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Jacksonville Small Business Loans

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For many entrepreneurs in Jacksonville, Florida, and the greater Duval County area, access to capital and resources for their business is a necessity. To receive the small business funding, they need to keep their business objectives on track; small businesses need business loan solutions that they can trust. AdvancePoint Capital offers business loans and short-term cash flow options that keep operations afloat and meet your goal.

With all that Jacksonville, Florida has going for it from an economic perspective, entrepreneurs surprisingly still face many challenges getting small business loans from traditional banks, small business lenders, or credit unions. This route is often challenging because these lenders have stringent guidelines, requirements, mountains of paperwork, and limited loans to offer to small business customers. It’s challenging to get anything from a bank, lender, or credit union. That’s where AdvancePoint Capital’s customer service can help small business owners by offering a variety of business financing options.

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How Do I Get Approved for Small Business Loans in Jacksonville, FL?

AdvancePoint is an excellent resource for business owners with a marketplace full of an array of alternative funding options for small businesses. Experience our customer service and take advantage of all business services, network of small business lenders, and relationships we have at our disposal. Working with AdvancePoint Capital ensures that you can access the best products, rates, and terms to meet your business needs. AdvancePoint Capital is second to none. Contact us and speak to a business representative.

The 8 Best Small Business Loan Options for Jacksonville, Florida Small Businesses

Long-Term Small Business Loan in Jacksonville, Florida

A business lender defines long term business loans as a term loan with a duration of greater than two years. Businesses are offered a fixed amount upfront and charged principal & interest. Unlike a business line, you cannot draw money as you go. Typically, long term business loans are a great business funding tool used for large capital needs like business expansion and growth or when financing large projects. Business assets may be needed for collateral.

Business Funding Product Overview (Rates and Terms)

  • Loan Amounts: Loan amounts up to $5,000,000
  • Interest Rates: Starting at 5.50% or treasury index plus 1% to 2.5%
  • Loan Terms: Long term loans are defined as greater than 2 years and up to 10 years or more
  • Fees: Origination fees range from 0% to 3% (depends on risk and lender)
  • Loan Payments: Monthly or bi-weekly
  • Credit Requirements: Good to excellent credit score required

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Long Term Business Loans

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Business Lines of Credit

Business lines of credit are open revolving lines. This type of funding allows businesses to draw funds when needed on-demand or make purchases. Lines of credit charge principal and interest. Business lines of credit have a limit that cannot be exceeded without a lender’s approval. It is not open-ended forever and requires renewal by lenders either semi-annually or annually to be extended. The primary reason small business owners choose a line of credit instead of a term loan is the draw feature, affordable rates, and flexible terms. This product is popular with businesses that need working capital and need a fast way to get funds. This funding option is not a loan.

Business Funding Product Overview

  • Interest Rates: Starting at 5.50% or treasury index plus 1% to 2.5%
  • Repayment Terms: Open revolving lines of credit
  • Fees: Origination fees ranging from 0% to 3%
  • Payment: Monthly, bi-weekly, or weekly
  • Borrower Credit Scores: Fair to excellent credit score required

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Business Line of Credit

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Short Term Small Business Loans in Jacksonville, FL

Short term business loans are defined as loans that are typically repaid with 6 to 18 months. These loans feature a lump sum offered upfront with a fixed payback amount calculated using a factor over a short term of time. Rates are not principal & interest but a “factor rate” that costs more than traditional loans. Most businesses choose short term loans when they do not qualify for traditional loans. Short term loans charge more for costs and are shorter in the duration of repayment, and the payments are more frequent to compensate for the higher risks lenders take in offering this product. These loans are a popular resource for small businesses because of the reduced documentation and tolerances that are more relaxed than traditional loans. Working capital is the primary reason for acquiring funding resources for short-term loans.

Business Funding Product Overview

  • Loan Amounts: Loan amounts Up to $500,000
  • Interest Rate: Factors range from 1.09% up to 1.45% or simple interest starts at 1% per month
  • Loan Terms: 6 to 18 months in duration (typically 12 months or less)
  • Fees: 0% to 5% origination fees
  • Payments: Weekly, bi-weekly, and in some cases daily Monday-Friday
  • Borrower Credit Scores: All credit types considered from bad to excellent credit scores

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Short Term Business Loans

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Business Cash Advance for Small Businesses in Jacksonville, Florida

Business Cash Advances (BCA) is also known as the purchase of future sales agreement that advances future sales at a discount to a business. The business is responsible for paying back a fixed payback known as a specified amount, which is higher than the amount that was advanced to the company. This difference between the advance amount and the payback amount is called the “Factor Rate or cost,” which is a fixed cost. These are not principal & interest costs.

The advance is repaid by taking a fixed percentage of future overall deposits called the specified percentage. The payments are collected by an ACH fixed daily or weekly payment deducted from a bank account based on the specified percentage of future sales. At the end of every month, reconciliation can occur. If the fixed payments taken out of the account monthly are more than the set future percentage of monthly sales, the business can request a refund for overpayment so that the set specified percentage of sales collected matches the revenue volumes. Repayment continues until the payback amount is paid back in full.

There is no time limit with advances as the fixed payback percentage ever changes due to fluctuating revenue. This product is popular with businesses that can not get a traditional loan, need working capital, and need a fast way to get funds. This financing option is not a loan. This business funding is a popular tool with entrepreneurs in service industry businesses like restaurants.

Business Funding Product Overview

  • Factor Rates: Ranges from 1.09% up to 1.45%
  • Repayment Terms: This is not a loan, so there are no time limits. Payments continue until paid in full based on specified percentage collection method and are dependent on future revenues
  • Fees: Origination fees that range 0% to 5%
  • Payment: Weekly or daily Monday-Friday fixed ACH
  • Credit Scores: All types of credit considered from bad to excellent

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Business Cash Advance

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Merchant Cash Advance for Small Businesses in Jacksonville, Florida

A merchant cash advance (MCA) is also known as a purchase of future sales agreement that operates very similarly to BCAs, but the most significant difference is the repayment process, which is connected to the future credit card revenues instead of overall sales. MCAs take a set percentage of future card sales at the time of batch until the advance is paid back in full. Businesses find this valuable when they have fluctuating revenues and don’t want to be locked into a fixed payment that could negatively impact cashflow or margins of profit if revenues decline or fluctuate.

This product is another excellent resource for working capital needs. Reminder, a merchant cash advance is not a loan, but an advance, by selling a portion of the business’s future sales at a discount to a funder in exchange for money for the business now. This product is popular with entrepreneurs that can not get a traditional loan and need working capital. This financing option is not a loan.

Business Funding Product Overview

  • Rate:  Range from 1.09% up to 1.45%
  • Repayment Term: No time limits
  • Fees: Origination fees range from 0% to 3%
  • Payment: Set fixed percentage of future card revenues
  • Borrower Credit Scores: All types of credit considered from bad to excellent

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Merchant Cash Advance

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Equipment Financing for Small Businesses in Jacksonville, Florida

Jacksonville businesses that require equipment to operate their business often turn to equipment financing for their equipment purchases. Equipment financing secures the equipment itself as collateral. The good news is little paperwork is necessary, such as a one-page application and bank statements to get approved. Equipment financing is fast and easy loans to apply for and sometimes can be approved on the spot, although additional time may be required. Equipment financing is most popular for industries with a heavy reliance on equipment resources like manufacturing and construction.

Funding Product Overview

  • Rates: Range from 1.09% up to 1.45%
  • Repayment Terms: 2 to 7 years
  • Fees: Origination fees range from 0% to 3%
  • Payment: Weekly or daily Monday-Friday fixed ACH
  • Credit Scores: Fair to excellent credit score required
  • Application Process: 1-page loan application and equipment Invoice

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Equipment Loans

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U. S. Small Business Administration- SBA Small Business Loans for Small Business in Jacksonville, Florida

The U. S. Small Business Administration (SBA) is a Federal government agency, Headquartered in Washington DC, that provides resources, programs, guidelines, and small business loan guarantees to approved SBA Lenders to issue loans to small businesses. The Small Business Administration’s (SBA) mission is to help American enterprises to start, build, and grow their businesses successfully. The SBA is not a lender. The Small Business Administration (SBA) provides a guarantee that gives the approved SBA lender (small business lending institutions) the ability to take on the risk of lending and decisions under SBA term’s that they would not ordinarily do so on their own and has all rights reserved for any recourse need.

SBA Loans application processes can be lengthy, but with the help of an experienced SBA-approved lender to help your business through the application process, the SBA application package can be a smooth and efficient experience. Some SBA Loans due require a business plan. Feel free to contact AdvancePoint Capital and speak to a business representative for eligibility requirements of SBA loans.

SBA Product Overview

SBA Loan Amount Limits: Up to 5 million
SBA Interest Rates: Starting at 3.50%, treasury index plus 1% to 2.5%
SBA Loan Terms: 3 to 25 years
SBA Fees: Origination fees 0% to 3%
SBA Payments: Fixed monthly
SBA Credit: Good to excellent credit score required
SBA Application Process: SBA loan application, business assets, and numerous financial statements

U. S. Small Business Administration Small Business Loan Options

U.S. Small Business Administration SBA Standard 7 (a) Small Business Loan Program – SBA Loan 7(a) is the SBA’s primary program is designed to provide financial assistance to small business with a good track record. This product is a business term loan; the rate, terms, and conditions, like the guaranty percentage and amount, may vary by the type of loans offered to small businesses. Real estate may be used for collateral but is not required. Loan amount up to 5 million.

U.S. Small Business Administration SBA 504 – The SBA 504 Loan is a business term loan and a powerful economic development loan program that provides small businesses another avenue for business loans while promoting business economic development and equity. SBA 504 is typically for large capital needs like real estate transactions. The use of proceeds from SBA 504 Loans must be used for fixed assets such as construction, owner-occupied commercial property, or mixed-use real estate. Common uses for SBA 504 include; repair facilities, land improvements (and certain soft costs), or can also be used to refinance existing debt on your small business. Real Estate equity may be required for collateral for SBA 504 Loans. Loan amount up to 5 million.

U.S. Small Business Administration SBA Disaster Small Business Loan Program – SBA Economic Injury Disaster Loans (EIDL)-This type of SBA loan not only provides assistance to Jacksonville small businesses after natural disasters like tornadoes, wildfires, or floods but also when Coronavirus (COVID -19) was declared a nationwide health emergency, congress provided small businesses access to relief options like this SBA loan for emergency funding. This SBA loan was designed for small business to retain employees and other expenses to stabilize the business during Coronavirus (COVID-19) pandemic.

U.S. Small Business Administration SBA Paycheck Protection Program (PPP) – The Small Business Administration (SBA) has established the SBA Paycheck Protection Program loan in response to COVID-19. This is one of SBA’s relief options that provides small business loans to small businesses in Jacksonville affected by the Coronavirus (COVID-19) crisis and needs financial help. Under the right conditions, this SBA loan offers forgiveness. This SBA loan was designed for businesses to retain employees and protect jobs during Coronavirus (COVID-19) pandemic. Real Estate is NOT required to get funding for businesses.

A common question with U.S. Small Business Administration SBA is; How long does it take to get loan approval and funds from SBA loans? The decision and loan approval is typically a couple of weeks to a month, so be prepared. Feel free to contact AdvancePoint Capital a speak to a business representative for eligibility requirements, steps, or any other questions about SBA loans.

U.S. Small Business Administration (SBA) Additional Information, Resources, and Updates for Jacksonville, FL

U.S. Small Business Administration SBA Learning Center – Financing Your Business – Assess your financing and working capital needs and discover SBA financing options for your business.

U.S. Small Business Administration SBA Grants – Programs and Eligibility – Learn about available SBA Loans, grants, and cooperative agreements to find out if you meet the SBA requirements to apply.

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Small Business Administration (SBA) Loans

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Invoice Financing in Jacksonville, Florida

Invoice financing advances the outstanding balance to a business to increase cash flow speed to the business. This solution provides money quickly, and there is no need to wait for outstanding invoices to be collected and received by the client with invoice financing in place. Invoice financing has affordable costs ranging from 1% to 2.5% fee off of the face value of the invoice advanced.

Business Funding Product Overview

  • Interest Rate: None
  • Repayment Terms: Not a traditional loan
  • Fees: 1% to 3% fee based on the invoice. Monthly service fees may apply depending on the volume of invoices factored
  • Borrower Credit Requirements: The credit score of the business owner does not matter

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Invoice Factoring

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U.S. Small Business Administration

Start, Grow, and Expand your Business
View the North Florida Small Business Resource Guide for information and assistance in growing your local business, exploring funding options, and contracting in Jacksonville.

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The List of the Most Common Purposes for Business Loans for Jacksonville, Florida Small Businesses

  • Working Capital
  • Equipment Purchases and Repair
  • Inventory
  • New Business Opportunity
  • Business Growth
  • Cash Flow
  • Increase Business Assets
  • Repair Facilities
  • Emergencies Business Expenses
  • Advertising / Marketing / Customer Acquisition Goals
  • Create Jobs, Recruit Employees, and Training Resources
  • Trucks
  • Real Estate Transactions
  • General Business Expenses

Frequently Asked Questions

It is not difficult to obtain business loans in Jacksonville, Florida, as there are many business lenders and funder’s available that service the greater Jacksonville area.

The internet can be an invaluable resource when searching for a business lender. In 2020, most business owners now search on the internet for business lending websites to glean additional information, find reviews on a business lender, and in many cases, inquire about getting more information and apply for a quote on a business lender website. This allows you to shop, compare, and potentially save significantly on the internet without leaving the comfort of your home.

Well, about as trustworthy as visiting any Jacksonville, Florida, small business. You are not evaluating the website as much as you are the company, the service, and the people you speak and communicate with. The website is merely the port of entry, just as if you were walking into a business on main street, without leaving the comfort of your home.

There are many business lending options available for small business owners with bad credit in Jacksonville. Credit scores can be as low as 500 and below, but financing options will vary depending on the risks associated with this type of funding and will impact terms, pricing, and costs. Contact us for business funding options to consider.

Unfortunately, AdvancePoint Capital does not offer startup business loans at this time. The small business must be in business, generating revenue for at least six months.

The fast, convenient, and straightforward way to get the money you need for your small business – now!

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Initiatives, Information, State and Federal Government Funding Sources, Programs, Grants, Coronavirus (Covid-19) Relief Options, Business Resources, and Updates in Jacksonville for Small Businesses

City of Jacksonville, Florida Office of Economic Development-Business Financing Programs – The Florida office of Economic Development develops and executes policies that strengthen the economy, broaden the tax base, and create opportunities for the advancement of the workforce and the local small business community. Offering pre-crisis help as well as information related to COVID-19.

Federal Grants – This site allows organizations to electronically find and apply for competitive grant opportunities from all federal grant-making agencies.

Florida First Capital Finance Corporation (FFCFC) – A Florida, non-profit certified development company that promotes economic development and job creation by working with the SBA and private-sector lenders to provide available and affordable financing to small businesses. FFCFC lends under the SBA 504 Loan Program, the state of Florida Recycling Loan Program, and other small business assistance programs.

Florida Venture Forum – Florida’s oldest, largest, and most prestigious statewide support group for venture capitalists and entrepreneurs. As an entrepreneurial networking group, the Florida Venture Forum educates entrepreneurs and assists them in identifying sources of venture capital. Throughout the year, the Florida Venture Forum provides programs on a statewide basis.

Downtown Jacksonville-Coronavirus (COVID-19): #DTJax Resources for Small Business – As Downtown Vision monitors the rapidly evolving situation with COVID-19, we want to ensure our Downtown Jacksonville Stakeholders are informed about the resources available to them. We have compiled these resources for small businesses related to COVID-19 and will continue to add to this list as we receive more information.

SBDC Florida Coronavirus (COVID-19) Small Business Resources – Impacted by COVID-19? Loan programs, SBA Loans, resources, and special assistance is now available from Florida SBDC.