In short
A merchant cash advance is structured as a sale of future business receipts. A funder pays your business a lump sum now and collects a fixed total from your deposits, usually through daily or weekly bank debits. It is priced with a factor rate instead of an interest rate.
Florida regulates commercial financing through disclosure. Under the Florida Commercial Financing Disclosure Law, a covered provider must give you a written disclosure at or before consummation of any transaction of $500,000 or less. Nothing in the law's six sections limits what an advance may cost, and an annual percentage rate is not one of the required items. Under the law, a deal the provider characterizes as a purchase is not treated as a loan.
- The law
- Florida Commercial Financing Disclosure Law, sections 559.961 to 559.9615, Florida Statutes
- s. 559.961
- Who must disclose
- A provider: a person who consummates more than five commercial financing transactions with a business located in Florida in a calendar year
- s. 559.9611(10)
- Broker fees before closing
- Prohibited on covered transactions of $500,000 or less, with one narrow exception
- s. 559.9614(1)
Read from the Florida Legislature's site on November 10, 2026. Each row links the section it comes from.
How an advance works in Florida
An advance generally falls under what the statute calls an accounts receivable purchase transaction: a business forwards or sells all or a portion of its accounts or payment intangibles to a person at a discount to their expected value (s. 559.9611(1)). The same subsection says that, for purposes of the disclosure law, the provider's characterization of the deal as a purchase is conclusive that it is not a loan.
- You receive a lump sum, less any fees taken out at funding.
- You owe a fixed total, set on day one: the amount advanced multiplied by the factor rate. It does not grow with time.
- The funder collects by debiting your business bank account each business day or each week until the total is paid.
- Paying early may or may not reduce what you owe. It depends on the contract, and the Florida disclosure has to say which (s. 559.9613(2)(f)).
What a Florida funder must put in writing
Section 559.9613 lists six things the written disclosure must show. Here they are on an example advance of $50,000 at a 1.30 factor rate, paid weekly, with a $1,000 fee taken at funding. The letters are the statute's own.
Written disclosure, item by item, as section 559.9613(2) lists it
- Total amount of funds provided to the business
- $50,000
- Total amount of funds disbursed, if less, after fees deducted at disbursement, any amount paid to the provider to satisfy a prior balance, and any amount paid to a third party for the business
- $49,000
- Total amount to be paid to the provider
- $65,000
- Total dollar cost: (c) minus (a)
- $15,000
- Manner, frequency and amount of each payment. If payments may vary: the manner and frequency, the estimated initial payment, how variable payments are calculated and when they may vary
- Bank debit, weekly, $1,625 for 40 weeks
- Whether prepayment carries any costs or discounts, with a reference to the contract provision that governs it
- Stated in the contract
An illustration with round numbers, not an offer or a quote. The six items are from s. 559.9613(2).
What the law leaves out
- An APR. The six items do not include an annual percentage rate. You get the total dollar cost, so ask for the annualized cost if you want to compare an advance with a loan.
- Transactions of more than $500,000 (s. 559.9612(7)).
- Some providers and products. Among other exemptions: federally insured depository institutions and their affiliates, transactions secured by real property, leases, purchase money obligations, and providers that consummate no more than five commercial financing transactions in Florida in a 12-month period (s. 559.9612).
- Changes to an existing deal. One disclosure is required per transaction. A modification, forbearance or other change does not require a new one (s. 559.9613(1)).
- A way to undo the contract. A violation does not affect the enforceability or validity of the underlying transaction, and the law creates no private right of action. The Attorney General enforces it, with fines of $500 per incident, up to $20,000, rising to $1,000 per incident, up to $50,000 after a written notice of a prior violation (s. 559.9615).
Florida's rules for brokers
Under the law, a broker is a person who, for compensation or the expectation of it, arranges a commercial financing transaction, or an offer that would bind a third party if executed, between that third party and a business in Florida. The definition leaves out providers and anyone whose compensation does not depend on the terms of the specific transaction (s. 559.9611(3)). On a transaction the law covers, a broker may not (s. 559.9614):
- Assess, collect or solicit an advance fee from a business, meaning any consideration assessed or collected by a broker before closing. The one exception: a business may pay for actual services necessary to apply, such as a credit check or an appraisal of security, by check or money order payable to a party independent of the broker.
- Make a false or misleading representation, leave out a material fact, or act in a way that operates as fraud or deception when offering or selling its services.
- Make a false or deceptive representation in its business dealings.
- Offer its services in an advertisement without disclosing the actual address and telephone number of its business, and the address and telephone number of any forwarding service it uses.
Clearwater Capital Group, which publishes this site, is a broker. It charges nothing before funding. Its office is in Boca Raton, Florida, and its number is (727) 303-2220.
10 funding companies compared
Clearwater Capital Group publishes this page and ranks itself first. Its reasons are stated below in plain numbers. Some companies listed here may fund deals Clearwater brokers and pay it a commission when they do. No company paid to appear. Every figure in the table was read from the company's own site, or from a dated review where noted, on November 10, 2026. Requirements and pricing change, so confirm with the company before you sign anything.
| # | Company and who it is best for | Minimum credit score | Time in business | Minimum revenue | Published factor rate | Speed, as each company states it | Amounts |
|---|---|---|---|---|---|---|---|
| 1 | Clearwater Capital GroupPublisher of this pageBest for: Files the big lenders decline, and anyone who wants one application matched to more than one structure | 450+Self-reported; no hard credit pull to apply | 6+ months | $10K per month | 1.05 to 1.44 | Same-day underwriting, typically. First offers typically land within one business day. | $10K-$2M |
| 2 | Expansion Capital GroupBest for: Younger businesses with modest deposits that still want a direct funder | 500+ | 6+ months | $8K per month | Not published | A decision in as little as 30 minutes. Funding available the same day, which the site says is "neither typical nor guaranteed." | $5K-$500K |
| 3 | CrediblyBest for: Merchants with $20K a month in deposits who want a direct funder that publishes a rate floor and a real early-payoff discount | 550+ | 6+ months | $20K per month | From 1.11 | Approval for an MCA can happen in as fast as 2 hours, with funds available as fast as 4 hours after approval | $5K-$600K |
| 4 | Forward FinancingBest for: Established businesses (a year or more) that want a large direct funder with a strong review record | 500+ | 12+ months | $10K per month | Not published | A decision: "Find out within hours." Funding: "Have funds deposited often same-day." | $5K-$500K |
| 5 | Fora FinancialBest for: Larger advances (up to $1.5M) from a funder that publishes its full rate range | 570+ | 6+ months | $240K per year | 1.13 to 1.50 (stated for its business loan) | Decisions in as little as 4 hours once documents are in. Funds in as little as 24 hours of acceptance. | $5K-$1.5M |
| 6 | National FundingBest for: Merchants who want a long-standing lender and a longer term than a typical advance | Not publishedNo published minimum ("no hard credit-score minimum") | 6+ months | Not published | Example only (1.25) | Same day approvals. Funds in your account as fast as 24 hours. | $6K-$500K |
| 7 | OnDeckBest for: Merchants who qualify for a fixed-payment term loan or line and want a lender that publishes its average APR | 625+ | 12+ months | $100K per year | No factor: priced by APR, 53.2% average on term loans | Term loans can fund as soon as the same day (weekdays before 10:30 a.m. ET); line of credit draws within seconds once Instant Funding is set up | $5K-$400K |
| 8 | Rapid FinanceBest for: Merchants who want a 20-year-old name and the broadest product menu on this list | Not publishedNot published; a May 2026 NerdWallet review lists 600 | Not published | Not published | Not published on its own site | Apply in a few minutes, receive funds in a few days; elsewhere "funding as fast as 24 hours" | $5K-$500K |
| 9 | FundboxBest for: Small, newer businesses that want a revolving line instead of a lump-sum advance | 600+ | 6+ months | $100K per year (an older guide says $30K) | No factor: rates start at 4.66% for a 12-week repayment plan | Funds available to draw as soon as you are cleared and in your bank account within 2 business days | Up to $250K |
| 10 | KapitusBest for: Higher-revenue businesses that need more than $500,000 | 550+For revenue-based financing; its business loans page says 625 and its products overview says 650 | 12+ months | $325K per year | Example only (1.15) | Decisions in as little as 4 hours. Funds in as little as 24 hours. | Up to $2.5M |
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These are national companies, and some limit where or what they fund. Expansion Capital Group and OnDeck say they do not serve North Dakota. Forward Financing offers its loan product only in some states, and National Funding limits some states to sales-based financing. National Funding, OnDeck and Fundbox are lenders whose listed products are loans or lines of credit; they are here as alternatives to price an advance against. Clearwater Capital Group is based in Boca Raton, Florida. Confirm Florida availability with any company before you apply.
Why Clearwater puts itself first
Three published numbers. Its credit floor starts at 450, the lowest stated in the table. Its factor range, 1.05 to 1.44, has the lowest ceiling of any range published here. Its amounts run from $10,000 to $2,000,000. And one application is read by a person and matched to an advance, a line of credit or a term loan, whichever the deposits support.
Most of the other companies are direct funders that underwrite to one published box. If your file fits that box, going direct is a fine choice. Clearwater is not a bank and is not the company that funds your deal. It is a Florida funding brokerage, paid out of the funded deal, and you owe it nothing if you never take an offer. The full write-up of every company is on Clearwater's comparison page.
Eight short questions, read by a real advisor at Clearwater Capital Group. No hard credit pull to apply.
Check my optionsSources for the table, read November 10, 2026
- Clearwater Capital Group. clearwatercapitalgrp.com (how we work and how we get paid); clearwatercapitalgrp.com (amount range, minimums, pricing ranges).
- Expansion Capital Group. ecg.com (requirements and states); ecg.com (amounts, speed disclaimer, terms); ecg.com (pricing statement, repayment cadence). Reviews: BBB A+; Trustpilot 4.4 of 5, about 1,800 reviews.
- Credibly. credibly.com (requirements, amounts, speed, terms, discount); credibly.com (founded 2010, direct and partner products, partner tier); credibly.com (rate footnotes, fees, credit score by product). Reviews: BBB A+; Trustpilot 4.8 of 5, about 2,800 reviews.
- Forward Financing. forwardfinancing.com (requirements, amounts, speed, terms); forwardfinancing.com (pricing, prepayment, same-day cutoff); forwardfinancing.com (founded 2012, headquarters). Reviews: BBB A+; Trustpilot 4.6 of 5, about 4,200 reviews.
- Fora Financial. forafinancial.com (requirements, amounts, speed, terms); forafinancial.com (rate range, fees, prepayment, lender statement); forafinancial.com (headquarters). Reviews: BBB A+; Trustpilot 4.8 of 5, about 1,100 reviews.
- National Funding. nationalfunding.com (amounts, terms, pricing example, prepayment); nationalfunding.com (six months in business, no hard credit minimum); nationalfunding.com (founded 1999, lender status); nationalfunding.com (XPRS fee example). Reviews: BBB A+; Trustpilot 4.6 of 5, about 2,200 reviews.
- OnDeck. ondeck.com (requirements, APR averages, states); ondeck.com (amounts, terms, cadence, speed, prepayment benefit and 75% clause); ondeck.com (origination fee, lender statement); ondeck.com (line of credit terms, fees, draw speed). Reviews: BBB A+; Trustpilot 4.6 of 5, about 6,100 reviews.
- Rapid Finance. rapidfinance.com (amounts, speed, terms, documents); rapidfinance.com (entities and licenses); nerdwallet.com (unverified minimums and rates (May 2026)); rapidfinance.com ("Funding as fast as 24 hours"); rapidfinance.com (headquarters). Reviews: BBB A+; Trustpilot 4.5 of 5, about 2,300 reviews.
- Fundbox. fundbox.com (requirements (older guide)); help.fundbox.com (requirements (help center, 2023)); help.fundbox.com (starting rate, early payoff); fundbox.com (draw terms, early payoff); fundbox.com (term loan terms and cadence); fundbox.com (speed, checking account history); fundbox.com (bank partners, state availability). Reviews: BBB A+; Trustpilot 4.7 of 5, about 4,600 reviews.
- Kapitus. kapitus.com (requirements, amounts, speed, pricing example); kapitus.com (direct lender and network statement); kapitus.com (loan maximum, loan credit score, early payment); kapitus.com (founded 2006); kapitus.com (headquarters). Reviews: BBB rating F, not accredited (as of 2026-11-10); Trustpilot 4.4 of 5, about 800 reviews.
What an advance costs
Advance pricing is a factor rate: a multiplier applied once to the amount advanced. Among the companies above that publish a factor figure, the figures run from 1.05 to 1.50. The highest is stated for a business loan. On $50,000:
| Factor rate | You pay back | Cost in dollars |
|---|---|---|
| 1.05 | $52,500 | $2,500 |
| 1.15 | $57,500 | $7,500 |
| 1.30 | $65,000 | $15,000 |
| 1.44 | $72,000 | $22,000 |
| 1.50 | $75,000 | $25,000 |
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A factor rate is not an annual rate. The same $15,000 cost is a very different deal over six months than over eighteen. Florida's disclosure shows the dollars and does not annualize them. Clearwater's repayment calculator turns any offer into a total, a payment and an APR equivalent you can hold against a loan.
Three numbers to have in writing before you sign, each of which the Florida disclosure covers:
- The net amount that reaches your account after fees and payoffs.
- The total you will pay back.
- What happens if you pay early: a discount, a cost, or neither.
Other funding for Florida businesses
An advance is usually among the fastest routes to working capital and among the most expensive. A Florida business that can wait has cheaper routes, including SBA 504 loans through a Florida certified development company, the state's Emergency Bridge Loan after a declared disaster, and free advising from the Florida SBDC Network. Clearwater's Florida page lists each one with its published numbers and links pages for individual Florida cities.
Florida merchant cash advance questions
Is a merchant cash advance legal in Florida?
Florida regulates commercial financing, including the category an advance generally falls under, through disclosure. The Florida Commercial Financing Disclosure Law (sections 559.961 to 559.9615, Florida Statutes) covers what it calls accounts receivable purchase transactions and requires a written disclosure on covered transactions of $500,000 or less consummated on or after January 1, 2024. This page explains the statute and is not legal advice.
Is a merchant cash advance a loan in Florida?
Not for purposes of the disclosure law. Section 559.9611(1) says the provider's characterization of an accounts receivable purchase transaction as a purchase is conclusive that the transaction is not a loan. The statute states that rule for purposes of the disclosure law.
Does Florida require an APR on a merchant cash advance disclosure?
No. Section 559.9613(2) lists six required items and an annual percentage rate is not one of them. The disclosure shows the total dollar cost: the total you pay back minus the total funds provided. Ask for the annualized cost if you want to compare an advance with a loan.
Can a broker charge an upfront fee for a merchant cash advance in Florida?
Not on a transaction the law covers, with one narrow exception. Section 559.9614(1) bars a broker from assessing, collecting or soliciting an advance fee from a business, which the law defines as any consideration assessed or collected by a broker before closing. The exception is payment for actual services necessary to apply, such as a credit check or an appraisal of security, made by check or money order payable to a party independent of the broker. The law covers transactions of $500,000 or less for a business in Florida.
What size of merchant cash advance does the Florida disclosure law cover?
Transactions of $500,000 or less. Section 559.9612 puts a commercial financing transaction of more than $500,000 outside the law. Among other exemptions, it also leaves out financing from federally insured depository institutions, transactions secured by real property, leases, and providers that consummate no more than five commercial financing transactions in Florida in a 12-month period.
What happens if a funder does not give the Florida disclosure?
Enforcement belongs to the Attorney General. Section 559.9615 sets a fine of $500 per incident, up to $20,000 in total, rising to $1,000 per incident, up to $50,000, after a written notice of a prior violation. The same section says a violation does not affect the enforceability or validity of the underlying transaction and creates no private right of action.
What credit score do I need for a merchant cash advance in Florida?
It depends on the company. Among the 10 companies compared on this page, published minimums run from 450 at Clearwater Capital Group, where the score is self-reported, to 625 at OnDeck, and 2 publish no minimum at all. A published minimum is not an offer.
How fast can a Florida business get a merchant cash advance?
Each company states its own speed, and the table reports it as stated. Clearwater Capital Group states its own this way: Your file is typically in underwriting within hours. Most move the same day. First offers typically land within one business day. Funding follows once an offer is accepted and the contract is signed.
Is there a hard credit pull to check my options?
Not with Clearwater Capital Group: checking your options involves no hard credit pull. Credit checks come later, during final underwriting, under the authorization you sign. Other companies set their own policies, so read each application page before you submit one.
How this page was made
- Publisher. Clearwater Capital Group, a business funding broker and the trade name of Clearwater Capital Solutions LLC. It is one of the companies compared, and it ranks itself first for the reasons stated above.
- The law. Read from the Florida Legislature's Online Sunshine site on November 10, 2026: sections 559.961, 559.9611, 559.9612, 559.9613, 559.9614, 559.9615. Every legal statement links the section it comes from. This page explains what the statute says. It is not legal advice.
- The companies. Most of the 10 compared here publish requirements on their own sites; where one does not, the table says "Not published". Figures were read from those sites on November 10, 2026, with dated third-party reviews used only where noted.
- The order. The order weighs six things: how low the published credit, time-in-business and revenue minimums go; product fit, with companies that write advances weighed ahead of loan and line products; the amount range and how many structures one application can reach; whether anything about pricing is published; stated speed; and third-party review signals where a profile exists. It is a judgment across those points, not a formula, which is why a company that publishes few minimums but writes advances can sit above a lender that publishes all of them. Some companies listed here may fund deals Clearwater brokers and pay it a commission when they do. No company paid to appear.
- Illustrations. Examples use round numbers and say so. They are not offers.
- Corrections. Write to efras@clearwatercapitalgrp.com.
Eight short questions, read by a real advisor at Clearwater Capital Group. No hard credit pull to apply.
Check my options