Small Business Loans in New York City
Wondering if a business loan can help your small business thrive in the Big Apple? Learn what options are available and which one could be right for you.
Types of business loans in New York City.
No matter your industry, there are countless small business loans in New York City to help you meet your goals. As you shop around, here are some of the most popular options you’re bound to find.
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.
New York City business loan options.
Several local organizations provide small business funding resources in New York City.
New York University Federal Credit Union offers small business loans of up to $250,000. While collateral is required, you can use the fund to purchase inventory or supplies, acquire equipment or machinery, and provide working capital.
Mid-Hudson Valley Federal Credit Union is another option for small business financing. It supports small business owners in New York City with term loans, lines of credit, letters of credit, and vehicle loans.
New York Community Bank also has a commercial and industrial lending division with small business loans.
The New York Forward Loan Fund offers working capital loans to small businesses in the city.
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 100+ 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.
Speak with a New York City representative.
FAQs
The New York Public Library is a great place to go for small business support. You can take advantage of small business webinars, free business research consultations with librarians, and free meetings with business advisors. The New York Small Business Development Center(NYSBDC) is also worth exploring, as it provides small business owners and entrepreneurs in New York with no-cost business counseling, training, and business research. In addition, there’s the NYC Small Business Resource Network, which can assist with grants and loans, digital marketing, business planning, and more.
If you’re entering the export market, you may qualify for the Global NY State Trade Expansion Program. You can lock in up to $6,000 and use the funds for compliance testing, export training workshops, and international marketing. To be eligible, you must be in business for at least one year and manufacture, assemble, or distribute a product or offer an exportable service.
The New York State COVID-19 Pandemic Small Business Recovery Grant Program might help you out if you’re facing losses from the pandemic. If you have gross receipts of between $25,000 and $2,500,000 and haven’t received federal assistance, you may secure up to $50,000.
Also, if you’re a startup and live and operate in Manhattan, The Bronx, or Staten Island, you can enter the New York StartUP! Business Plan Competition and win up to $15,000 to get your venture up and running. In addition, if your business supports the needs of certain populations, like senior citizens or young children, for example, the New York Foundation Grant, which offers grants of up to $40,000 is worth applying for.
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