Guaranteed Approval: Startup Business Loans with Bad Credit in Miami, Florida

Here are some potential financing options in Miami, Florida for startup companies with bad credit looking to secure a guaranteed loan. Please note each bank has a different set of rules for types of credit from loan seekers.

1. BankUnited

Phone: (800) 835-5079
Address: 14817 Oak Ln, Miami Lakes, FL 33016
Offers: Personal loans and credit cards for bad credit borrowers with a minimum 550 credit score
Year Founded: 1984
Website/Social Media: BankUnited Website
Why It’s a Great Option: BankUnited is known for its flexible loan options and competitive rates, making it accessible for startups with lower credit scores. Their focus on personalized service ensures that even those with bad credit can find suitable financial products.

2. City National Bank of Florida

Phone: (305) 577-7335
Address: 25 W Flagler St #900, Miami, FL 33130
Offers: Personal loans and small business guaranteed startup loans available for applicants with a 580+ credit score
Year Founded: 1946
Website/Social Media: City National Bank of Florida Website
Why It’s a Great Option: City National Bank of Florida provides tailored loan solutions and startup funding, specifically designed for individuals with modest credit histories. Their long-standing presence and local expertise make them a reliable choice for Miami-based startups.

3. Amerant Bank

Phone: (305) 460-8728
Address: 220 Alhambra Cir, Coral Gables, FL 33134
Offers: Provides guaranteed startup loans, credit cards, and CD secured loans for borrowers with poor credit history
Year Founded: 1979
Website/Social Media: Amerant Bank Website
Why It’s a Great Option: Amerant Bank offers a range of financial products tailored for startups with poor credit histories, including secured loans. Their customer-centric approach ensures that even those with less-than-perfect credit can access the funding they need.

4. Bank of America

Phone: (305) 789-2460
Address: 701 Brickell Ave, Miami, FL 33131
Offers: Personal loans and lower-rate credit cards for customers with a 560+ credit score
Year Founded: 1904
Website/Social Media: Bank of America Website
Why It’s a Great Option: Bank of America’s extensive range of startup financial products and nationwide support network offer reliable options for those with lower credit scores. Their large-scale operations and resources provide flexibility and competitive rates for Miami startups and residents.

5. BB&T Bank (Now Truist)

Phone: (305) 374-5000
Address: 701 Brickell Ave Suite 3300, Miami, FL 33131
Offers: Personal loans and small business startup loans available for applicants with a minimum 620 credit score
Year Founded: 1872
Website/Social Media: Truist Website
Why It’s a Great Option: Truist (formerly BB&T) offers a range of startup loans and personal financing options tailored to those with a minimum credit score. Their established reputation and comprehensive guaranteed startup loan services make them a strong choice for entrepreneurs in Miami.

6. Ocean Bank

Phone: (786) 513-1000
Address: 780 NW 42 Ave #700, Miami, FL 33126
Offers: Provides small personal loans and credit builder loans to customers regardless of low credit score
Year Founded: 1982
Website/Social Media: Ocean Bank Website
Why It’s a Great Option: Ocean Bank specializes in offering guaranteed loans and credit-building products tailored for individuals with low credit scores. Their commitment to accessible financial startup solutions makes them a dependable choice for startups needing a fresh start in Miami after amassing bad credit.

7. Popular Bank

Phone: (786) 553-5000
Address: 1455 Brickell Ave, Miami, FL 33131
Offers: Extends bad credit auto loans and credit cards to customers with a 550+ credit score
Year Founded: 1961
Website/Social Media: Popular Bank Website
Why It’s a Great Option: Popular Bank provides specialized financing options for those with lower credit scores, including auto loans and credit cards. Their focus on accessible credit solutions helps startups with bad credit secure the funds they need for essential purchases.

8. Interamerican Bank for Miami Startup Loans even with Bad Credit

Phone: (305) 823-8900
Address: 9190 Coral Way Ste 200, Miami, FL 33165
Offers: Offers secured credit cards and credit builder installment loans for people with poor credit
Year Founded: 1985
Website/Social Media: Interamerican Bank Website
Why It’s a Great Option: Interamerican Bank is dedicated to helping startup individuals with poor credit by providing secured credit cards and installment loans designed to rebuild credit. Their tailored financial products offer a practical solution for those looking to improve their credit standing in Miami.

However, bad credit may limit options. Working to improve your credit score and bringing on a co-signer may help secure better terms for a startup business loan in Miami! Consulting with an SBA lender is definitely recommended.

5 Local Miami-based Banks Offering Loans to all Types of Credit for Startup & Small Biz Owners:

Here are 5 local loan provider banks based in Miami, Florida with live websites, contact details, loan options, and credit score requirements:

BrightStar Credit Union
- Address: 8990 SW 117 Ave, Miami, FL 33186
- Offers personal loans, auto loans, credit cards, mortgages
- Requires minimum credit score of 580
Ocean Bank
- Phone: (786) 513-1000
- Address: 780 NW 42 Ave #700, Miami, FL 33126
- Website: https://www.oceanbank.com/
- Personal loans, small business loans, commercial real estate lending
- Minimum credit score requirement of 620
City National Bank of Florida
- Phone: (305) 577-7335
- Address: 25 W Flagler St #900, Miami, FL 33130
- Website: https://www.citynationalcm.com/
- Commercial & industrial loans, commercial real estate, startup equipment financing (inquire about bad credit)
- Looks for credit score typically above 680
Professional Bank
- Address: 396 Alhambra Cir #255, Coral Gables, FL 33134
- Commercial and small business lending services
- Prefers credit score of 700+
TotalBank
- Phone: (866) 929-4477
- Address: 2720 Coral Way #100 Miami, FL 33145
- Website: https://www.totalbank.com/
- Personal, small business, private banking, commercial lending, startup loans
- Requires minimum credit score starting at 660

Should your Startup Company Seek a Guaranteed Loan in Miami even with Bad Credit?

Seeking a guaranteed loan for a startup in Miami with bad credit can be a bit tough especially in 2024, but may be possible depending on your situation. Here are 6 things to consider:

Pros of getting a bad credit loan for your startup biz:

Guaranteed loans can provide capital needed to start or grow a business when other financing options are limited due to poor credit. Programs like the SBA 7(a) and 504 loans are partially guaranteed.
The guarantee gives lenders more confidence to approve the loan since a portion of risk is reduced. This may open doors that might otherwise be closed.
Interest rates and terms may be more favorable than alternative financing options like merchant cash advances or factoring.
If you have inventory or product shortages, many of these Miami banks will offer startup equipment financing even with bad credit.

Cons of why you should not take out a bad credit loan for your fledgling startup company:

Lenders will still review your credit profile and factors like management expertise, revenue projections, collateral, etc. A guarantee alone does not ensure approval.
Guaranteed loans have requirements like personal guarantees, collateral, and matching equity contributions. Your business and personal assets are at risk if the business fails.
Process can be lengthy with extensive paperwork. Outside expertise may be needed to navigate complex applications.
Guaranteed startup loans are not 100%. The borrower is still responsible for a portion of the loan if they default.

Overall, guaranteed startup loans in Miami may be worth exploring as an option to secure capital, but a thorough review of terms, risks and obligations is advisable before taking on significant debt. Improving your personal credit should also be a priority.

Here are 7 Statistics (and Sources) Related to Bad Credit Startup Loans in Miami:

1. The SBA approved $5.1 billion in 7(a) small business loans in Florida in fiscal year 2021. This was a 10% increase from 2020. (Source: https://www.sba.gov/sites/default/files/2021-12/2021%20Small%20Business%20Profiles%20For%20States%20And%20Territories.pdf)
2. Florida ranked 2nd among U.S. states for total SBA lending volume in 2021, behind California. (Source: https://www.sba.gov/sites/default/files/2021-12/2021%20Small%20Business%20Profiles%20For%20States%20And%20Territories.pdf)
3. About 43% of entrepreneurs who sought financing in Miami-Dade County in 2017 had FICO scores below 650. (Source: https://www.frbatlanta.org/-/media/documents/community-development/publications/discussion-papers/2017/04-entrepreneurial-finance-and-economic-mobility-in-miami-dade-county-2017-12-18.pdf)
4. The average credit score for small business owners who obtained funding in Florida in 2020 was 616 according to one study. (Source: https://www.lendingtree.com/business/small/average-credit-score/)
5. Only 50% of small business loan applications from owners with credit scores below 650 are approved by lenders on average. (Source: https://www.fundera.com/business-loans/guides/credit-score)
6. 65% of business owners in Florida depend on personal credit scores to finance their companies versus 25% who use business credit. (Source: https://www.nav.com/blog/dpfl-vs-business-credit-score-3740/)
7. Florida’s average small business loan amount in 2021 was $206,735 compared to $103,500 nationwide. (Source: https://www.biz2credit.com/research-reports/how-small-business-lending-fared-in-2021)

Does the Miami Government Have Public Loan Options Available for Startups with Bad Credit?

Here are some Miami and Florida government options for startup owners with bad credit looking for guaranteed loans:

Florida Small Business Development Center Network – Provides assistance with SBA loan applications and access to lenders statewide. https://floridasbdc.org/financing-for-business/
The Florida Microfinance Program – Administered by the Florida Department of Economic Opportunity, provides small loans up to $50,000 to entrepreneurs who do not qualify for conventional financing. https://floridajobs.org/local-workforce-development-board-resources/programs-and-resources/microfinance-program
Miami Bayside Foundation – Partners with the SBA to provide 7(a) loan guarantees up to $500,000 for Miami small businesses. https://mbfloanprograms.org/
Florida First Capital Finance Corporation – State-run nonprofit that offers loan guarantees, direct loans, and bridge loans to businesses unable to get traditional financing. http://www.ffcfc.com/index.html
Florida Black Business Loan Program – Offers loan guarantees to black-owned businesses unable to meet conventional lending standards. https://floridajobs.org/docs/default-source/office-of-minority-economic-business-recovery/fl-blackbus-program-overview.pdf?sfvrsn=c62b70b0_2
The Idea Center at Miami Dade College – Provides training, mentoring and access to capital including microloans for entrepreneurs. https://www.mdc.edu/idea-center/
Miami-Dade County Empowerment Trust – Revolving loan fund that provides flexible financing to small businesses in underserved areas. http://www.miamidade.gov/global/economy/empowerment-trust.page

What are Some Successful Startup Companies Founded in Miami?

Magic Leap (Augmented reality technology) – Founded in 2010 in Dania Beach, has raised over $3.5 billion in funding.
Chewy (Online pet supplies retailer) – Founded in 2011, acquired by PetSmart in 2017 for $3.35 billion.
MDLive (Telehealth services) – Founded in 2006, has raised over $166 million in funding and has revenue in the hundreds of millions.
Neighbor (Peer-to-peer self-storage marketplace) – Founded in 2017, has raised $150 million in funding and achieved unicorn status in 2021.
REEF Technology (Logistics/proximity hubs) – Founded in 2013, has raised over $1.5 billion in funding with a valuation of $4.5 billion.
YellowPepper (Fintech/digital payments) – Founded in 2004, acquired by Visa in 2020 reportedly for $1 billion.
Propertyware (Real estate software) – Bootstrapped since 1991, reached over $50 million in revenue before being acquired by RealPage in 2018.
Kairos (Facial recognition software) – Founded in 2012, generated millions in revenue from customers like banking institutions before the founders exited in 2020.
Nearpod (Education technology) – Founded in 2012, reached millions of users and over $100 million in ARR before being acquired by Renaissance Learning in 2021 for $650 million.

So Miami has produced successful tech startups in sectors like e-commerce, fintech, real estate, and enterprise software that have gone on to substantial exits. The ecosystem continues to mature.

Which Neighborhood in Miami has the Most Successful Startup Companies?

When it comes to successful startup companies founded in Miami, a few key neighborhoods stand out:

Wynwood – This vibrant arts district has become a hub for technology and entrepreneurship. Major startups founded in Wynwood include Chewy, REEF Technology, Nearpod, and LiveNinja. Co-working spaces like WeWork and investor events like Wyncode have contributed to the startup energy.
Downtown Miami – The heart of the city is home to One Herald Plaza, a startup hub and accelerator space. Neighborly and Marxent were founded downtown. Venture capital firms and events like Refresh Miami are based here.
Miami Beach – Several digital media and e-commerce startups have emerged from South Beach, including Hyp3r, Hairbrella, and Streann Media. The area attracts tech talent.
Coral Gables – This affluent neighborhood south of downtown is home to the University of Miami and companies like Neighbor, which became a unicorn startup in 2021. The city has nurtured new ventures.
Brickell – Known as Miami’s financial district, Brickell has seen fintech startups like Afore (acquired by Fiserv), BondIT, and Solodev emerge in recent years. Its proximity to investors is an advantage.

Overall, Wynwood likely has the highest density and mix of successful startups, from major companies like Chewy to smaller breakout companies across industries. But neighborhoods across Miami have been important to the region’s startup ecosystem growth – increasing the need for startup loan financing including poor credit clients.

Which Neighborhoods in Miami have the most Startup Banks and Venture Capital Funds?

The top neighborhoods in Miami for both startup banks and venture capital funds include:

Brickell – As Miami’s financial district, Brickell has the largest presence of major banks like Bank of America, Wells Fargo, and Synovus Bank. Many Latin American bank headquarters are also located here. Major VC firms active in Brickell include SoftBank, Insight Partners, and Fortress Investment Group.
Downtown – The central business district hosts regional banks like TotalBank, IberiaBank, and City National Bank of Florida. Venture firms located downtown include Matheson Ventures, Krillion Ventures, and Lab Ventures.
Coral Gables – Home to branches of Citibank, BankUnited, and Chase Bank. The University of Miami is also based here and has fostered VC activity like The U Innovation Fund.
Wynwood – While fewer traditional banks have branches in this arts district, it has emerged as a hotspot for VC activity. Firms like Hyperplane Ventures, Panther Ventures, anddunndev have offices in the trendy neighborhood.
Miami Beach – Several private banking institutions and boutique wealth management firms operate on South Beach. Some VC firms like Constellation Technology Ventures also have a presence in the area.
Doral – This suburb west of the airport has attracted Venezuelan banks like Mercantil and Banesco. Tech focused VCs including Krillion Ventures also reside in the affluent Doral community.

So for accessing both small business banking services and startup funding, Brickell, Downtown Miami, and Coral Gables are likely the best positioned neighborhoods currently. However, Wynwood and Miami Beach are emerging VC hubs.

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Solomon

Editor of Startups #nofilter

Quick list of 10 Well Known Miami-based Banks and Loan Operators for Guaranteed Startup Loans with Bad Credit in 2024: