If you’re looking to get a small business loan in Lakeland, FL, here’s what you should do:

1. Know what you need. Before applying for a loan, get a clear idea of how much money your business needs and how you will use the funds. Doing so can help identify the best type of loan for your needs.
2. Check your credit score. Many lenders in Lakeland, FL, will look at your credit score when reviewing your application, so knowing where you stand is important. If your score is less than ideal, consider improving it by making timely payments, keeping old accounts open, and limiting new credit applications.
3. Research lenders. Many different types of lenders offer small business loans in Lakeland, FL, including banks, credit unions, and online lenders. Do your research to find out which ones best fit your needs and qualifications.
4. Prepare your application. Once you’ve identified potential lenders, prepare your loan application carefully. This may include providing financial statements, tax returns, and other documentation demonstrating your ability to repay the loan.
5. Apply for the loan. If you’ve found a lender you’re comfortable with, it’s time to start your application. The process varies from lender to lender, but essentially, you need to submit your loan application along with the required documents. You also need to prepare to answer any additional questions the lender may have.
6. Wait for a decision. The lender will then review your application and decide whether to approve your loan or not. Funding speed depends on the lender and loan type. Banks usually take weeks or months, while online lenders can fund your business in a day.

Lakeland, FL

There are several places where you can get a business loan in Lakeland, FL. Some options include:

• Small Business Administration (SBA) lenders: The SBA works with lenders to provide loans to small businesses, and there are several SBA-approved lenders in Lakeland.
• Banks and credit unions: Many traditional banks and credit unions in Lakeland offer business loans, and you can check with your local branch to see their available options.
• Online lenders: Several online lenders offer business loans and may be more flexible than traditional lenders regarding credit requirements and other factors.
• Community development financial institutions (CDFIs): CDFIs are nonprofit organizations that provide loans and other financial services to underserved communities, including small businesses.
• Microlenders: Microlenders provide small loans (typically under $50,000) to businesses that may not qualify for larger loans from traditional lenders.

Ultimately, the best place to get a business loan in Lakeland, FL, will depend on your specific needs and circumstances. It's a good idea to research multiple lenders and compare their rates, terms, and requirements before deciding.

SBA loan in Lakeland, FL, refers to loans guaranteed by the Small Business Administration (SBA), a federal agency that helps small businesses obtain financing. The SBA does not lend money directly but guarantees a portion of the loan provided by an SBA-approved lender, making it easier for small businesses to secure financing.

SBA loans can be used for different purposes, such as working capital, equipment purchases, real estate acquisitions, and debt refinancing. The terms and conditions of SBA loans may vary depending on the specific loan program and the lender's criteria.

Getting a business loan for your salary in Lakeland, FL, or anywhere else is generally impossible. Business loans are designed to provide financing to businesses, not individuals.

Lenders will typically evaluate the financial health and creditworthiness of the business itself rather than the personal financial situation of the business owner or employees.

However, you own a business and are paying yourself a salary. In that case, that salary can be considered part of the company's overall financial picture when applying for a loan.

The highest business loan amount in Lakeland, FL, can vary depending on the lender and the loan type. SBA loans, for example, can go up to $5 million, while other types of loans may have lower limits. It's best to check with individual lenders to see their maximum loan amounts.

Here’s a breakdown of the maximum loan amounts we offer: