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Top SBA Lenders in Ft. Lauderdale & Miami
| Rank | SBA Lender | SBA Lender HQs | # Loans | Avg Loan | Avg Interest |
|---|---|---|---|---|---|
| 1 | TD Bank | Wilmington, DE | 262 | $113,747 | 11.4% |
| 2 | Newtek Bank | Miami, FL | 226 | $379,823 | 11.5% |
| 3 | Readycap Lending, LLC | Berkeley Heights, NJ | 105 | $239,746 | 12.7% |
| 4 | JPMorgan Chase Bank | Columbus, OH | 69 | $224,255 | 12.0% |
| 5 | BayFirst National Bank | Saint Petersburg, FL | 64 | $172,623 | 12.6% |
| 6 | Northeast Bank | Lewiston, ME | 57 | $177,081 | 10.9% |
| 7 | Bank of America | Charlotte, NC | 48 | $476,240 | 8.9% |
| 8 | Wells Fargo | Sioux Falls, SD | 47 | $29,957 | 13.6% |
| 9 | Huntington Bank | Columbus, OH | 45 | $336,007 | 10.5% |
| 10 | Lendistry SBLC | Los Angeles, CA | 33 | $198,803 | 12.3% |
| 11 | SouthState Bank | Winter Haven, FL | 32 | $196,406 | 11.1% |
| 12 | Live Oak | Wilmington, NC | 27 | $734,926 | 10.0% |
| 13 | Celtic Bank | Salt Lake City, UT | 27 | $121,515 | 10.8% |
| 14 | Banesco USA | Miami, FL | 21 | $504,352 | 11.7% |
| 15 | Hanover Community Bank | Mineola, NY | 17 | $282,059 | 11.2% |
| 16 | First Internet Bank of Indiana | Fishers, IN | 16 | $1,816,438 | 10.4% |
| 17 | City National Bank of Florida | Miami, FL | 15 | $997,333 | 10.6% |
| 18 | Beacon Bank | Brookline, MA | 12 | $1,740,750 | 9.4% |
| 19 | Brookline, MA | 12 | $1,740,750 | 9.4% | |
| 20 | America First Federal Credit Union | Brookline, MA | 12 | $1,740,750 | 9.4% |
Top Industries for SBA Loans in Ft. Lauderdale
| Rank | Industry | # Loans | Avg Loan | Avg Interest |
|---|---|---|---|---|
| 18 | Administrative Management and General Management Consulting Services | 21 | $190,890 | 11.1% |
| 12 | Advertising Agencies | 12 | $306,958 | 11.1% |
| 2 | Air-Conditioning and Warm Air Heating Equipment and Commercial and Industrial Refrigeration Equipment Manufacturing | 2 | $280,000 | 10.5% |
| 16 | All Other Amusement and Recreation Industries | 5 | $1,073,920 | 9.9% |
| 8 | All Other Consumer Goods Rental | 2 | $150,000 | 10.1% |
| 4 | All Other Health and Personal Care Retailers | 3 | $223,667 | 9.8% |
| 7 | All Other Miscellaneous Manufacturing | 4 | $150,000 | 10.5% |
| 14 | All Other Miscellaneous Retailers | 3 | $498,033 | 11.2% |
| 4 | All Other Miscellaneous Waste Management Services | 2 | $310,800 | 8.8% |
| 1 | All Other Outpatient Care Centers | 5 | $242,400 | 10.4% |
| 18 | All Other Personal Services | 13 | $144,462 | 11.6% |
| 2 | All Other Plastics Product Manufacturing | 5 | $209,200 | 9.8% |
| 17 | All Other Professional, Scientific, and Technical Services | 9 | $316,667 | 11.3% |
| 3 | All Other Transit and Ground Passenger Transportation | 2 | $65,000 | 10.6% |
| 2 | All Other Travel Arrangement and Reservation Services | 3 | $281,167 | 11.7% |
| 2 | All Other Traveler Accommodation | 2 | $75,000 | 13.1% |
| 6 | Appliance Repair and Maintenance | 2 | $267,500 | 11.4% |
| 15 | Architectural Services | 9 | $177,833 | 11.0% |
| 4 | Assisted Living Facilities for the Elderly | 2 | $125,000 | 12.0% |
| 17 | Automotive Body, Paint, and Interior Repair and Maintenance | 9 | $128,389 | 10.9% |
| 10 | Barber Shops | 2 | $92,500 | 11.8% |
| 2 | Brick, Stone, and Related Construction Material Merchant Wholesalers | 4 | $75,000 | 9.8% |
| 10 | Caterers | 24 | $1,020,708 | 9.3% |
| 3 | Clothing and Clothing Accessories Merchant Wholesalers | 2 | $225,000 | 11.6% |
| 20 | Clothing and Clothing Accessories Retailers | 10 | $181,470 | 11.0% |
| 7 | Commercial and Industrial Machinery and Equipment (except Automotive and Electronic) Repair and Maintenance | 2 | $149,650 | 10.8% |
| 11 | Commercial and Institutional Building Construction | 13 | $200,000 | 10.8% |
| 13 | Commercial Printing (except Screen and Books) | 2 | $290,000 | 9.9% |
| 7 | Commercial Screen Printing | 2 | $155,000 | 11.8% |
| 1 | Computer and Computer Peripheral Equipment and Software Merchant Wholesalers | 9 | $644,444 | 12.8% |
| 3 | Computer Facilities Management Services | 15 | $854,333 | 10.1% |
| 12 | Computer Systems Design Services | 10 | $633,010 | 10.7% |
| 3 | Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services | 8 | $150,625 | 10.9% |
| 12 | Cosmetics, Beauty Supplies, and Perfume Retailers | 11 | $468,273 | 10.5% |
| 10 | Couriers and Express Delivery Services | 3 | $358,667 | 11.3% |
| 14 | Custom Computer Programming Services | 10 | $160,550 | 11.2% |
| 1 | Direct Health and Medical Insurance Carriers | 5 | $870,000 | 10.1% |
| 11 | Drycleaning and Laundry Services (except Coin-Operated) | 6 | $171,133 | 12.0% |
| 7 | Educational Support Services | 2 | $95,650 | 10.6% |
| 2 | Electrical Apparatus and Equipment, Wiring Supplies, and Related Equipment Merchant Wholesalers | 11 | $716,818 | 11.2% |
| 6 | Electronics and Appliance Retailers | 3 | $574,200 | 9.8% |
| 12 | Engineering Services | 7 | $228,429 | 10.4% |
| 2 | Exam Preparation and Tutoring | 2 | $25,700 | 12.5% |
| 4 | Exterminating and Pest Control Services | 9 | $77,778 | 11.4% |
| 5 | Fine Arts Schools | 2 | $42,500 | 12.9% |
| 7 | Finish Carpentry Contractors | 7 | $630,786 | 10.6% |
| 3 | Flight Training | 4 | $250,000 | 10.0% |
| 13 | Flooring Contractors | 3 | $73,333 | 10.5% |
| 3 | Food (Health) Supplement Retailers | 2 | $225,000 | 11.3% |
| 6 | Food Service Contractors | 2 | $374,650 | 10.4% |
| 10 | Freight Transportation Arrangement | 7 | $146,000 | 10.6% |
| 2 | Fresh Fruit and Vegetable Merchant Wholesalers | 3 | $1,161,000 | 10.3% |
| 1 | Frozen Specialty Food Manufacturing | 5 | $452,500 | 11.0% |
| 10 | Gasoline Stations with Convenience Stores | 4 | $1,107,600 | 10.8% |
| 16 | General Freight Trucking, Local | 6 | $93,000 | 11.5% |
| 3 | General Freight Trucking, Long-Distance, Less Than Truckload | 4 | $350,000 | 10.0% |
| 18 | General Freight Trucking, Long-Distance, Truckload | 2 | $275,000 | 10.7% |
| 5 | General Line Grocery Merchant Wholesalers | 4 | $262,500 | 10.8% |
| 7 | Graphic Design Services | 4 | $154,175 | 11.5% |
| 3 | Hardware Merchant Wholesalers | 4 | $850,000 | 11.5% |
| 3 | Hardware Retailers | 6 | $238,333 | 13.1% |
| 2 | Highway, Street, and Bridge Construction | 3 | $233,333 | 10.9% |
| 2 | Household Appliances, Electric Housewares, and Consumer Electronics Merchant Wholesalers | 8 | $1,000,000 | 10.1% |
| 7 | Independent Artists, Writers, and Performers | 4 | $428,750 | 10.2% |
| 4 | Industrial Supplies Merchant Wholesalers | 2 | $207,500 | 12.8% |
| 13 | Interior Design Services | 6 | $102,500 | 10.9% |
| 20 | Janitorial Services | 13 | $170,538 | 10.7% |
| 6 | Jewelry Retailers | 9 | $190,222 | 11.3% |
| 5 | Jewelry, Watch, Precious Stone, and Precious Metal Merchant Wholesalers | 11 | $190,000 | 10.5% |
| 18 | Landscaping Services | 6 | $354,133 | 10.9% |
| 4 | Local Messengers and Local Delivery | 3 | $120,000 | 11.3% |
| 16 | Marketing Consulting Services | 6 | $295,950 | 12.7% |
| 9 | Motion Picture and Video Production | 5 | $138,740 | 12.2% |
| 1 | Motor Vehicle Brake System Manufacturing | 8 | $150,000 | 13.3% |
| 4 | Motor Vehicle Supplies and New Parts Merchant Wholesalers | 5 | $380,000 | 9.9% |
| 1 | Musical Groups and Artists | 2 | $57,500 | 13.0% |
| 1 | Navigational Services to Shipping | 2 | $445,000 | 12.0% |
| 3 | New Car Dealers | 4 | $450,000 | 10.5% |
| 15 | New Single-Family Housing Construction (except For-Sale Builders) | 4 | $237,125 | 10.4% |
| 1 | Nonresidential Property Managers | 4 | $500,000 | 10.5% |
| 2 | Nursery, Garden Center, and Farm Supply Retailers | 2 | $67,500 | 12.5% |
| 2 | Office Administrative Services | 8 | $1,550,000 | 11.0% |
| 19 | Offices of All Other Miscellaneous Health Practitioners | 3 | $213,167 | 10.3% |
| 16 | Offices of Certified Public Accountants | 4 | $1,353,000 | 9.5% |
| 20 | Offices of Dentists | 11 | $408,082 | 9.9% |
| 19 | Offices of Lawyers | 19 | $187,179 | 10.3% |
| 12 | Offices of Physical, Occupational and Speech Therapists, and Audiologists | 10 | $282,670 | 11.3% |
| 9 | Offices of Physicians, Mental Health Specialists | 4 | $144,475 | 11.4% |
| 14 | Offices of Real Estate Agents and Brokers | 9 | $134,089 | 10.7% |
| 2 | Offices of Real Estate Appraisers | 2 | $42,000 | 12.3% |
| 2 | Ornamental and Architectural Metal Work Manufacturing | 2 | $125,000 | 11.3% |
| 16 | Other Accounting Services | 13 | $173,915 | 11.9% |
| 6 | Other Building Equipment Contractors | 3 | $83,333 | 10.8% |
| 10 | Other Building Finishing Contractors | 2 | $275,000 | 12.3% |
| 7 | Other Building Material Dealers | 2 | $247,500 | 11.9% |
| 3 | Other Chemical and Allied Products Merchant Wholesalers | 4 | $575,000 | 9.8% |
| 15 | Other Computer Related Services | 2 | $205,000 | 11.8% |
| 5 | Other Electronic Parts and Equipment Merchant Wholesalers | 5 | $366,800 | 10.6% |
| 3 | Other Foundation, Structure, and Building Exterior Contractors | 7 | $284,714 | 10.9% |
| 7 | Other Grocery and Related Products Merchant Wholesalers | 12 | $443,450 | 10.5% |
| 9 | Other Management Consulting Services | 6 | $83,333 | 11.3% |
| 1 | Other Millwork (including Flooring) | 4 | $350,000 | 10.0% |
| 6 | Other Miscellaneous Durable Goods Merchant Wholesalers | 29 | $274,069 | 10.9% |
| 6 | Other Miscellaneous Nondurable Goods Merchant Wholesalers | 9 | $185,200 | 10.8% |
| 10 | Other Personal and Household Goods Repair and Maintenance | 6 | $247,000 | 12.8% |
| 1 | Other Professional Equipment and Supplies Merchant Wholesalers | 2 | $46,600 | 11.3% |
| 13 | Other Services to Buildings and Dwellings | 6 | $161,667 | 12.6% |
| 17 | Painting and Wall Covering Contractors | 2 | $110,000 | 13.8% |
| 17 | Pet Care (except Veterinary) Services | 5 | $237,240 | 9.9% |
| 1 | Petroleum and Petroleum Products Merchant Wholesalers (except Bulk Stations and Terminals) | 2 | $137,500 | 10.8% |
| 6 | Pharmacies and Drug Retailers | 5 | $259,020 | 12.2% |
| 9 | Photography Studios, Portrait | 4 | $100,000 | 10.5% |
| 2 | Piece Goods, Notions, and Other Dry Goods Merchant Wholesalers | 2 | $940,250 | 12.3% |
| 5 | Portfolio Management and Investment Advice | 5 | $862,100 | 10.1% |
| 10 | Poured Concrete Foundation and Structure Contractors | 2 | $100,000 | 12.0% |
| 2 | Process, Physical Distribution, and Logistics Consulting Services | 2 | $60,000 | 10.1% |
| 1 | Record Production and Distribution | 2 | $200,000 | 12.3% |
| 4 | Recyclable Material Merchant Wholesalers | 2 | $322,300 | 11.6% |
| 13 | Residential Property Managers | 2 | $87,500 | 12.4% |
| 12 | Retail Bakeries | 2 | $150,000 | 10.1% |
| 3 | Scenic and Sightseeing Transportation, Water | 10 | $396,600 | 10.9% |
| 1 | Seafood Product Preparation and Packaging | 4 | $250,000 | 10.5% |
| 5 | Service Establishment Equipment and Supplies Merchant Wholesalers | 9 | $305,556 | 12.7% |
| 7 | Sign Manufacturing | 6 | $452,500 | 9.5% |
| 5 | Specialized Freight (except Used Goods) Trucking, Local | 4 | $385,625 | 11.0% |
| 3 | Sporting and Athletic Goods Manufacturing | 2 | $46,850 | 12.4% |
| 7 | Sporting Goods Retailers | 5 | $50,000 | 13.3% |
| 12 | Sports and Recreation Instruction | 6 | $63,333 | 10.9% |
| 13 | Supermarkets and Other Grocery Retailers (except Convenience Retailers) | 3 | $1,660,667 | 8.9% |
| 11 | Tax Preparation Services | 6 | $128,167 | 11.5% |
| 3 | Temporary Help Services | 2 | $200,000 | 6.3% |
| 2 | Tour Operators | 2 | $200,000 | 12.1% |
| 2 | Toy and Hobby Goods and Supplies Merchant Wholesalers | 4 | $150,000 | 10.5% |
| 6 | Veterinary Services | 9 | $508,889 | 12.3% |
| 8 | Wholesale Trade Agents and Brokers | 2 | $200,000 | 11.6% |
| 5 | Wine and Distilled Alcoholic Beverage Merchant Wholesalers | 4 | $350,000 | 9.8% |
Introduction
Small businesses are the backbone of Miami’s economy, fueling job creation and innovation. SBA loans provide vital funding for local entrepreneurs who may not qualify for conventional bank loans. Whether you are looking to start, expand, or sustain your business, SBA loans offer attractive terms and accessibility that can help you achieve your goals.
SBA Lending in Miami: Last Year Overview
In the past year, Miami has been one of the most active cities for SBA lending. Here are the key statistics:
- Total SBA Loans Issued: $260,619,200
- Number of SBA Loans: 708
- Average Loan Amount: $368,106
- Average Interest Rate: 11.88%
- Jobs Supported: 5,471
- SBAlenders.com’s City Ranking: Miami ranks 3rd nationwide for SBA loan activity
These figures highlight the significant role SBA loans play in supporting Miami’s small business ecosystem.
Success Stories of Small Businesses in Miami
Several small businesses in Miami have leveraged SBA loans to create jobs and drive economic growth. Below are the top five businesses ranked by the number of jobs supported:
- My Kid Therapy Center Corp – Supported 198 jobs Industry: Mental Health Practitioners (except Physicians)
- Absolute Best Home Care Service – Supported 98 jobs Industry: Home Health Care Services
- Throw Social Miami LLC – Supported 91 jobs Industry: Full-Service Restaurants
- Business Logistics Solutions LLC – Supported 82 jobs Industry: Logistics & Distribution
- GTRG-Kendall LLC – Supported 80 jobs Industry: Full-Service Restaurants
These businesses exemplify the power of SBA lending in job creation and business expansion.
Overview of SBA Loan Program in Miami
SBA loans in Miami provide a range of benefits compared to traditional loans:
- Loan Size: Up to $5,000,000
- Loan Term: 10 years for non-real estate loans; 25 years for real estate loans
- Interest Rates: SBA loan rates are slightly higher than conventional loans, but more accessible
- Use of Proceeds: Business acquisition, real estate, equipment, debt refinancing, partner buyout, franchise opening, and working capital
- Down Payment: 10% to 20% down payment is common
- Cash Flow: Profits (EBITDA) of at least 115% of SBA loan payment
- Credit Score: 680+ is ideal; 640–670 is borderline; under 640 is unlikely
- Collateral: Not required, but lenders must secure all available collateral
Compared to traditional loans, SBA loans have lower down payments, longer terms, and no loan covenants, making them more accessible to small business owners.
Surrounding Areas
Miami’s small business lending ecosystem extends beyond the city, benefiting nearby communities. Here are 15 nearby cities and towns where businesses also take advantage of SBA loans: Aventura, Coral Gables, Cutler Bay, Doral, Hialeah, Homestead, Kendall, Key Biscayne, Miami Beach, Miami Gardens, Miami Lakes, North Miami, North Miami Beach, Palmetto Bay, Sweetwater.
Resources for Small Businesses in Miami
Miami offers several resources to help small businesses navigate SBA lending and other financial assistance programs:
- Miami SBA District Office – Provides SBA loan guidance, training, and support
- SCORE Miami – Offers free business mentoring and workshops
- Small Business Development Centers (SBDC) – Provides financial planning, loan assistance, and business consulting
- Miami-Dade Chamber of Commerce – Supports minority-owned businesses with funding and networking opportunities
These organizations can help small businesses in Miami maximize the benefits of SBA loans and achieve long-term success.
Summary
SBA loans continue to be a game-changer for small businesses in Miami, providing access to essential funding that drives economic growth and job creation. With competitive terms, flexible uses, and various resources available, entrepreneurs in Miami have ample opportunities to secure financing and scale their businesses. If you are looking for the best SBA lenders in Miami, consider the options and resources available to start or expand your business today.