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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.


Business Loans in New York City Made For Your Business

It’s no surprise that there are approximately 220,000 small businesses in the Big Apple. This vibrant city offers millions of potential customers, easy access to global markets, and a large, diverse talent pool. If you’re ready to launch your venture in New York City, small business loans are worth exploring. 

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 partially guaranteed by the U.S. Small Business Administration (SBA) and given by SBA-approved lenders. If you’ve been around for at least two years, have good credit, and earn sufficient revenue, you may get approved for up to $5 million in funding with repayment terms of up to 10 years. 

Line of Credit

A line of credit can be a solid choice if you’re looking for a flexible loan. Upon approval, you may withdraw funds as you need to, up to a set credit limit. Rest assured you’ll only pay interest on what you borrow, rather than the entire amount you’re approved for. 

Term Loan

Term loans are offered by banks, credit unions, and online lenders. With a term loan, you’ll receive a lump sum of money at once. Then, you’ll repay it through fixed intervals over an agreed-upon term. Terms typically range from one year to ten years. 

Equipment Finance

Equipment loans are ideal if you need to pay for business-related equipment. You can finance between 80% and 100% of its cost, depending on the lender. Most lenders will require you to submit an estimate or quote that reflects the price of the equipment. 

Accounts Receivable Financing

Accounts receivable financing can be worthwhile if you’re strapped for cash and waiting on your customers to pay you. You sell your unpaid invoices to a company in exchange for fast funding. The company will advance you between 70% and 90% of the total invoice balance and distribute the remaining amount, minus a fee, once they collect payments. 

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.

How to apply for a small business loan

STEP
1
Fill out the 15-minute online application.

It’s secured with bank-grade encryption and SSL technology, so you know your information is safe.

STEP
2
Receive matches.

See which credit cards you qualify for before choosing the one that best suits your business needs and offers the cash rewards you’re looking for.

STEP
3
Get funded.

Once you choose a card, you can get approved in as little as 7-10 days.

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FAQs About Small Business Loans in New York City

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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