Business loans and fast working capital in Miami

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February 2022

Out of all the states, Florida has the fourth-largest GDP (gross domestic product), at $883.1 billion, behind only California, Texas, and New York. Sunshine State is outpacing the rest of the country, thanks to business-friendly legislation, a favorable tax climate for small businesses, and easy access to funding.

Small businesses must stay ahead of their competitors to continue to succeed and grow. Your business may require an infusion of fast working capital to achieve growth objectives. Still, loans from traditional funders can be challenging to obtain—the application process is lengthy and intrusive, with no guarantee of approval, and opportunities to improve or expand your business may be lost while you wait. This guide will help you find the right business loan and other funding options for your business in Miami.

Business loans and business funding in Miami?

1. Explore Peer-to-Peer (P2P) funding websites

These platforms connect small businesses with funders, including individual investors and institutional investment groups such as hedge funds or investment banks. Peer-to-peer can provide an excellent way for small businesses with solid credit histories to access funding. They are typically not the right choice for business owners who don't have great credit (650+).

2. Funding Available to Community-Based Organizations / Nonprofits

Nonprofit/community-based groups help people underserved by traditional business financing to access business funding. They are sometimes referred to as "microlenders" because their loans are typical $50,000 or less.

Nonprofit community-based groups typically offer free consulting to small business owners, often from retired business executives or financial consultants. They may not be the best option for business owners who need fast access to funds or don't want to sit through hours of financial counseling. But if you meet the criteria and aren't in a rush, it's an option worth exploring.`

3. Invoice factoring

Invoice factoring is a type of business financing in which a company sells its invoices (or receivables) to a third-party financial company, known as a factor.

After receiving funds, you repay the factoring company by selling a percentage of your unpaid invoices. Because it is a sale rather than a loan, you will not have the same impact on your credit as you would with traditional bank financing. It enables small businesses to access the cash value of their invoices long before their customers do. Learn more about the advantages and disadvantages of invoice factoring.

4. Local financing options

Talk to local business owners about their funding sources. The chamber of commerce, your local merchants' organization, community centers, and similar venues are great places to start your search. Ask people how they funded their business and if they would recommend the funder. Look for local funding sources, like One Park Financial. It's more accessible to partner with local companies that understand local business owners' needs.

Having so many options is great but can also be confusing – which one is best for you and your business? You can eliminate the guesswork by turning to One Park Financial. One Park Financial understands the challenges associated with small business loans and their needs for working capital. We connect small business owners in Miami to our nationwide network of funding sources. Let's dig more into how One Park Financial works and some minimum qualification requirements needed to apply.

Access business funding with One Park Financial

One Park Financial has been doing business in Miami for over ten years. We are your neighbors, literally. We've been supporting small businesses in our community and getting involved with local institutions such as the Boys & Girls Club of Miami-Dade, Nicklaus Children's Hospital, and the Coconut Grove Holiday Tree Lighting Ceremony.

Why Choose One Park Financial?

Below are some of our requirements and benefits:

  • Simple Application Process.

  • Fast, easy, and cost-effective access to working capital.

  • An online process that is safe and fast. After approval, the funds will be in your account within 72 hours.

  • Unlike traditional business loans, you won't need a perfect credit score.

  • Our network of top-tier financiers offers flexible options, like business cash advances. These programs are specifically designed to meet the funding needs of small businesses.

What are the One Park Financial requirements?

  • It would be best if you were an American citizen.

  • Have a business in Miami (or anywhere in the 50 states!).

  • Have been in business for a minimum of three months

  • Have a business bank account

  • Have monthly revenues of $7,500+.

  • You can pre-qualify online.

Having working capital is a safety cushion that helps ensure that you can keep a business running. Why waste your time trying to qualify for a traditional business loan? Don't let your growing business stall due to a lack of funds.

We will help you find the right option. Start your process and fill out our online form. We will connect you with a financing expert to help you analyze the best opportunities for your business.

Disclaimer: The content of this post has been prepared for informational purposes only. It is not intended to provide and should not be relied on for tax, legal, or accounting advice. Consult with your tax, legal, and accounting advisor before engaging in any transaction.