Tampa restaurant and retail operators show processor deposits, event revenue and delivery payouts. The mortgage lender looks at a 12 or 24 month stretch of statements, depending on the program.
Counting the work in Tampa
The Bureau of Labor Statistics tallies around 3,199 food services and drinking places establishments with employees in Hillsborough County, together employing roughly 59,567 people at an average annual pay of $30,600. Operators with no employees are not in that count, so the real number of solo restaurant and retail operators is larger. The employment location quotient is 0.96, meaning it tracks the national average.
Census survey data count about 2,692 self-employed people in hospitality and the arts together with retail living in the city of Tampa. They make up 6.4 percent of the workers in that group and about 11.5 percent of all self-employed residents.
Tampa snapshot
| Measure | Figure |
|---|---|
| Employer establishments in food services and drinking places | 3,199 |
| Jobs at those establishments | 59,567 |
| Average annual pay | $30,600 |
| Self-employed residents in the related group | 2,692 |
| Share of that group who are self-employed | 6.4 percent |
| Statewide share for the same group | 7.9 percent |
A diverse scene
Ybor City, Armature Works, SoHo and the Gulf-side districts each have a feel of their own. Tourists, Lightning and Buccaneers game crowds, convention visitors and local residents all contribute.
What buyers face in the market
Anyone buying in the city of Tampa should know that the median home was built in 1985; 46 percent of adults hold at least a four year degree; and the usual home carries a value near $420,000 (about 17 percent above the Florida median of $359,000). Averages such as these do not replace an appraisal of the house you are buying.
Reading the sales
Processor statements confirm monthly sales, and delivery platforms pay out net of fees. Catering, brewery taproom sales and gift-shop income are dedicated. A reviewer groups the sources.
Seasons and storms
Winter visitors help, summer heat slows some shops, and storms can close a business. A short note describing closures and a 24 month period give a fairer average.
Owner documents
A license, lease, state sales tax records, processor statements and a letter from a tax professional round out the file. If a family member is a partner, an agreement helps.
Common sticking points
The median household income in Tampa is about $75,000, and local files vary a great deal close to that figure. Cash is the tough part. If a portion of your sales is cash that you deposit, the deposits count, but cash that never enters an account cannot be averaged. Proprietors who want credit for cash sales do strongest when they deposit it often and in amounts that collect with the point-of-sale reports. Keep those reports with the file.
How Tampa compares
For comparison, the Florida statewide share is 7.9 percent, and Tampa comes in at 6.4 percent, below it. Ranking the 22 measurable Florida areas we cover, Tampa lands 16th. At $30,600, this is a lower paying field on average, which puts the expense factor and real operating expenses at the center of the review.
Paperwork worth gathering
Delivery apps and online marketplace payouts count when they are traceable to your business. Keep the monthly payout summaries from each platform. An underwriter who sees a payout deposit with no summary may ask for one, and a missing summary can delay the file by days.
Making the file easier
The median household income in Tampa is around $75,000, and local files vary a great deal close to that figure. Sales tax, tips and tax withholding are mixed into the deposits too. These are not income, and a diligent reviewer will not treat them that way, so seeing a note in your file that explains how you manage them cuts back and forth. If you pay sales tax from a separate account, say so.
Employers in the work around Tampa
| Line of business | Establishments | Jobs | Average annual pay |
|---|---|---|---|
| Restaurants and other eating places | 2,721 | 52,315 | $29,447 |
| Special food services | 312 | 4,848 | $41,850 |
| Drinking places | 166 | 2,404 | $33,010 |
Population, housing and payroll figures on this page are public Census and BLS numbers; the method is written up here.
This page is general information, not an offer. Lenders verify income and ability to repay, and program availability depends on the borrower and the property.
Related
- Bank statement loans in Tampa, FL
- Restaurant and Retail Owners: national guide
- What you need to prove
- 1099 Contractors in Tampa
- Real Estate Agents in Tampa
- Restaurant and Retail Owners in Orlando, FL
- Restaurant and Retail Owners in Miami, FL
Questions about financing in Tampa?
Apply online or call, and a loan officer will walk you through the first documents to find.
Frequently asked questions
Do sales-tax records matter?
They help confirm the business's activity and support your deposits.
A storm shut me down for a week. Does that hurt?
Spell out it briefly. A 24 month period softens the effect.
How many restaurant and retail operators are there in Tampa?
Payroll data for Hillsborough County show roughly 3,199 establishments with employees in food services and drinking places, and Census estimates count roughly 2,692 self-employed residents of the city of Tampa in the related industry group. Proprietors with no employees show up only in the Census number.
Does a mortgage lender treat restaurant and retail operators in Tampa differently from anywhere else?
Not in the way income is read. Local differences show up in the property: a median value approximately $420,000 in the city of Tampa compared with $359,000 statewide, 50 percent homeownership and a median build year of 1985.