allows them to quickly get the information they need to provide a fast decision.
If your application is approved, they make you an offer which is valid for 30 days. Once you accept the offer, funds can be transferred as quickly as the next business day.
Up to $100,000 can be borrowed, with repayments based on either a 24 or 52-week plan.
APR at Fundbox ranges from 10.1% to 79.8%, which is higher than traditional banks and some of the other online loan providers. There’s no origination fee and no early repayment fees. You won’t be punished if your business is successful enough to pay off the loan early.
Ondeck offers a wide variety of secured and unsecured loans, including options for specific industries, as well as SBA loans.
The online process involves providing basic information about your business: how long it’s been running and its annual revenue. Once you’ve answered these questions, you’re referred to one of their partner lenders. They also provide an Ondeck helpline number in case you have any questions at this stage.
Although creditors and lenders are not legally obliged to report anything to credit agencies, Ondeck does. So, this is a great way to start building (or improving) your credit rating – especially for a new business with little or no credit history.
Following your loan application's approval, funds can be transferred on the same business day.
The maximum loan available through Ondeck is $250,000 and the maximum repayment period is 18 months. There are daily or weekly payment options, offering a little more flexibility.
Ondeck’s APR starts at 31%, which is a significantly higher entry point than some of their competitors. There’s also an origination fee of between 0% and 5%.
Lending Club believes that the success of small businesses is fundamental to the well-being and development of the local community, so it has a quite different approach from most other online lenders.
It focuses on small business owners that are disproportionately refused loans from mainstream lenders. Specifically, they reach out to small businesses owned by women and minorities.
They do this by establishing relationships with community partners such as black or Hispanic Chambers of Commerce and other minority organizations. They also cater to firms in industries that are generally considered high-risk.
With the same ‘hands-on’ ethos, Lending Club assigns a dedicated advisor to each loan applicant.
Loans are available up to $500,000 with repayment periods up to 5 years.
Lending Club’s APR ranges from 5.99% to 35.89%. There’s also an origination fee of between 1% and 6% to account for.