Small Business Loans in St. Petersburg: City Grant Program

by | Apr 22, 2022 | Business Finance | 0 comments

If you own and operate a small business in St. Petersburg, Florida, then you’re in luck. Recently, the city announced a new St. Petersburg city grant program. This program is designed to help small businesses make improvements that would allow them to meet specific code requirements. The effort is intended to help launch a city-wide beautification effort.

The money available for the St. Petersburg city grant program can total up to $7500 in either loan or grant money, depending on the business’s criteria. To be eligible, a company must have less than 50 employees. Furthermore, eligible projects to be funded include:

  • Implementing ADA accessibility improvements.
  • Tending to grease traps.
  • Adjusting and integrating signage and façade improvements.
  • Projects that would help companies comply with historic preservation rules and regulations.

St. Petersburg wants to try and beautify its city. This, in part, is what spurred the St. Petersburg city grant program. The city’s tourist traffic has dropped off in recent years. The mayor notes that there are indeed several areas throughout St. Petersburg in need of beautification. Hopefully, this grant will enable smaller companies to put money into such beautification projects.

Getting a Business Loan in St. Petersburg

If a company does not meet the grant requirements or does not get approved for this particular program, there are other funding options available. There are a variety of business loans that Florida-based companies can apply for that would enable them to get the cash they need quickly. Versus applying for a loan through a traditional bank, getting funding from an online lender is far more accessible and more practical.

Among some of the different financing types available are:

Short-term loans

As the name suggests, a short-term loan is intended to help a company that needs a sum of money over a short period. So, for example, let’s say you’re looking to remodel your current space. Getting a short-term loan for your business and then repaying that money within a six-month to one-year period could help move the project along much faster than applying for financing with a conventional bank. Interest rates can be higher with short-term loans, but keep in mind that you are not paying the loan for as long.

Lines of credit

Business lines of credit are trendy among Florida business owners. Lines of credit can be easier to get approved for than some other business financing types. The great thing about a line of credit is that once you repay the amount you borrow, it is once again available for you to use. This is what is called a revolving line of credit.

Merchant cash advances

Merchant cash advances are becoming increasingly popular, especially among smaller businesses in this challenging economic climate. Essentially, a lender will advance you a sum of money based upon a forecast of your total sales. Therefore, a percentage of all future credit card sales will go toward repaying the loan. So, when sales are slower, you’re not paying back as much as when sales are more robust.

Equipment financing

Equipment financing could be the key for any type of equipment that your small business needs. Be it heavy construction machinery or IT equipment. The lender will advance you the money for your purchase. The equipment in question will serve as collateral on loan. So if you do default for whatever reason, the lender will then try and resell this equipment and thus recoup their losses. Equipment financing often gives you 100% of the money you need for the purchase, thus making it an outstanding loan.

First Union Lending is Here for Your St. Petersburg Business

We work with businesses all across the state of Florida. Our job is to get you the money you need quickly, not weeks or months from now. Even if your credit score is less than ideal, we likely still have a funding solution for you. Every loan product is custom-tailored for each client—no off-the-shelf approach with us. Call today and let’s get started.