When it comes to funding your small business, you have a lot of options at your disposal—venture capital, angel investors, small business loans, and lines of credit among them. All of these tried and true methods are effective, but before you automatically opt for one, there are a handful of local financing possibilities that don't require jumping through quite so many hoops, often unique to the state you reside in. If you're a South Florida small business owner, here are four that may be right for you.

1. Partners for Self Employment

The Miami-based Partners for Self Employment offers a variety of funding options for your small business. If your business has been in existence for at least two years, it can qualify for as much as $35,000 from the direct loan program.

Here's the thing: If you have not been in business for two years or more, a peer lending program allows people to secure financing for an amount somewhere between $1,000 and $5,000. Best of all, there are no credit or collateral requirements. However, you must be a resident of Miami Dade or Broward County to be eligible for this funding.

2. Miami Bayside Foundation

The Miami Bayside Foundation is a not-for-profit organization whose goal is to impact Miami's economic development by supporting minority-owned businesses. It offers a loan program for minority entrepreneurs whose businesses are located within the Miami city limits.

Here's the thing: There are some restrictions. Sole proprietorships are ineligible for the loan program, and if your startup has been around for less than a year, a 20% match is required for any loans made. Fortunately, there is also a microloan program available for loans between $2,500 and $10,000. To qualify, your business must have been in existence for six months or more and your credit score must be at least 550.

3. Accion USA

Accion USA is a national organization with a Miami-based office. It offers loans up to $50,000 through four separate programs. To qualify, you need a credit score of at least 525, you must not have had any late bills (including any late housing payments) within the last year, and you cannot have a bankruptcy on your record within the past year or a foreclosure within the past two years.

Here's the thing: There are also some additional requirements depending upon which program you choose. For example, Accion USA is unable to make loans to some businesses, including real estate development companies and businesses involving firearms, among others. Check the website for complete details on rules and requirements.

4. Technology Business Incubator

The Technology Business Incubator is associated with Florida Atlantic University. Inside the incubator resides the organization New World Angels, comprised of some of the most experienced investors in the South Florida area. Although you must have graduated from FAU to qualify for funding, the program does offer a way to partner up with some of these investors, as long as your business is technology-based.

Here's the thing: In order to complete an application for funding, you need your general business information, including a tax ID number and business tax number, the type and amount of funding your startup has received to date, how much capital you are looking for, and certain information about your growth plans. Just keep in mind that this is an incubator program—you must pay rent and occupy office space at the facility.

Final Thoughts

As with any funding option, do your homework. Carefully read any contract, including the fine print, before signing, and ask questions about anything you're unsure of. Finding the best resource to fund your small business is important, just make sure you dot all your I's and cross all your T's in the process.

What ways have you found to finance a small business in South Florida?

Hank Crane is a retired loan officer and long-time resident of the beautiful state of Florida.