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Looking to secure financing for your small business? Find out which loan options are available in Magic City and which will best meet your needs.
Miami-Dade County is home to more than 82,000 small businesses, which employ 53.3% of the workforce in the area. This is no surprise as Miami offers a diverse talent pool and favorable tax structure. If you’d like to launch or grow a business in the Magic City, business loans can help you meet your goals.
When you shop around for small business loans in Miami, you’ll find countless options at your disposal. Below, we’ll go over several of the most popular financing solutions that you might want to consider.
SBA loans are backed by the U.S. Small Business Administration (SBA). The SBA 7(a) is the SBA’s flagship loan program. Depending on your unique business and the lender you choose, you might be able to lock in up to $5 million with repayment terms of up to 25 years.
With a line of credit, you can borrow money in increments, repay it with interest, and withdraw funds again, as long as it remains open. It’s a flexible financing solution that may be a solid choice if you’re a seasonal business or would like easily accessible cash for emergency situations.
When most people think of business loans, term loans pop into their heads first. A term loan is a traditional loan in which you receive a lump sum of money at once. You then repay it over a repayment term that can range from a few months to a few years or longer.
Equipment loans are ideal if you need to purchase, repair, or upgrade equipment for your business, like computers, tractors, or ovens. Most lenders will let you finance up to 100% of the equipment costs, as long as you get a quote or estimate.
Accounts receivable financing is when a company advances you 70% to 90% of your unpaid invoices. Once they collect the payments from your customers, you’ll pay a fee and receive the remaining invoice amount.
Several local organizations provide small business funding resources in Miami.
TheRISE Miami-Dade Small Business Loan may be an option if you run your business in Miami-Dade County, have been around for at least two years, earn gross sales of less than $5 million, and employ 50 or fewer employees and independent contractors.
You can also secure funding through the Miami Bayside Foundation, which offers a few loans for minority-owned and black businesses in the area.
In addition, the South Florida Regional Planning Council Revolving Loan Fund distributes loans ranging from $50,000 to $300,000 for small to medium-sized businesses who hope to grow.
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Miami-Dade SCORE partners with the SBA to provide several services to small business owners in Miami, such as free counseling services and low cost workshops on a variety of business topics like marketing, payroll, and taxes. The Greater Miami Chamber of Commerce is worth exploring if you’re looking to network with other entrepreneurs and small businesses in the area. Another great resource is the Neighbors and Neighbors Association, which was founded to support “mom and pop” businesses in Miami-Dade County.
The Smart Biz Micro Grant was designed to help small businesses invest in better hardware and software so they can expand their reach. If you have no more than 10 employees and are not part of a franchise or national chain, you might be eligible. Another local grant is the North Miami Regular Business Stabilization Grant, which is intended for North Miami small businesses who wish to pay for inventory, supplies, and services to reduce the economic impact caused by the pandemic.
A Miami small business loan can be used for just about any business-related expense. You may take out a line of credit, for example, to pay for seasonal inventory. Or you might get a term loan or SBA loan to pay for commercial real estate or startup costs. If you don’t have unlimited cash on hand, Miami business loans are invaluable.
Before you take out a Miami business loan, decide on a legal structure for your business, such as a sole proprietorship, corporation, or LLC. Then choose an available name and apply for a name certification. You may also be required to obtain permits or licenses. Don’t forget a Business Tax Receipt (Occupational License), a Certificate of Use, and EIN number from the IRS. Once you follow these steps, you’ll be ready to apply for a loan. Remember that loan requirements vary from lender to lender, but typically involve a certain credit score and annual revenue threshold.
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