Florida Entrepreneurship is on the Rise

by | Jun 8, 2022 | Small Business | 0 comments

According to Governor Ron DeSantis‘s office, Florida entrepreneurship is rising. This claim is based upon the number of entrepreneurship and small business certifications earned between July 2021 and March 2022. The governor’s office has recorded that more than 7500 students earned an ESB certification. A rise in entrepreneurship effectively helps the United States surpass China in the number of ESB exams delivered between 2021 and 2022. This is most definitely good news for Florida and the nation.

An ESB certification is recognizable around the world. It is an industry-standard credential that Intuit sponsors. And the test itself validates the basic concepts and skills that pretty much every entrepreneur must know. Such foundational knowledge includes identifying key market opportunities, financial management, and understanding how to take advantage of venture capital opportunities.

Florida leads the country in ESB certifications, accounting for nearly 30% across the United States. Perhaps one of the critical reasons Florida entrepreneurship is such a hot topic is that the state has actively strived to make small business owners more accessible opportunities. Part of their initiative has been to scale access to ESB certification and certification programs.

Why Florida Entrepreneurship Will Only Continue to Grow

Without question, Florida is a small business-friendly state. Many experts cite it as perhaps the friendliest state for small businesses. So why is Florida such an attractive place for entrepreneurs looking to establish their companies?

  • There is no personal income tax and a low corporate tax rate. Without the burden of all the taxes you have in some other states, entrepreneurs have more flexibility, not to mention more cash to grow their endeavors.
  • The state is experiencing job growth. With labor shortages abounding around the nation, Florida sees increases in some labor sectors. For small businesses, this is most definitely a good thing.
  • Florida is flexible when it comes to home-based businesses. Given some of the state government’s recent moves, Florida has been freeing up entrepreneurs so that operating from home has become easier with fewer restrictions.
  • Florida limits some localities from adding licensing requirements. This means less red tape for people looking to start a business. The process becomes more accessible and thus faster.
  • The state has practical job training programs in place. Florida isn’t interested in wasting taxpayer dollars on programs that don’t work. Instead, they track the efficacy of these training programs to make sure that participants are getting the skills and knowledge they need to find quality jobs.

Getting a Business Loan in Florida

One of the other reasons why Florida entrepreneurship is on the rise is because business loans are incredibly easy to get, even for those who may not have ideal credit. Online and alternative lenders are working with many Florida-based businesses to get them the cash they need when they need it. It’s not about one number or one score with alternative lenders as it is with more traditional banks. It is about taking a big picture approach to small business lending and thereby allowing entrepreneurs to do what they do best, create valuable companies that help stimulate the local and state economies.

Getting a business loan through an alternative or online lender is a rather quick process. You first fill out an online application, and then a representative walks you through the rest of the process. Among the documents you may be required to submit our:

  • Both business and personal tax returns
  • Bank statements
  • Financial statements such as cash flow statements and balance sheets
  • Articles of incorporation
  • Business leases
  • Business licensing and permits
  • A business plan

This however does not complete the list. Every lender is different and therefore every lender will ask for different documents. Having all of your information ready to go and up-to-date will help facilitate the loan process. As the latest numbers and trends show, Florida entrepreneurship is not out of reach. It’s a matter of having a plan and a strategy in place. And it’s also a matter of ensuring that you have the money you need to support your small business.

First Union Lending is Here for You

We work with numerous Florida-based businesses getting them the funds they need for whatever project they have in mind – from expanding their office to hiring on more staff. We offer short-term loans, lines of credit, and equipment financing among other funding solutions. Even if your credit score is less than stellar, we might still have options for you. Call today and let’s get started together.