Tampa Small Business Loans

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For many business owners in the city of Tampa, access to capital and other resources for the business is a necessity. To receive the business funding they need to keep their business objectives on track, small businesses need funding solutions that they can trust. AdvancePoint Capital offers small business loans and short-term cash flow options that keep operations afloat and meet your goal.

With all that the Tampa Bay area has going for it from an economic perspective, plus its growth potential, entrepreneurs in Tampa still face many challenges getting business loans from traditional banks, small business lenders, or a credit union. These lending outlets often have stringent guidelines, requirements, mountains of paperwork, and limited bank loans to offer business customers. It’s challenging to get anything from a bank or credit union. That’s where AdvancePoint Capital’s customer service and business experience can come in to help companies by offering a variety of business financing options.

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How Do I Get Approved for Small Business Loans in Tampa, Florida?

AdvancePoint is an excellent resource for business owners. AdvancePoint Capital has a marketplace full of an array of alternative funding options for small business owners in need of capital. Experience our customer service and unleash all of the business services, an extensive network of business lenders, and relationships we have at our disposal, so you can access the best products, rates, and terms that meet your business needs. AdvancePoint Capital is second to none. Contact us and speak to a representative now!

The 8 Best Small Business Loan Options for the Tampa Bay Area

Long-Term Small Business Loan for Tampa, FL Small Business

A business lender defines a Long term business loan as a term loan with a duration of greater than two years. Businesses are offered a fixed amount of upfront and charged principal & interest. Unlike a business line of credit, you cannot draw money as you go. Typically, long term business loans are used for large capital requirements like business expansion and growth or to help finance large projects.

Business Loan Product Overview (Interest Rates and Terms)

  • Business Loan Amounts: $10,000 to $500 000
  • Interest Rates: Starting at 5.50% or treasury index plus 1% to 2.5%
  • Repayment 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
  • Borrower Credit Requirements: Good to excellent credit score required

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Long-Term Business Loans

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Business Lines of Credit for Tampa, FL Small Business

Small 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 & interest. Business lines of credit have a limit that cannot be exceeded without a lender’s approval and is not open-ended forever. It requires renewal by lenders either semi-annually or annually to be extended. The primary reason small businesses choose lines of credit instead of term loans is the draw feature, affordable rates, and flexible terms.

Product Overview

  • Credit Limits: $10,000 to $250 000
  • 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 Business Loan for Tampa Bay Small Businesses

short term business loan is defined as a loan that is typically repaid within 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. Working capital is the primary reason for acquiring funding resources for short-term loans.

Product Overview

  • Business Loan Amounts: $10,000 to $500 000
  • Interest Rates: Factors range from 1.09% up to 1.45% or simple interest starts at 1% per month
  • Repayment 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 score

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Short Term Business Loans

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Business Cash Advance for Tampa, FL Small Businesses

Business cash advances (BCAs) are 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 bank account monthly are more than the set future percentage of monthly sales, the business can request a refund back 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, and there is no time limit with advances as the fixed payback percentage ever changes due to fluctuating revenue. This is not a business loan but an advance.

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
  • Borrower 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 Tampa, FL Small Businesses

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. Repayment is connected to 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 cash or margins of profit if revenues decline or fluctuate. This product is another excellent resource for working capital needs. Remember, a merchant cash advance is not a loan but an advance made by selling a portion of the business’s future sales at a discount to a funder in exchange for cash for the business owner now. This product is popular with small businesses that can not get a bank loan and need working capital.

Product Overview

  • Rates:  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 Tampa, FL Small Businesses

Tampa Bay businesses that require equipment to operate their business often turn to equipment financing to purchase machinery. 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 businesses with a heavy reliance on equipment resources like manufacturing and construction.

Product Overview

  • Interest Rates: Range from Interest rates of 9% up to 1.45% factor rates
  • Repayment Terms: 2 to 7 years
  • Fees: Origination fees range from 0% to 3%
  • Payment: Weekly or daily Monday-Friday fixed ACH
  • Borrower Credit Scores: Fair to excellent credit score required
  • Borrower Loan Application Requirements: 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 Businesses in Tampa, FL

The United States Small Business Administration (SBA) is a federal government agency headquartered in Washington DC that provides resources, programs, guidelines, and 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; instead, the Small Business Administration (SBA) provides a guarantee that gives an approved SBA lender the ability to take on lending risks and decisions under SBA terms that they would not ordinarily take on their own. The SBA has rights reserved for any recourse needed. SBA loans are highly sought after by small businesses, and there are many approved lenders to choose from. SBA loan application processes can be lengthy, but with the help of an experienced SBA-approved lender to help your business through the process, the SBA business loan application package can be a smooth and efficient experience.

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 Terms: 3 to 25 years
SBA Fees: Origination fees 0% to 3%
SBA Payments: Fixed monthly
SBA Credit: Good to excellent credit score required
Application Process/Documentation: SBA loan application, business assets, and numerous financial statements

U.S. Small Business Administration Business Small Business Loan Programs

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

SBA 504 – The SBA 504 Loan is a business term loan and a powerful economic development loan program that provides business another avenue for business loans while promoting business economic development and equity. SBA 504 is typically for large capital needs like real estate loans. The SBA 504 loan proceeds must be used for fixed assets such as construction, owner-occupied commercial real estate, or mixed-use real estate loans. Common uses for SBA 504 loans include; repair facilities, land improvements (and certain soft costs), growth and expansion or can also be used to refinance existing debt. Down payment may be needed.

SBA Disaster Small Business Loan Program – SBA Economic Injury Disaster Loans (EIDL)-This type of loan not only provides assistance to Tampa 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 loan for emergency funding. SBA EIDL loans are designed for small businesses to retain employees and other expenses to stabilize the business during Coronavirus (COVID-19) pandemic.

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 Tampa 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. The new round of PPP will allow for loans to 2 million.

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 representative for eligibility requirements, steps, or any other questions about SBA loans.

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

SBA Learning Center – Financing Your Business – Assess your financing and working capital needs and discover SBA financing options.

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 for Tampa Small Businesses

Invoice financing advances the outstanding balance to a small business to increase cash flow speed to the business. This solution provides cash quickly, and there is no need to wait for unpaid 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. This product is common for industries such as manufacturing. This financing option is not a loan.

Product Overview

  • Interest Rates: 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 South Florida Small Business Resource Guide for information and assistance in growing your local business, exploring funding options, and contracting in South Florida.

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

Get your quote today by filling out our simple form.

The List of the Most Common Uses of Loan Proceeds from Small Business Financing for Tampa, FL Small Businesses

  • Working Capital
  • Equipment Purchases and Repair
  • Inventory Growth
  • New Business Opportunity
  • Business Development & Growth
  • Cash Flow
  • Repair Facilities
  • Emergencies Business Expenses
  • Advertising / Marketing / Customer Acquisition Goals
  • Create jobs, Recruit Employees, and Training Resources
  • Buying Out a Partner
  • Changing Business Model
  • General Business Needs and/or Expenses

Frequently Asked Questions Related to Small Business Financing in Tampa, FL

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

The internet can be an invaluable resource when searching for a business lender. In 2020, most small 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 Tampa 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 lending options available for small business owners with bad credit in Tampa. 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 in the Tampa Bay area. The small business must be generating revenue for at least six months to qualify for loans.

Initiatives, Guides, Information, State and Federal Government Funding Sources, Grants, Coronavirus (Covid-19) Disaster Loans, Business Resources and News, Events, and Updates in Tampa, FL for Small Businesses

Tampa Office of Emergency Management (tampa.gov) – Business Relief – The City of Tampa understands the burden many businesses face due to coronavirus. Tampa has developed an Economic Relief Task Force to proactively identify business relief efforts and alleviate the burden of COVID-19 for Tampa residents.

Florida SBDC Network – The Florida SBDC Network has access to robust databases, business research resources, and experts who can help you successfully navigate the obstacles that come with the stages of the business life cycle for companies.

In addition to the Florida SBDC’s core service offerings of consulting provided at no-cost, training, and business research, the Florida SBDC Network also provides a comprehensive toolkit of specialized services for qualifying businesses looking to accelerate market growth, including Growth Acceleration, Capital Access, International Trade, Government Contracting, and Business Continuation.

Florida Association of Counties – Cares Act – Florida Impact  – Corononavirus Aid, Relief, and Economic Security Act (CARE) The Coronavirus Aid, Relief, and Economic Security Act (CARES Act; P.L. 116-136), signed into law on March 27, 2020, created the Coronavirus Relief Fund, which provides $150 billion in direct assistance for domestic governments. CARES act funding was explicitly created to help local and state governments with funding relief.

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