How to Fund Your Small Business in Miami

We understand loans can be overwhelming, confusing, and time consuming! And that’s why we built a Business Funding Guide. Whether you are just getting started or ready to apply, we have the information you need.

‍

If you are just getting started, we recommend you check out this article we wrote about Business Loans. Simply put, a business loan is money (sometimes referred to as capital) you borrow from a financial institution or lender that is paid back over time.

‍

If you are familiar with business loans, but want to know more about what is actually available for YOUR business, we recommend you visit our guide to start learning the different types of lenders that exist.

As our guide explains, there are many different channels and pathways a business owner can go down in order to apply for funding. And one of the most important decisions will be the type of lender you choose.

‍Small business lenders are organizations or institutions that provide funds so that a business can start, grow, or maintain their operations.

• CDFIs
• Credit Unions
• Microloans
• Merchant Cash Advance
• Traditional Banks
• SBA Lenders
• FinTech Opportunities
• Online Lenders
• New Business Lenders
• ...and more!

‍

In addition to lender types, this guide will help you understand:

• The factors that matter: We help you figure out the difference between a CDFI and a microlender, credit unions and traditional banks, so you can find the best fit for your business needs.‍
• The benefits: Each lender has its own perks. For example, microloans are great if you’ve never had a loan before, especially for small amounts of cash that can establish business credit. Traditional banks offer a variety of loans but typically start at larger amounts. And CDFIs offer a range of additional services to their small business loan recipients, like financial education and advice. ‍
• The requirements: Yes, some lenders want you to provide a business plan and proof you’ve been in business for a certain period of time, but not all. Regardless, you’ll know what documents you will need - like financial statements or tax returns - to provide ahead of time.‍

All of this is available at axishelps.org/lending

‍

If you are ready to start applying, many loan programs are linked directly in our guide, or they can be found here.

‍

We hope you find this guide useful. And if you don't feel prepared to apply for a loan, we also have information on small business grants, which - unlike loans - you don’t have to be paid back. A full list of available grants can be found here.