Business loans in Tampa serve many purposes. They can help entrepreneurs start a company, grow a business or purchase equipment and real estate necessary to run a one. Our partners at ConsumerAffairs researched the best business loans in Tampa to help you find the right lender to help your company grow.
Everyone deserves to make thoughtful, informed purchase decisions. The local guides provided on this website are free for consumers. WFTS may receive compensation from our partners. Learn more.
Business loans are useful to companies at any stage of growth. Small businesses can use them when they need quick cash for operating costs, and start-up companies, which are increasing in Tampa’s growing tech sector, can use the funds to begin reaching customers while building their platform. Companies expanding into new locations or purchasing equipment can also benefit from a business loan.
Business loans come in different forms, and the best one for your Tampa business depends on your size, your financial projections and your reason for taking the loan. The most common business loans are:
Term loans: The business borrows a set amount and pays it back on a set schedule
Lines of credit: Similar to credit cards
Equipment loans: Secured by the equipment purchased with the funds
Real estate loans: Allow you to buy or lease property for your company
Microloans: Short-term loans usually for smaller amounts
Small Business Administration (SBA) loans: Partially secured by the U.S. Small Business Administration
To qualify for a business loan in Tampa, it helps to have a good personal credit history as well as business credit history. Lenders may want to meet with you to see your plans for the funding. You’ll need to gather all of your corporate documents, including:
Tax returns for your business
Income statements and balance sheets
Budgets or financial projections
Articles of incorporation, business licenses and a business plan
Some business loans may require collateral. In Tampa, this could be the real estate your shop owns at Wiregrass or in Hyde Park. It could be equipment, such as your food truck in Ruskin. If you don’t have any collateral, you’ll need to look for an unsecured business loan.
If you’re borrowing money for a commercial real estate purchase or you want an auto loan for your business, a down payment may be required, but it will rarely be more than 10 percent of the value of the loan. You’ll have a choice to take out a long-term loan, usually through a bank or a credit union, or a short-term loan, which you can find from an online or independent lender.
If you’re an established business with a good relationship with your lender or bank, long-term loans usually have lower interest rates and allow you to pay the loan back over a longer period of time. Short-term loans can often be funded in a day, however, and may have an easier approval process.
Fees and terms for business loans in Tampa
Loan fees and costs for Tampa small business borrowers will vary depending on the type of loan. An SBA loan will come with a guarantee fee that’s usually between 2 and 4 percent of the amount you borrow. Your business loan for real estate will include closing costs, such as origination fees, title insurance and fees for appraisals and surveys. You’ll also need to add the interest rate into the overall cost of the loan.
Repayment terms depend on the type of loan and the lender. A two-year loan for $50,000 would be paid back in 24 different installments that cover the principal, the interest and any other costs or fees that the borrower must pay. With a line of credit or a business credit card, you’ll make at least the minimum monthly payment until your balance is a zero.
There are loans available for Tampa business owners who have bad credit, but you can expect a few obstacles and a larger price tag. While banks and credit unions are likely to turn you down, you can apply for funding through alternative private lenders or attempt to qualify for a merchant cash advance, which has a higher interest rate and a shorter repayment window.
Seek Business Capital provides Tampa small business owners with fast funding decisions and no restrictions on how you use the money. The company approves more than 92 percent of their loan applications and provides loans ranging from $5,000 to $500,000. Tampa customers say they appreciate the company’s set of online tools.
Imperial Advance offers in-house financing with low rates and generally funds loans within 24 hours. Tampa business owners can choose from revenue-based loans, term loans, cash advances and lines of credits. Imperial Advance provides funding to a diverse group of businesses in nearly every industry.
National Business Capital connects Tampa small business owners with a personal advisor who will work with the company to find the best fit for its situation. The lender has funded more than $1 billion for franchises, equipment, start-ups and real estate. Tampa customers appreciate the company’s friendly, professional service.
MIDFLORIDA Credit Union
MIDFLORIDA Credit Union is a locally owned financial institution with four branches in Tampa. The credit union specializes in loans for equipment, vehicles and real estate and also provides lines of credit and business credit cards. Customers in Tampa say MIDFLORIDA Credit Union works to make the application process as painless as possible.
The Bank of Tampa
The Bank of Tampa has offered banking and financial services to Tampa residents and businesses since 1984. The bank specializes in loans partially guaranteed by the U.S. Small Business Association (SBA) and offers a variety of business loans that range from $150,000 to $5 million or more. The bank has 10 branches within the city of Tampa.
Our partners independently research and analyze the companies mentioned in our guides and work with subject matter experts to add valuable information that helps consumers make smart purchase decisions. Our partners will not include companies on these guides that do not meet specific quality standards. The compensation we receive from our partners may impact how and where companies appear on our site, including the order in which they appear.
Our partners independently research companies, and use editorial discretion to award companies with special recognition (i.e. Best Value) based on their staff’s judgement or subject matter expert’s judgement. Our partners do this to help you identify companies that will meet your specific buying needs, and do not receive compensation for these designations.