Small Business Loans In New York

New York remains the capital of commerce in North America, and a small business loan can help you get your New York success story started!

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Types Of New York Business Loans

From Buffalo to the Bronx, from Ithaca to Saratoga Springs to Staten Island and Manhattan, New York is a dynamic and amazing realm for small businesses, even though it can be very expensive. A business loan can help launch your entrepreneurial dreams in the Empire State.

SBA loans

SBA loans are business loans that are partially backed by the Small Business Administration (SBA), a federal agency. These loans are serviced by private lenders, but are popular because they generally have good interest rates.

Line of credit

Use a line of credit as a flexible form of financing. Unlike with a loan, this option does not involve a big disbursement upfront that you must repay, providing a flexibility that better fits many entrepreneurs’ needs.

Term loan

Term loans are common small business loans in which you would apply for a large disbursement of capital and then repays it over several years, along with fixed or variable interest.

Equipment finance

With equipment financing, you receive a piece of equipment and then pay off the cost of the equipment in installments. This way, your business can make money off the equipment immediately, even if you don’t have the funds to buy it at the sticker price.

Accounts receivable financing

Accounts receivable financing is an alternative form of business financing in which your unpaid invoices serve as collateral for a lump disbursement of funds.

Local New York Business Loan Options

Several organizations service loans to small businesses that set up shop in the Empire State.

The New York Forward Loan Fund is a helpful new program targeted at providing loans to small businesses throughout the state.

New York City offers a significant amount of low-interest loans to companies looking to contract with city agencies through its Contract Financing Loan Fund.

Apple Bank is a notable local New York bank with a lengthy list of commercial lending opportunities.

The NYC Capital Access Loan Guaranty Program guarantees up to 40% of a business loan for small businesses struggling to access capital.

Accompany Capital specializes in providing business loans to immigrants, refugees and women.

Four simple steps to funding.

Tell us about your business.

Answer a few simple questions and complete the application in minutes.

Submit your application.

We’ll present your application to our marketplace 75+ lenders. Applying is free and won’t impact your credit score.

Compare offers.

Find the funding option with the terms that best fit your small business goals.

Get funded.

Once you accept, funding can hit your bank account in as little as 24 hours.

New York Customer Success Stories

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FAQs

What other resources are available to New York small businesses?

When getting started doing business in the Empire State, the state’s Division of Small Business has some of the best resources. The Small Business Development Center (SBDC) program has many offices throughout New York, and they provide mentorship, networking, and resources for entrepreneurs. The NYC Small Business Resource Network promises personalized guidance and assistance for your company if you are in the five boroughs.

What New York small business grants are available?

New York has long been defined by its history of global trade, and the state offers a State Trade Expansion Program (STEP), which are small grants for business interested in getting involved in exports. For New York City startups, the New York StartUP! Business Plan Competition is a great opportunity to score some funding. Another awesome grant for small businesses aspiring to do more international trade is the Global NY Fund Grant Program.

What do I need to qualify for a loan in New York?

Before applying for loans, select your company’s structure, which might be a sole proprietorship or S-Corp. You will have to register your company with the Department of State or your County Clerk. You will likely have to apply for licenses and permits with your state and city, depending on your business, especially in areas like New York City or Yonkers. Once your company is a legitimate legal entity, you can apply for business funding. Financiers will look closely at your business plan, your company’s financial history, and your credit score to determine the amount and interest rate you qualify for.

Which loan is right for my New York Business?

The right loan for your New York business is the option that will help your business grow over time by expanding your operations and reaching more customers. However, you also want to ensure that the repayment terms are not so onerous that you struggle to pay back the loan.

How can a New York business loan help my business?

In the Empire State, businesses come and go in a New York minute. It’s also expensive to do business in New York, and there is a massive amount of competition. But a loan can help your company stand out from the crowd and keep its footing. You can easily see your loan options online with Lendio’s platform, all for free.

What is an SBA preferred lender?

An SBA preferred lender is a lender that’s been approved by the Small Business Administration to administer SBA loans without additional approvals from the SBA. Typically these lenders have years of experience and can approve SBA loans faster than non-preferred lenders.

What are the benefits of an SBA loan?

SBA loans are backed by the government and offer lower interest rates than other types of small business loans. They typically require a minimum time in business of two years and a credit score of 650+.

What is SBA 7(a)?

An SBA 7(a) loan is a form of financing that is partially guaranteed by the SBA. These loans are named after article 7(a) of the Small Business Act of 1953, which launched the SBA and tasked the agency with supporting American small businesses through lending. You can learn more about the SBA 7(a) loan on our blog.

Ready for funding?

See what you can qualify for on the Lendio Marketplace.

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