Warehousing is one of the top three fastest growing industries in Florida, with a 9.5% employment growth rate, according to Florida Commerce. With so much expansion, businesses in this sector have plenty of opportunities for growth. To support that growth, Florida warehousing and storage businesses have access to a variety of financing, including commercial real estate loans, equipment financing and invoice factoring, to name a few. These loans are available through traditional banks and credit unions, community banks and online lenders. Check our top picks for warehousing and storage financing in Florida, with a variety of loan types and options for borrowers with a range of credit scores.
If you're not sure which loan makes the most sense for your warehousing and storage business, a business loans marketplace like Lendzi can be a good place to start. It has more than 60 lending partners with a wide range of financing options, including commercial property loans, equipment financing, SBA loans and more. And, unlike some connection services, it has dedicated and highly rated loan specialists who can walk you through the process and help you find the best loan for your needs, with competitive rates and terms.
Loan amount
$5,000 – $20,000,000
APR
Varies by lender
Min. Credit Score
500
If you're not sure which loan makes the most sense for your warehousing and storage business, a business loans marketplace like Lendzi can be a good place to start. It has more than 60 lending partners with a wide range of financing options, including commercial property loans, equipment financing, SBA loans and more. And, unlike some connection services, it has dedicated and highly rated loan specialists who can walk you through the process and help you find the best loan for your needs, with competitive rates and terms.
Pros
In-house loan specialists
Compare multiple loans with one application
Options for poor credit
Cons
Doesn't disclose range of rates
Some financing options can be expensive
Full list of partner lenders not available
Loan amount
$5,000 – $20,000,000
APR
Varies by lender
Min. Credit Score
500
Loan term
6 months to 25 years
Requirements
Minimum credit score of 500, minimum annual revenue of $120,000, preferably one to two years in business
Wells Fargo is an SBA preferred lender. That means it has the authority to approve loans guaranteed by the Small Business Administration (SBA), which helps to speed up the loan process. It offers SBA 7(a) loans up to $5 million and 504 SBA loans up to $15 million, with loan terms as long as 25 years. But SBA loans can be difficult to qualify for, you'll probably need to come up with a down payment and you'll typically need a credit score of at least 680 to qualify.
Loan amount
$5,000 – $100,000
APR
Varies by loan type
Wells Fargo is an SBA preferred lender. That means it has the authority to approve loans guaranteed by the Small Business Administration (SBA), which helps to speed up the loan process. It offers SBA 7(a) loans up to $5 million and 504 SBA loans up to $15 million, with loan terms as long as 25 years. But SBA loans can be difficult to qualify for, you'll probably need to come up with a down payment and you'll typically need a credit score of at least 680 to qualify.
Bluevine offers business lines of credit up to $250,000 with competitive rates starting as low as 7.8%. Florida business owners in the warehouse and storage industry can use this type of short-term flexible financing for anything from covering payroll to meeting short-term cash flow needs. Plus, unlike many lenders, Bluevine doesn't charge setup, subscription, maintenance or termination fees. It also offers fast funding and additional perks and discounts if you pair your credit line with a Bluevine business checking account. But it only accepts corporations and LLCs, it charges draw fees and loan terms only go up to 12 months.
Loan amount
Up to $250,000
APR
As low as 7.8%
Min. Credit Score
625
Bluevine offers business lines of credit up to $250,000 with competitive rates starting as low as 7.8%. Florida business owners in the warehouse and storage industry can use this type of short-term flexible financing for anything from covering payroll to meeting short-term cash flow needs. Plus, unlike many lenders, Bluevine doesn't charge setup, subscription, maintenance or termination fees. It also offers fast funding and additional perks and discounts if you pair your credit line with a Bluevine business checking account. But it only accepts corporations and LLCs, it charges draw fees and loan terms only go up to 12 months.
Pros
LOCs up to $250,000
Rates start at 7.8%
Charges minimal fees
Cons
Only for corporations and LLCs
Charges draw fees
Need good to excellent credit to get the lowest rates
Loan amount
Up to $250,000
APR
As low as 7.8%
Min. Credit Score
625
Loan term
Up to 12 months
Requirements
1 year in business, corporation or LLC, 625 FICO score, $120,000 in annual revenue, no bankruptcies
For Florida business owners in the warehousing and storage industry looking to build a relationship with a bank, First Federal Bank of Florida could be the local business lender for you. It's a community-based mutual bank, meaning it's owned by customers, not stockholders. It specializes in warehouse lending and has numerous branches throughout Florida. Loan options include real estate loans, equipment financing, term loans, business credit cards and more.
Loan amount
Varies by loan
APR
Varies by loan
For Florida business owners in the warehousing and storage industry looking to build a relationship with a bank, First Federal Bank of Florida could be the local business lender for you. It's a community-based mutual bank, meaning it's owned by customers, not stockholders. It specializes in warehouse lending and has numerous branches throughout Florida. Loan options include real estate loans, equipment financing, term loans, business credit cards and more.
Invoice factoring from FundThrough is a type of short-term funding where you sell your outstanding invoices for cash. This option could be good for warehousing and storage businesses in need of fast funding that don't want to take on new debt. Unlike some factoring companies, FundThrough doesn't require a contract and setting up an account is free. It also offers transparent pricing and the option to finance up to 100% of your invoices' value. But it's an expensive form of financing, and fees go up the longer it takes your customers to pay their bills.
Loan Amount
$500 to $10M
Fee for Terms
2.75% to 8.25%
Invoice factoring from FundThrough is a type of short-term funding where you sell your outstanding invoices for cash. This option could be good for warehousing and storage businesses in need of fast funding that don't want to take on new debt. Unlike some factoring companies, FundThrough doesn't require a contract and setting up an account is free. It also offers transparent pricing and the option to finance up to 100% of your invoices' value. But it's an expensive form of financing, and fees go up the longer it takes your customers to pay their bills.
Pros
Fast funding
No contract required
Transparent pricing
Cons
Expensive compared to other types of business funding
Only suitable for short-term financing
Requires qualified invoices
Loan Amount
$500 to $10M
Fee for Terms
2.75% to 8.25%
Min. Credit Score
500
Loan Term
1 day - 61+ days
Requirements
At least $100k in accounts receivable to one customer, invoice B2B or government agencies, invoices are for completed work, no construction or real estate, no explicit liens on receivables
If you need equipment for your warehousing and storage business, National Funding offers equipment financing or leasing for up to $150,000. Unlike some lenders, it finances up to 100% of the purchase price, meaning you may not have to come up with a down payment. It also has relatively lenient requirements to qualify, making it an option for newer businesses. But it doesn't disclose its rates and fees, and its maximum equipment loan is lower than some competitors.
Loan amount
Up to $150,000
APR
Not stated
Min. Credit Score
600
If you need equipment for your warehousing and storage business, National Funding offers equipment financing or leasing for up to $150,000. Unlike some lenders, it finances up to 100% of the purchase price, meaning you may not have to come up with a down payment. It also has relatively lenient requirements to qualify, making it an option for newer businesses. But it doesn't disclose its rates and fees, and its maximum equipment loan is lower than some competitors.
Pros
Equipment financing up to $150,000
No down payment required
Lenient requirements to qualify
Cons
Doesn't disclose rates and fees
Max loan amount lower than some competitors
Rates can be steep for borrowers with lower credit scores
Loan amount
Up to $150,000
APR
Not stated
Min. Credit Score
600
Requirements
6 months in business, fair to good credit, equipment quote from vendor.
Finder’s business loan experts analyzed dozens of lenders that provide financing for Florida businesses in the warehousing and storage sector. We ultimately chose lenders that offer multiple financing products, competitive rates and terms and those that consider borrowers with a range of credit scores, annual revenues and time in business.
Some of the criteria we evaluate include:
Interest rates
Additional fees
Loan amounts
Loan terms
Repayment plans
Turnaround times
Credit score requirements
Time in business requirements
Revenue requirements
Reputation of the lender
Better Business Bureau and Trustpilot reviews
How to compare warehouse and storage financing
Consider the following factors when comparing loan types and lenders.
Type of loan. Decide which type of funding makes the most sense for your loan purpose. A few options to consider include real estate loans, equipment financing or a business line of credit.
Rates. Interest rates for business financing vary considerably depending on the lender and the loan type. For example, SBA loans tend to have some of the most competitive rates but can be hard to qualify for. Invoice factoring, on the other hand, is easier to qualify for but more costly.
Additional fees. Some loans — such as business lines of credit — also come with extra fees that add to the loan’s cost. You can save money by finding lenders that charge minimal fees.
Turnaround time. Online lenders or no-doc loans typically offer the fastest funding, but rates may be higher. If you don’t need the loan right away, you could save money by borrowing from a bank or credit union.
Loan terms. Calculating how much you can afford in repayments each month can help you decide whether a shorter or longer term loan fits best into your budget.
Lender requirements. Most business lenders have minimum credit score, revenue and time in business requirements. Make sure you meet the criteria before you apply.
Compare other warehouse and storage financing in Florida
The Finder Score crunches 12+ types of business loans across 35+ lenders. It takes into account the product's interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate - this gives you a simple score out of 10.
To provide a Score, we compare like-for-like loans. So if you're comparing the best business loans for startups loans, you can see how each business loan stacks up against other business loans with the same borrower type, rate type and repayment type.
Retail businesses or others that have a lot of credit card sales
How to qualify for warehouse and storage financing
The exact requirements to qualify for warehousing and storage funding are difficult to pin down because it encompasses a variety of business loan types. But here are some basic criteria you’ll typically need to meet to qualify for business financing in general.
Credit score. Most types of business financing require credit scores of at least 600, but some options accept lower scores.
Annual revenue. You’ll typically need at least $120,000 in annual revenue to qualify for business financing, but that figure can go up drastically depending on the loan amount.
Time in business. You’ll usually need to be in business for at least six months, although some lenders require a minimum of one to two years or more.
How to apply for warehouse and storage financing
Follow these steps to apply for financing for your warehouse facility.
Evaluate your budget. Figure out how much you can afford in repayments each month by calculating loan payments and seeing how they fit into your budget.
Check your credit score. Knowing your credit score before you apply helps guide you toward lenders that work with borrowers in your credit range.
Compare lenders and loan types. Research lenders offering loans that make sense for your business, and then compare rates, fees and loan terms to find the best deal.
Get prequalified. If possible, prequalify with a few lenders to get a better idea of the rates and terms you may be offered.
Apply. Fill out the loan application, submitting any required documentation.
Review and sign. If your financing is approved, go over your loan agreement to confirm rates, fees and repayment terms before signing.
What should I do before applying?
There are a number of things you can do before applying for warehousing and storage financing to increase your chances of approval.
Pay down existing debt. If possible, reducing your debt burden makes you more attractive to lenders.
Create a business plan and loan proposal. Lenders are more likely to consider your loan application if you have a detailed business plan and clearly defined goals for the loan proceeds. It may even be a requirement for the application process.
Prepare your documents. Putting together the documents you’ll need to submit helps streamline the loan process once you’re ready to apply.
Frequently asked questions
What is the best loan to finance a warehousing and storage business?
That depends on your purpose for the loan proceeds. For example, if you need fast funding for working capital, a term loan or business line of credit might be the best choice. Or, if you’re looking to purchase a new space, look into a commercial real estate loan.
What is considered a warehouse property?
In general, a warehouse property is used to store inventory. The warehouse owner may own the inventory or, more likely, store it for other businesses. Warehouse owners may also provide other services related to the distribution of goods, such as labeling, packaging and facilitating transportation arrangements.
What about self-storage financing?
Many of the same loan options for warehousing and storage businesses are also available to investors in self-storage facilities. If you’re looking to purchase a facility, a commercial property loan is the way to go. Or you could use a line of credit or invoice factoring if you need working capital to improve your existing property or cover other business needs.
Lacey Stark is a freelance personal finance writer for Finder, specializing
in banking, loans, investing, estate planning, and more. She has 20
years of experience writing and editing for magazines, newspapers, and
online publications. A word nerd from childhood, Lacey officially got her
start reporting on live sporting events and moved on to cover topics
such as construction, technology, and travel before finding her niche in
personal finance. Originally from New England, she received her
bachelor’s degree from the University of Denver and completed a
postgraduate journalism program at Metropolitan State University also
in Denver. She currently lives in Chicagoland with her dog Chunk and
likes to read and play golf. See full bio
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