The best small business loans for Pompano Beach, FL

Take your business to new heights with the right financing

  • Apply in less than 60 seconds
  • Wide range of financing option for every need
  • Competitive rates and terms
  • Personalized service
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Industries we work with in Pompano Beach, FL

We're proud to work with small businesses across various industries in Pompano Beach, FL. Whether you're in healthcare, construction, or technology, we're here to help you grow and succeed. Our financing solutions are customized to meet your needs, so you can focus on what you do best - running your business!

Here are some of the many industries we serve:

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    Construction

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    Medical Practices

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    Beauty Salons

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    Retail Stores

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    Restaurants

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    Hotels

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    Manufacturing

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    Staffing

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    Automotive Businesses

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    Landscaping

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    Toy Businesses

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    Transportation

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    IT

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    Professional Services

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    Veterinary Practices

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    Franchise Businesses

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See why thousands of businesses have made SMB Compass

the top-rated small business loan provider in Pompano Beach, FL

Garrett Cushing
Garrett Cushing
November 30, 2021.
Diligent and honest people to work with. SMB has been a great resource for my business, helped me through a variety of different financing over the years.
John Limato
John Limato
November 16, 2021.
I rarely write reviews but felt the need to thank the SMB team. Found them to be honest people that took the time to understand my business and walked me through the entire process.
Connor Johnson
Connor Johnson
November 4, 2021.
SMB helped me navigate through the growth period in my business. They were diligent and genuinely cared to make sure we got the percent line in place to meet our current needs. Very happy I was introduced to them and would highly recommend.
Michelle Cota
Michelle Cota
October 27, 2021.
I am so happy that SMB was able to help our company when we were in a jam. They were so attentive and so easy to work with. Helped step by step to get financed. Thank you Clay!
Veronica Akins
Veronica Akins
October 14, 2021.
SMB Compass was helpful and fast. They kept in contact and answered all my questions. The best part of our interactions was that the lender could have given me an extremely high interest rate loan when I thought that was my only option, but he instead told me of another option that fit our needs much better and saved us money! Thank you Clay
John Folco
John Folco
October 13, 2021.
True experts in the Commerical finance space. Great company to work with, look forward to a continued relationship.
Pat Mcandrews
Pat Mcandrews
October 8, 2021.
Great team of professionals to work with. Incredibly responsive and great problem solvers. Would recommend them to anybody.
Haroon S
Haroon S
September 22, 2021.
Clay was great to work with. Very responsive and great communication.
John Lutz
John Lutz
September 15, 2021.
Great people to work with. They were transparent and helpful from the first call to closing. I would recommend them to anyone in my network.
Matthew Seymour
Matthew Seymour
July 16, 2021.
Clay & Matt are experts in the industry and they are able to advise on a number of topics.

Learn more about our loan packages

The best small business loan in Pompano Beach, FL

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    SBA Loans

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    Term Loan

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    Invoice Financing

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    Business Line of Credit

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    Inventory Financing

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    Bridge Loans

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    Equipment Financing

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    Asset Based Loans

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    Purchase Order Financing

FAQs about small business loans in Pompano Beach, FL

How to get a small business loan in Pompano Beach, FL?

If you’re looking to get a small business loan in Pompano Beach, 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 Pompano Beach, 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 Pompano Beach, 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.

Pompano Beach, FL

Pompano Beach, FL

What is the best place to get a business loan in Pompano Beach, FL?

There are several business loan options in Pompano Beach, FL. Some of the best places to look for a business loan in Pompano Beach include:

  • Local banks and credit unions: These financial institutions often have various business loan options, including term loans, lines of credit, and SBA loans. They may also be more familiar with the local business climate and offer more personalized service.
  • Online lenders: Many online lenders specialize in providing small business loans. These lenders may offer a faster and more streamlined application process than traditional lenders but may also have higher interest rates.
  • Community development financial institutions (CDFIs): CDFIs are non-profit organizations that provide affordable loans and other financial services to underserved communities. They may offer more flexible loan terms and lower interest rates than traditional lenders.
What is an SBA loan in Pompano Beach, FL?

SBA loan in Pompano Beach, FL, refers to a loan program offered by the Small Business Administration (SBA) to assist small businesses in obtaining financing. The SBA does not provide the loans directly but guarantees a portion of the loan SBA-accredited lenders offer. This guarantee reduces the risk for lenders, making it easier for small businesses to obtain financing. SBA loans are typically used to finance working capital, equipment purchases, inventory, and other business expenses.

What kind of loan is good for small businesses in Pompano Beach, FL?

Several types of loans can be good for small businesses in Pompano Beach, FL, depending on their specific needs and financial situation. Some options include:

  • SBA loans: Small Business Administration (SBA) loans are designed to provide affordable financing options for small businesses. SBA loans can be used for various purposes, such as working capital, equipment purchases, and real estate investments.
  • Business lines of credit: Business lines of credit are a type of revolving credit allowing businesses to access funds when needed. This can be useful for managing cash flow, purchasing inventory, or paying for unexpected expenses.
  • Equipment financing: Equipment financing can be a good option if your business needs to purchase equipment. This type of loan is designed specifically for equipment purchases and can help you spread out the cost over time.
  • Invoice financing: If your business is waiting on outstanding invoices, invoice financing can provide you with the cash flow you need to keep operations running smoothly.
  • Purchase order financing: This type of financing provides funds to a business to pay suppliers upfront for confirmed purchase orders. The loan is paid back once the customer pays for the order.
  • Bridge loans: Bridge loans are a short-term financing option that helps businesses bridge the gap between the immediate need for capital and the long-term financing solution. They are usually repaid within six months to three years.
  • Inventory financing: This type of loan is specifically designed to help businesses use existing inventory in exchange for funding.
  • Term loans: Term loans are traditional loans that provide a lump sum of cash upfront paid back over a fixed term, usually ranging from one to ten years.
  • Asset-based loans: Asset-based loans use a company's assets, such as accounts receivable, inventory, or equipment, as collateral for the loan. The loan amount is determined based on the value of the collateral.

Keep in mind that the availability and terms of these loans may vary depending on the lender and the specific needs and qualifications of the business.

What is the highest business loan amount in Pompano Beach, FL?

The maximum loan amount for a business loan in Pompano Beach, FL, can vary depending on the lender and the type of loan. However, the Small Business Administration (SBA) offers loans of up to $5 million for eligible small businesses.

 

Other lenders may offer loans ranging from a few thousand dollars to millions of dollars, depending on the size and creditworthiness of the business. It's important to shop around and compare offers from multiple lenders to find the best loan option for your specific business needs.

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

TYPE OF SMALL BUSINESS LOAN

MAXIMUM LOAN AMOUNT

Business Line of Credit

$10,000 -$5,000,000

SBA Loan

$100,000 – $10,000,000

Equipment Financing

$25,000 - $5,000,000

Asset Based Loans

$250,000 - $10,000,000

Bridge Loan

$25,000 – $5,000,000

Inventory Financing

$25,000 – $10,000,000+

Invoice Financing

$25,000 - $10,000,000+

Purchase Order Financing

$25,000 – $10,000,000+

Business Term Loans

$25,000 – $5,000,000