Florida Small Business Grants
What Are Florida Small Business Grants?
Florida small business grants give business owners the opportunity to jump start their own business. By obtaining a loan or free money from the government, small business owners can fuel the economy in Florida with contributions from their small business. Currently, two organizations exist in Florida to assist business owners in obtaining low interest loans for starting a business. These two organizations are the Florida First Capital Financial Corporation and the State Small Business Credit Initiative. Business owners should check with a local municipality, small business development center, or the Department of Revenue to find out information about any new programs available.
Benefits of Florida Small Business Grants
The major benefit of Florida small business grants is that business owners can have immediate access to cash loans to start up businesses. These loans typically have low, fixed interest rates. One of the benefits of the Florida First Capital Financial Corporation is the opportunity to obtain a 504 loan. A 504 loan has an interest rate of about four to five percent. It is a loan with a fixed interest rate. For a standard public policy project, a small business owner can qualify for up to $5 million in loans. Another benefit of this program is that small business owners can receive quick pre-approval for the loans upon applying for them. The Florida Recycling Loan Program allows business owners to obtain loans for recycled machinery and equipment.
Who Is Eligible to Apply for Florida Small Business Grants?
Business owners must be United States citizens and reside in Florida to qualify for Florida small business grants. Also, a business owner must meet certain income requirements. A business owner must not receive more than $5 million in profits for the two years prior to applying for a 504 loan. In addition, the net worth of a business must not be more than $15 million at the time of application. The business must also occupy a majority of its commercial real estate space to qualify for a 504 loan.
How to Apply for Florida Small Business Grants
To apply for a Florida small business grant, a lender will have to review your application. A credit review process must also be completed. The credit of the applicant and his or her company will also be analyzed during this process. The lender will consider the credit-worthiness and strength of collateral that an applicant has to offer.