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Delancey Street is a premier small business lender, based out of NYC, that has helped broker 100's of millions in business loans. They are a pro, at making sure you get all of your financing needs satisfied.
- Over $200 million in funding secured
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- Handles all industries
- Handles high risk and low risk loans
Starting a small business can be an overwhelming experience, especially for those who lack the capital to get it off the ground. The idea of pursuing your dream, being your boss and creating something out of nothing is full of excitement. But before you start, you need financing to help get your ideas out there in the world.
Thankfully, Tampa has a big heart when it comes to entrepreneurs. With countless options available, finding the perfect small business loan for your business venture in Tampa, Florida may seem daunting. However, with the right information and guidance, we’ll help you make a well-informed financial decision that caters to all your business needs.
Whether you are just getting started or identifying ways to grow your business, this article contains everything you need to know about small-business loans in Tampa, Florida. We will provide you with the most up-to-date information on the variety of loans available for small businesses, along with the different lenders and organizations willing to work alongside small business owners.
How to secure small business loans in Tampa?
Securing a small business loan in Tampa takes time dedication and savvy moves. Before making any move for a loan, set yourself up for success by following these key steps:
Build your credit score
Identify the ideal lender for your small business loan
Create a comprehensive business plan
Gather essential documents
But before we dive deeper, let’s look at some types of loans available to borrowers.
Types of Loans
SBA is the acronym for Small Business Administration. SBA loans come in three types: 7(a), 504, and microloans. SBA loans are a great option for small businesses needing large sums of cash with low interest rates.
These loans come in handy when the borrower gets an opportunity that requires quick cash to see it through. These loans usually have higher interest rates than long-term loan types. The benefit is that they can be approved quickly and provide you with your needed funds fast!
A business line of credit is like a credit card which helps companies cover expenses or take on projects. Borrowers pay back the amount borrowed, plus interest at regular intervals. This type of loan is flexible with auto-renewal and can be used periodically as a revolving line of credit.
This loan type allows small businesses to borrow against the invoices they have not yet been paid by customers. With this type of small business loan, lenders verify that the invoice is valid, so the borrower can receive their funds quickly.
Equipment financing is typically available to veteran borrowers who require new equipment or machinery for their business. This type of loan utilizes the equipment or machinery as collateral to secure a loan for them.
Now that we’ve identified some types of loans let’s explore a few licensed lenders in Tampa.
Lenders offering Small Business Loans
Suncoast Credit Union
Suncoast offers a variety of loan products designed to help entrepreneurs achieve their required liquidity terms. With streamlined approval systems and long-standing partnerships with service providers, Suncoast offers fast and effective financing options to borrowers.
Grow Financial Federal Credit Union
Grow Financial offers loans backed by the Small Business Administration, including microloans and 7(a) loans. With an array of financing options available to small business owners, Grow Financial ranks amongst the top lenders for funding small businesses in Tampa.
Mutual of Omaha Bank
Mutual of Omaha believes that small businesses are the foundation of American society. They support small business owners by awarding low-interest rates and flexible financing options that empower borrowers to construct or expand their businesses.
Tampa Bay Black Business Investment Corporation (BBIC)
BBIC aims to provide venture capital and SBA loans specifically to female- and minority-owned companies. The BBIC does not only offer financial services, but they also furnish businesses with educational programs and advanced training that helps small business owners understand their surroudnings better.
Tampa Bay Economic Development Council (TEDC)
TEDC specializes in providing different loan programs to small businesses needing an infusion of capital. A member of the Florida Association of Development Organizations, TEDC mission is lifting up entrepreneurs magnificently expanded prosperity in terms of investment, work creation, and industry development.
We cannot discuss Tampa small business loans without mentioning SCORE, a nonprofit organization that was established in 1964 to assist entrepreneurs to begin and run successful small businesses. SCORE is powered by retired executives with years of experience in managing businesses and uses education, leadership and expert mentoring to drive forward those who are committed to achieving their entrepreneurial goals.
Another noteworthy mention is Kiva Tampa Bay. This nonprofit organization provides interest-free micro-loans of $1,000 – $15,000 to start-up and existing businesses in the region. Kiva originated as an international microlender but grew to include lending to people in America.
Incorporating a solid financial strategy is fundamental for success in small business. Professional guidance knows no bounds when getting assistance from lenders or companies that specialize in assisting small businesses achieve their goals. This article has presented you with the types of loans available in Tampa and some remarkable loan providers to boot.
With so much available to help fuel your business plan, take these chances to ensure your ideas have a place to land roots, grow and thrive. Remember that planning, diligence and patience in executing are key when choosing financing options for small businesses a wise step, that should not be taken lightly.
|Name of Lender||Type of Loan(s) Offered||Minimum Credit Score Required||Interest Rate Range||Maximum Loan Amount|
Lenders offering Small Business Loans:
|Suncoast Credit Union||SBA loans, Short-term loans, Lines-of-credit and equipment financing||650||3.99% to 10.25%||$500,000|
|Grow Financial Federal Credit Union||SBA loans, microloans and short-term loans||640||4.99% to 7.99%||$350,000|
|Mutual of Omaha Bank||SBA loans and lines-of-credit||680||5.95% to 9.75%||$5 million|
|Tampa Bay Black Business Investment Corporation (BBIC)||Financing for female- and minority-owned companies||N/A||Varies||$250,000|
|Tampa Bay Economic Development Council (TEDC)||LINES OF CREDIT, EQUITY CAPITAL, LOANS, GRANTS AND GOVERNMENT ASSISTANCE.||N/A||Varies||$300,000|
In Summation, if you’re looking for help with some slight funding for your new small business start-up in Tampa, or a comparatively large financial boost for an existing business seeking to expand or continue steady growth, it’s essential to acknowledge that many lending alternatives and opportunities are available to you. In addition to the various institutions aforementioned, there are a variety of other potential sources of small-business financing that you can turn to as well.
Remember that incorporating a comprehensive, diligent, and professional strategy when dealing with loans and lenders will result in a more profound impact initiated by your entrepreneurial flair. The journey begins with you picking up a pen and notebook and drafting your business plan. Then determine what creative funding methods suit your objectives best based on proven, tried-and-true financial planning methodologies. From there, acquire financial guidance from an eligible lender, mentor or counsel with seasoned business owners.
You’ll soon find that many supporters are rooting for you! Not only can they assist in providing the capital you require, but lenders and small business organizations are great sources for connecting with corporate partners and offering services such as training, tax benefits and networking sessions, among other things. Happy entrepreneuring!!