How to fund your small business in Miami: Our guide

Do you have plans to grow your business? Do you need some cash to get through a rough period? Are you stuck with debt after launching a business on your personal credit card? 

These are all good reasons to consider applying for a small business loan. We understand loans can be overwhelming, confusing, and time consuming! And that’s why we built a guide to small business funding in Miami.

Small business lenders are organizations or institutions that provide funds (sometimes referred to as capital) so that a business can start, grow, or maintain their operations. Our guide helps Miami’s small business owners consider some of the important factors before making a decision on what type of lender to choose.

• The factors that matter: We help you figure out the difference between a CDFI - short for Community Development Financial Institution - and microloans, credit unions and traditional banks, so you can find the best fit for your business needs.‍
• The benefits: Each lender has its own perks. 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 and tax returns, for example - to provide ahead of time.‍
• Bonus tips: Our guide also provides a list of handy insights you’ll need to guide your decision.  

All of this is available at axishelps.org/lending

Axis Helps also offers information on small business grants in Miami, which - unlike loans - you don’t have to be paid back. A full list of available grants can be found here. 

Running a business can be expensive. But there is no need to do it alone or go into debts that can be problematic, such as high-interest credit cards or pay-day-like loans. We hope you find this guide useful - and if you do, or have ideas to improve it, let us know!