New York State has an economy the size of most countries, and its location is considered one of the largest economic centers in the world. Small businesses and micro businesses thrive in New York as it's a popular destination with opportunities to build your business. With opportunities comes the need for capital for your business.
For any small business, or even the more diminutive micro businesses that are central to the city's economic fabric, finding business financing can be an arduous process. As you probably know, it can be difficult to deal with traditional lenders such as banks or credit unions to secure financing due to their limited small business lending programs and stringent requirements. Entities like The Business Center for New Americans aid these micro enterprises by offering microloans, emphasizing New York City's capacity for economic inclusivity. From traditional loans, you can expect requests for stacks of paperwork, information requests, and long application processing times just to get answers and decisions.
If you’ve faced these challenges, or fear you may not be approved for business loans, contact AdvancePoint Capital. We have the latest affordable business funding available through our marketplace network of alternative lenders, including the NYC Capital Access Loan Guarantee Program which guarantees up to 40% of the loan for qualified New York City micro and small businesses. Our product offerings include Business term loans, line of credit, Small Business Administration loans, invoice factoring, equipment leasing, and other alternative small business funding options in New York, to point you toward the right small business loan product.
Acquiring Small Business Loans in New York
New York is a huge state with a diverse economy, and that can make it tough to generalize when it comes to small business funding. With the aftermath of the pandemic, financing resources have become critically important for businesses facing economic hardships. Among these resources is the New York Forward Loan Fund (NYFLF), a lifesaver for smaller ventures that did not benefit significantly from previous programs like PPP or EIDL. Our lending experts will help you navigate these options and understand the eligibility criteria that apply to small business loans in New York, tailored to your unique situation.
To get started, fill out a short form with some basic information about your business and what you’re looking to borrow. One of our lending advisors will reach out to you shortly to discuss your options and help you find the best small business loans for your unique needs, ensuring you meet the eligibility criteria and making the most of current financing resources, such as the Pandemic Small Business Recovery Grant Program. Let us help your business grow and recover from the economic impacts of the pandemic.
9 Best Loans for New York Small Businesses (April 2024)
Small Business Loans in New York
A small business term loan is a fixed amount of money borrowed from a financial institution or lender, which is repaid over a specific term with interest. H3: Small Business Loans in New York
SBA (Small Business Administration) Loans
The Small Business Administration's mission is to bolster the growth and stability of small businesses through their comprehensive loan programs. The SBA loans are not only backed by the SBA but also issued by approved lenders who understand the importance of supporting the small business ecosystem. Prospective borrowers should be prepared to meet specific documentation requirements that are part of the extensive approval process. The Small Business Administration loan program offers low rates and long-term repayments, which can be particularly advantageous for established businesses eyeing expansion opportunities. Their repayment terms are known to be very attractive, offering great interest rates that can facilitate the sustainable growth of small enterprises.
Merchant Cash Advance
When a business can't get approved for traditional business loan products, merchant cash advances can be an alternative to a businesses working capital needs. Businesses payback this type of funding with the funder taking a fixed percentage of future credit card sales until it is paid back in full which offers flexibility to future sales of the business.
Business Cash Advance
Business cash advance is an alternative to traditional business loans, like merchant cash advance, but funder repayment is based on a fixed percentage of future deposits until paid back in full. Advances are not considered loans.
Business Line of Credit
A line of credit offers flexibility that a business term loan does not. Business lines of credit are a revolving line up to a credit limit meaning that you can draw funds at will up to the limit and only pay interest on outstanding balance. Business lines of credit are the gold standard financing product for a small business owner.
Equipment Financing
Business equipment financing is a great solution for equipment focused businesses in need of a long term loan or lease to repay equipment purchases. This product is used for purchase of new or used equipment greater than $25,000 in value.
Invoice Financing
Businesses who continuous invoice there clients on the monthly basis turn to invoice factoring. Invoice factoring advances outstanding invoices at the time of creation before the net terms have been paid to the business by the client, allowing the business to accelerate business cash flow.
Small Business Loans
Small Business loans are a good alternative for businesses who don't qualify for longer terms or lines of credit. Approval is easier to achieve than traditional financing.
Long Term Business Loans
Long term business loan options are for larger businesses looking to expand and grow and need a sizable amount of money to be repaid over a long period of time to get affordable payments. For this long term commitment, businesses will need a solid business plan.
U.S. Small Business Administration
How to Grow Your Business in New York
View the New York Small Business Resource Guide for information and assistance in growing your local business, exploring funding options, and contracting.
U.S. (SBA) U.S. Small Business Administration
New York District Office
Why Does Your New York Small Business Need a Business Loan?
It’s essential to identify what is the purpose of acquiring the money you need. Let’s take a look at some common reasons that New York businesses need cash.
Business Advice, Government Programs, And Loans in New York
- New York State – Empire State Development – Additional Grant & Funding Resources
- New York State – Empire State Development – Covid-19 Loans
- New York Forward Loan Fund (NYFLF)
- NY Small Business Development Centers (SBDC)
- Contact List Entrepreneurship Assistance Centers (EAC)
- Community Development Financial Institution (CDFI)
- New York State – Empire State Development – Additional Grant & Funding Resources
- WomensNet – The Amber Grant
- Brooklyn Alliance Capital. Inc
- Brooklyn Chamber of Commerce in partnership with Clover – Back2Business
Why AdvancePoint Capital?
- Experience In New York– Advancepoint Capital has been providing financing in New York for years.
- Trust And Reviews By New York Businesses– Amazing reviews and feedback from small business owners across New York.
- Loan Specialists In New York– Professional business funding experts in New York.
- No Obligation Quotes – No cost, no commitment quotes.
- Products And Terms In New York – A variety of business loan products for all kinds of businesses in New York.
Apply for Business Loans in New York Today!
Obtaining a financing solution for small businesses in New York often requires significant time and research. However, AdvancePoint Capital offers a streamlined and efficient process for business loans, ensuring a quick and straightforward experience. By simply filling out our online form and application page, you can set yourself on the path to acquiring a business loan in New York within a matter of hours.
Get Started Today
AdvancePoint Capital makes the loan application process a simple, straightforward experience.
