October 26, 2023

Miami: Where Entrepreneurs Thrive

While you surely know about Florida's attributes as a tourist destination, are you up to speed on its explosive small business growth?

In 2022, the Miami/Fort Lauderdale/West Palm beach metropolitan region filed almost 41 new business applications per 1,000 residents, says the U.S. Census Bureau and the IRS — almost three times the national rate. What's more, the state of Florida led the country with 251,242 total new business applications in 2022.

Fora Financial's downtown Miami office, established in October 2022, has quickly become part of the city's small-business success story. "It didn't take long for us to realize what a rich opportunity is here to serve a burgeoning community of entrepreneurs," says Fora Financial co-founder Dan Smith, who also heads up this satellite office. "The vibe here is fresh and exciting, with a ton of brain power contributing to a vital local economy," says Smith.

Where's the Heat?

Since its opening, Fora Financial's Miami office has funded 18%% more Florida businesses than the year prior, representing a broad spectrum of industries.

Miami's key business sectors:

Healthcare and Social Assistance 20%
Retail 12%
Accommodation and Food Services 11%
Transportation and Warehousing 7%
Professional, Scientific, and Technical Services 7%

Source: Florida Department of Economic Opportunity

Why Florida Rates

There's more behind Florida's popularity with entrepreneurs that year-round sunshine and beach access:

1. Its taxes aren't very taxing.

With no personal income tax at the state level, sole proprietors, partnerships and limited liability companies (LLCs) have it made in the shade. What's more, a 5.5 percent tax rate for corporations makes it easier for their owners to put profits back into their firms, fostering growth.

2. International trade is thriving.

Last year, Florida rates as the nation's 6th largest exporting state, sending $70 billion in goods to more than 200 countries.

3. Talent abounds.

The state's awesome climate lures employees from across the nation. In addition, it's home to many well-known colleges and universities including the University of Miami and Florida International University. Miami/Dade County claims a labor force 1.3 million people strong, with 36 percent having a college degree.

4. Diverse markets and segments.

Florida, specifically Miami and its neighbors, is known for its diversity, including substantial Latin American and European representation. In fact, more than 100 languages are spoken in the Miami/Dade County area.

5. Help is just a click away.

In Miami/Dade County, local business assistance offices can help new and existing entrepreneurs establish or grow their ventures. These include the Small Business Administration (SBA), the Minority Business Development, Agency (MBDA), and the Small Business Development Center (SBDC)

"Fora Financial is honored to be serving this exploding community of entrepreneurs," says Smith. "We're looking forward to years of continued growth and prosperity for Miami/Dade and all of southern Florida."

Since 2008, Fora Financial has distributed $4 billion to 55,000 businesses. Click here or call (877) 419-3568 for more information on how Fora Financial's working capital solutions can help your business thrive.