Businesses Most Likely to Receive a Small Business Loan in Florida
Reviews | Business
By Alejandro Carrera
With tourism contributing up to 10% of Florida’s annual gross domestic product, it is plausible to think that the small business community in this sector has suffered financially from the pandemic amid declining travel.
Statistics from the US Small Business Administration (SBA) indicate that there were 2.4 million small businesses in Florida at the end of 2016, while the number of businesses in the accommodation and food services segment stood at 60,000 at the end of this year.
Given the importance and sensitivity of these companies to the current headwinds caused by the pandemic, small business loans in Florida have emerged as an alternative as they can be used as a lifeline to stay afloat while the situation eases.
The following gives a quick overview of how small business loans in Florida have helped small businesses in the state survive the pandemic, while also highlighting the benefits of these financing instruments in case you consider d ‘request one for your small business as well.
Sectors most affected by viruses have been among the most affected by small business lending
According to recent reports from the US Small Business Administration branch within the state, more than 2 million small business loans in Florida have been approved by the agency since the start of the pandemic, with a total of $ 127 billion. dollars extended to small businesses to help them survive. slowdown.
James Rivera, associate administrator of the SBA, said the hospitality industry was “a canary in the coal mine” as the industry experienced one of its most difficult times in the past century as travel demand continued to plummet in the second. quarter of the year.
Despite the federal government’s efforts to help these businesses, government-backed small business loans in Florida have not been enough to keep up with the increased demand, as statistics indicate that nearly 48% of applicants have been turned down. This has negatively resulted in at least 2.5 million business owners without a much needed financial lifeline.
As a result, private small business lenders like Camino Financial have emerged as an alternative, using technology to facilitate and speed up the application and approval process while effectively reducing wait times to as little as 48 hours to respond. quickly to the needs of these companies.
How Can a Small Business Loan Help Your Business?
Small business loans in Florida can be obtained easily by relying on financial technology companies as they offer a much more streamlined process compared to traditional lenders.
These loans can be used to bolster the company’s cash reserves, increase inventory during the holidays, or cover operating expenses as business volumes pick up.
These loans offer flexible credit terms and competitive annual interest rates starting at 12% while repayment periods can range from 24 to 60 months.
Have you applied for small business loans in Florida and been turned down? Online small business loans can be the answer to help you survive this temporary downturn while things return to normal. It’s easier than you think and it could be just what your business needs.