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.
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
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How we picked these
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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.
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