Florist Business Loans

Florist Business Loans

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First Union Lending has provided funds to many businesses run by passionate owners who strive to deliver high-quality products. We are ready to help florist and flower shop businesses attain the necessary funds to succeed.

Whether you provide beautiful centerpieces for special events, create stunning bridal floral bouquets, or a well-thought-out sympathy arrangement. Your business is necessary to enhance the moods of customers and their families. More goes into floral design and running a floral arrangement business than meets the eye.

The canceled wedding and celebrations are back on in moving towards a new normalized future. Currently, the online floral industry is going through a series of adaptions thanks to the factors such as the recovery from the COVID-19 pandemic, supply chain disruptions, discounted e-commerce floral shops, and supermarkets that offer floral arrangements. These adoptions are looking to help businesses within this industry blossom (literally) in time, thanks to the dedication of florists around the United States.

As a small or growing florist business, the evolution of online shopping and the COVID-19 recovery will benefit your business in the coming years. Before you get excited about the future industry trends, focus on investing in your business to help you in the long run. Florists and flower shop business owners can utilize business funding options to stay on top of expenses and support business initiatives.

A florist business loan can provide small and growing floral design companies and flower shops with funds needed to manage their capital flow, cover day-to-day expenses, fulfill seasonal demand, and more. Various loan options are available to help fund or expand your florist business.

What is a Florist Business Loan?

What is a Florist Business Loan?

A florist business loan is an industry-specific loan that funds flower shops and companies specializing in floral arrangements and needing financial assistance. It provides funds to manage capital flow, cover the day-to-day expenses, fulfill seasonal demands, marketing expenses, payroll, etc.

Consumer trends are often driving retail. Floral shop business owners will experience slower seasons and may have to spend money to make money. Working capital is needed to purchase inventory and shipping supplies. Business owners will often utilize a florist business loan when funds are unavailable.

There are various loan options that small and growing companies can use to help a growing flower shop blossom. First Union Lending is here to help! Florists can utilize these funds to run payroll during a slow season, invest in newer marketing trends, and purchase items to streamline their business.

Types of Business Loans:

Several loans are available to help small and growing businesses. Florist business loans include:

SBA Loans: Partly guaranteed by the U.S. Small Business Administration, traditional and non-traditional lenders offer SBA loans. The program provides highly flexible rates and terms ideal for small businesses. Several variations of SBA loans help well-established hotels and motels looking to expand.

Florist businesses must meet the following requirements to be eligible:

  • Operate for profit
  • Be considered a small business, as defined by the SBA
  • Be engaged in, propose to do business in, the United States or its possessions
  • Used alternative financial resources, including personal assets, before seeking financial assistance
  • Use the funds for a sound business purpose
  • Not be delinquent on any existing debt obligations to the U.S. Government.

Listed below are types of SBA loans that can benefit a flower shop business:

SBA 7(a) loans: 7(a) loans tend to be the most common within the SBA family. With access to up to $5 million in working capital for 25 years, numerous industries find these loans suitable for their needs. Interest rates are between 7-8% depending on trade and the nature of your business. Those who opt-in for an SBA loan will fall under this category.

SBA 504/CDC loans: 504 loans are particular. It provides long-term, fixed-rate financing through Certified Development Companies (CDCs), SBA's community-based partners who regulate nonprofits and promote economic development within their communities. If your business needs to purchase commercial real estate or perhaps a large piece of equipment, this may be the ideal loan program. Borrowers may need to provide 20% of the loan's total value, the SBA provides 40%, and the lender will give the rest. The cap on this type of loan is generally $5 million.

Businesses must meet the following requirements to be eligible:

  • Have a tangible net worth of less than $15 million
  • Have an average net income of less than $5 million after federal income taxes for two years preceding your application

Business Lines of Credit: Banks, financial institutions, and other licensed consumer lenders extend credit to creditworthy customers to address fluctuating cash flow needs of the customer. The maximum amount of funds a customer can draw from a line of credit is typically called the credit limit or overdraft limit.

At a minimum, lenders will require your business to be operational for at least six months and able to earn $25,000 in revenue. A minimum credit score of 500 or higher may be required to qualify, depending on the lender. By partnering with non-traditional lenders, companies can obtain their business line of credit within days.

Short-term Loans: Short-term business loans can be highly beneficial during a growth period, fluctuating cash flow times, or a need for seasonal purchasing. Long-term business loans typically include more significant funding amounts and lower interest rates and payments. If you know that taking the loan will put you in a position to pay back the loan quickly, a short-term loan may be the solution.

The application process requires proof of ownership of your business, financial statements, tax information, P&L statements, and a copy of your driver's license. Lenders will check your business and personal credit as well. Once approved, companies can obtain their funds within 1-2 business days.

Equipment Financing: Equipment loans provide the funds for companies to buy business-related equipment. Businesses will often need to purchase, replace, repair, or upgrade various equipment to process, manufacture, or produce their product.

Equipment can include phone systems, computer monitors, printers, copiers, tools, specialized machinery, industrial equipment, etc. Most lenders will require three years of tax returns for the business, the purchase agreement of the equipment, personal financial statements, and identification from each owner.

Inventory financing: Inventory financing allows you to replenish your stock without utilizing additional collateral. This type of business funding works well for retail shops that need to place large inventory purchases to keep their business streamlined with the current trends on the market.

Most lenders will require businesses to be up and running for six months to a year to qualify.

How to Apply for Florist Business Loans: Requirements and Getting Started

How to Apply for Florist Business Loans: Requirements and Getting Started

If your well-established florist business has reached the point where expansion and new business initiatives will provide a significant profit, acquiring a small business loan may be the best option.

First Union is here to help.

Submit your business information below to determine if you qualify for any available small business loans. Our Funding Specialists will analyze your qualifications and will reach out to walk you through the following steps.

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While each of the available loans has varying qualifications, lenders will typically ask for the following general information:

  • Business Operation History
  • Business Revenue Statements
  • Personal & Business Credit Scores
  • Collateral if needed

Traditional lenders and banks often involve collaterals and strict repayment schedules -stressing out borrowers who need capital to grow. Online lenders like First Union provide businesses with the funds required to succeed.

If you have questions in regards to florist-related business loans, feel free to give us a call: 863-825-5626

Advantages of Florist Business Loans

Not only can florist business loans provide the required funding, but they can also offer other perks that can benefit you long-term as a business owner. Most retail business loans may offer competitive interest rates, predictable monthly payments, and credit building.

These loans can allow business owners to invest and accelerate their growth. Keep your business moving forward through the utilization of a florist business loan.

Choose First Union Lending As Your Premier Lending Partner

At First Union Lending, we believe that small and medium-sized businesses deserve the right to access the capital they need to succeed.

Our goal is to build long-term, lasting relationships by providing business owners with what they need when they need it. We pride ourselves on being educated, knowledgeable, and caring about conducting business. We have acquired much of the same licensing traditional banks require to cement our fiduciary responsibility to our clients and work culture.

We are here to consult, help you save, and guide you and your business to success.

We provide Florist Business Loans in the following states:

Alabama

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Delaware

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Hawaii

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Illinois

Indiana

Iowa

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Maine

Maryland

Massachusetts

Michigan

Minnesota

Mississippi

Missouri

Montana

Nebraska

Nevada

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New Mexico

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North Carolina

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Ohio

Oklahoma

Oregon

Pennsylvania

Rhode Island

South Carolina

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Tennessee

Texas

Utah

Vermont

Virginia

Washington

West Virginia

Wisconsin

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