For small business owners, applying for a bank loan is typically a long, complex process that often ends in rejection. According to a study by Harvard Business School, “small business borrowers often spend almost 25 hours on paperwork for bank loans and approach multiple banks during the application process. Successful applicants wait weeks or, in some cases, a month or more for the funds to be approved and available. Some banks are even refusing to lend to businesses within particular industries (for example, restaurants) or below revenue thresholds of $2 million.”
It's frustrating. But thankfully, small business owners in Miami have options that enable them to get the funds they need to sustain and grow their businesses.
Get Small Business Funding in Miami
Talk to local business owners: The chamber of commerce, your local merchants’ organization, community centers, and similar venues are a great place 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 always easier to partner with people who are in the neighborhood and understand the needs of local business owners.
Explore peer-to-peer: these platforms connect small businesses with funders that include individual investors and institutional investment groups such a hedge fund or investment bank. 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+).
Nonprofit/community-based groups: These funders help people who may be underserved by traditional business financing to access business funding. They are sometimes referred to as “microlenders” because their loans are typically $50,000 or less. They typically offer free consulting to small business owners, often from retired business executives or financial consultants. They may not the best option for business owners who need fast access to funds, or who 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.
Work with a local funding expert: 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. Once you prequalify (it’s easy and fast!) you can discuss your needs with a small business funding expert to determine what funding types are best for you.
Local Expertise, National Network
One Park Financial has been doing business in Miami for ten years, we are your neighbors. We support small businesses in our community, and we get 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.
We connect small business owners in Miami to our nationwide network of funding sources. And we’re different than traditional funding sources. We provide:
A Simple Application Process: Our process is simple, easy and quick. You can pre-qualify online. You need to be 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, and monthly revenues of $5,000+.
Fast Access to Funds: Why spend weeks wondering if you’ll get that business loan, when you could get pre-qualified for funding in just minutes? One Park Financial’s network of funders focuses on providing business capital quickly, easily and cost-effectively. The online pre-qualification process is secure, painless and fast. After approval, funds are in your account within 72 hours. And, unlike traditional business loans, you don’t need a perfect credit score or enterprise-level revenues to qualify for funding.
Small Business Services: Our network of 20+ funders offer flexible options such as cash advances and invoice factoring - specifically designed to meet the funding needs of today’s businesses. Why waste time trying to qualify for a business loan? We’ll help you find the right option so you can gain fast access to the funding you need.