September 19, 2021

Find a Way to Pay

“How am I going to pay for this?”

| 5/7/2021

Tap into public sector programs.

The U.S. Small Business Administration (SBA) does not lend money directly to small business owners, but it does set guidelines for loans made by its partnering lenders, community development organizations and micro-lending institutions. SBA-guaranteed loans generally have rates and fees comparable to non-guaranteed loans and typically feature lower down payments, flexible overhead requirements and, in some cases, no collateral requirements. In addition, some SBA-guaranteed loans come with continued support to help recipients start and run their businesses.

Applications for SBA loans are treated like any other commercial loan application: Demonstrated ability to pay the money back is the primary consideration for acceptance, and the decision to approve/disapprove an application rests with the lending institution, not with SBA.

Florida-Based Financial Support Programs facilitated by Enterprise Florida Inc. (EFI) to match qualifying small businesses with lenders that can provide financial assistance and lines of credit include:

  • Small Business Loan Support Program Consisting of EFI’s State Small Business Credit Initiative (SSBCI) and Microfinance Guarantee programs, the Small Business Loan Support Program helps small businesses obtain loan approvals and leverage private capital for use in startup costs, working capital, business procurement, franchise fees, equipment, inventory or the purchase of owner-occupied commercial real estate. The program provides necessary security, in the form of a partial guarantee, so the lender may comfortably approve a loan or line of credit.
  • Venture Capital Program The EFI-sponsored Florida Opportunity Fund provides venture capital for startup and early-stage businesses. State Venture Capital Programs typically take one of two forms: a state-run venture capital fund (which may include other private investors) that invests directly in businesses; or a fund of funds that invests in other venture capital funds which, in turn, invest in individual businesses. Factors such as resources and available talent help determine the appropriate vehicle.

For additional information on these programs, visit

Find SBA Lenders
Lender Match is a free online referral tool that connects small businesses with participating SBA-approved lenders. For information visit:


Attract a private investor.

Venture capital firms or private individuals called “angels” may be willing to invest in your business if they see high potential. Venture capital firms are typically controlled by banks, insurance companies and large corporations; angels, on the other hand, are usually wealthy individuals looking to support “hot” ideas and untapped investment opportunities. In return for backing your business, either entity will expect some level of control and/or a percentage of future profits. Since these types of investors typically take risks only on people and products they truly believe in, you will need to approach them with uber-confidence and a written business plan that is heavy on “wow.”

See list of Florida venture capital firms or visit Venture Forum for more information.


Seek targeted financing.

Your unique race, ethnicity, gender and/or military service may open doors to targeted funding and educational opportunities.

If you are Black, Hispanic or female, your business may be eligible for targeted financing:

The Black Business Loan program, which provides loans, loan guarantees and/or investments through loan administrators to Black business enterprises that cannot otherwise obtain capital through conventional lending institutions. In addition, Black Business Investment Corporations throughout Florida stand ready to facilitate access to capital for Black business owners.

Likewise, Hispanic business owners can find funding information and other business resources pertinent to their specific needs through Prospera. This nonprofit economic development organization provides bilingual assistance to entrepreneurs seeking to access capital in the form of traditional bank loans as well as SBA and micro-loans.

And while no government loan programs exist exclusively for women business owners, recent history shows that SBA loans are three to five times more likely to go to women than non-SBA-guaranteed loans. On the local level, Women’s Business Centers help in applying for loans and may provide access to alternative capital financing programs.


Obtain a grant.

Almost no federal grant money is available to launch for-profit small businesses. However, some businesses engaged in scientific R&D may qualify for federal grants under the Small Business Innovation Research (SBIR) and the Small Business Technology Transfer (STTR) programs if their projects meet federal objectives and have a high potential for commercialization. For details, visit For information about grants available through state and local programs and nonprofit organizations in Florida, visit

Active duty and veteran military men and women can look to SBA for information regarding programs and services aimed at helping them start and run small businesses. Among these opportunities are “Boots to Business,” a two-day intensive course in business ownership fundamentals for active service members as well as for veterans, National Guard and Reserve members and their spouses; and a wide range of training, counseling and mentoring services available through SBA’s nationwide network of Veterans Business Outreach Centers (VBOCs).

In addition, two comprehensive SBA loan programs are available to vets: The Veterans Advantage Loan Program provides up to $5 million for businesses at least 51% owned and controlled by veterans; and the Military Reservist Economic Injury Disaster Loan of up to $2 million to help cover operating costs while a veteran is on active duty.


Tags: Florida Small Business, Getting Started


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