Fewer states were harder hit by the economic downturn than Florida, which is heavily reliant on industries like construction, real estate, and tourism. But even fewer are recovering like Florida. After several tough years, Florida’s economy is now leading the country in job growth and overall recovery, according to a UCF economist.
This state of more than 19 million ranks fourth in population and is considered a melting pot of diversity in terms of people, natural resources, and industries. There’s simply no other state like it, as writers like Carl Hiaasen and Dave Barry have been saying for decades! Thousands of lakes and beaches, more than 1,800 miles of coastline, and a sunny climate make Florida a natural magnet for people from all over the world, young and old. If not vacationing, they’re moving here at a rate of 1,000 a day. While tourism, entertainment, and recreation are all leading industries, Florida also means business, and many of its diverse industries are thriving.
Industries in Florida
The Florida economy is expected to outpace the rest of the nation for several years to come. Predicted to have the strongest job growth is construction, at 10 percent. But the state’s economic strengths are also evidenced in a variety of other sectors that include aerospace, health technology, and university research. Among the sector leaders are:
- International Trade: More than 40 percent of all U.S. exports to Latin America and South America pass through Florida.
- Tourism: Nearly 90 million visitors (record numbers) and $67 billion annually make Florida the top travel destination in the world.
- Agriculture: Florida produces more than 65 percent of the country’s oranges and accounts for about 40 percent of the world’s orange juice. But the state is also strong in all kinds of citrus, vegetables, sugar cane, tobacco, cattle, and even thoroughbred horses.
Key to Florida’s remarkable recovery and current boom are a business-friendly environment that includes a competitive cost of doing business; a pro-business tax structure; and incentives for qualified businesses in areas like clean tech, life sciences, info tech, aviation/aerospace, homeland security/defense, and financial/professional services. Securing Florida business loans from BFS Capital is a great way to take advantage of these benefits and grow your business into a leader of the Florida economy.
Getting Small Business Loans in Florida
The cornerstones of Florida’s economy are its 2 million-plus small businesses that collectively contribute about 75 percent, or $583 billion, to the state’s economy. Most have fewer than 20 employees. Together, they employ nearly 3 million workers and represent nearly 45 percent of the private sector labor force.
Florida’s small businesses are turning to BFS Capital for their small business loans of up to $1 million. Small and medium-size businesses are using loans and merchant cash advances to take advantage of growth opportunities, from adding new locations to expanding online offerings to opening entirely new markets. They’re finding that there’s no time like the present to remodel, purchase new equipment, and even hire new people. After taking out small business loans, Florida business owners discover that the possibilities for growth are endless. At BFS Capital, we provide business loans for customers all over Florida including:
- St. Petersburg
- Fort Lauderdale
- Port St. Lucie
- West Palm Beach
Interested in seeing if you qualify for a small business loan? Florida residents will find that financing from BFS Capital is ideal for business owners that need additional funding to grow their business. With our business loans, Florida business owners can expect:
- An application and approval process that is fast and easy
- Funding in as few as two business days following approval
- Flexible repayment options structured to accommodate variations in business models and cash flow
- Bad credit doesn’t automatically disqualify applicants
- Business owners can use funds as they choose, for any business expense
Apply For Florida Business Financing
With our business loans, Florida business owners have been able to grow their businesses and create new opportunities for their future. Our financing solutions may be able to help your business, too. If you’re interested in small business loans, Florida residents should give us a call to see if we can help.