New York State has an economy the size of most countries, and its location is considered one of the largest economic centers of the world. Small business funding can be difficult for small businesses like yours to obtain. AdvancePoint Capital is a marketplace of small business financing solutions that can help solve your lending problems by giving you the necessary information and assistance you need to make informed decisions when doing business in New York. We know New York and New York City very well and have funded hundreds of small businesses across the state successfully using our financing marketplace.
For small businesses in New York, as you probably know, it can be challenging to deal with traditional lenders to secure financing due to their limited small business lending programs, high credit standards, and financial statement requirements as well as a solid business plan. Without a 3+ year track record of proven profit and revenue streams, it will be challenging to get approved for a loan. New York business owners, when it comes to traditional loans, will also be up against the stacks of paperwork, information requests, long approval times, and possible denial due to poor credit history.
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, online lenders, private lenders and other unique ways to access loans for 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 towards 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. However, we’ve funded many small businesses in the Empire State. Our lending experts will help you understand the best options for small business loans in New York, based on 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. Let us help your business grow.
9 Best Loan Options for New York Small Businesses
Small Business Loans in New York
Business term loans are popular with small businesses because they have fixed rates, fixed terms, and fixed payments. Small business loans are the most requested business financing product by small businesses over any other financing product.
SBA (Small Business Administration) Loans
The Small Business Administration is the federal agency that manages the government back small business loan program. The SBA loans are backed by the SBA but issued by approved SBA lenders. The Small Business Administration loan program offers low rates and long term repayments to small businesses, but require an extensive approval process. The Small Business Administration is great for larger successful businesses looking to expand. Repayment terms are very attractive with great interest rates.
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.
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.
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.
Short Term Small Business Loans
Short term loans are a good alternative for businesses who don't qualify for longer terms or line 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
Find local assistance
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) – Provides small business owners and entrepreneurs in New York with the highest quality, confidential business counseling, training, and business research at no cost.
Contact List Entrepreneurship Assistance Centers (EAC) – Provide’s instruction, training, technical assistance and support services to new and aspiring entrepreneurs in local communities statewide.
Community Development Financial Institution (CDFI) – Contact List CDFIs are local financial service providers with locations throughout New York State, and often are the sole provider of banking and other financial services in communities that are not served by traditional banks and financial institutions.
New York State – Empire State Development – Additional Grant & Funding Resources
Caleb Brown – The Urban Excellence Community Grant- Caleb Brown is a Venture Capital and Consulting, LLC. Their mission is to fund, promote, and nurture young urban entrepreneurs with the vision to understand small business creation as one of the key components required to rebuild local blocks, neighborhoods, and communities.
WomensNet – The Amber Grant – Women’s Net is an entrepreneurial community of women who create unique content and special reports to help women business owners. Grants are given away at least every month with a monetary gift of $4,000 and a year-end gift of $25,000.
Brooklyn Alliance Capital. Inc – Bring Back Brooklyn Fund Loan and Grant Program
Administered through Brooklyn Alliance Capital (BAC), the Bring Back Brooklyn Fund is designed to provide small businesses with: Grants for Personal Protective Equipment (PPE) and deep cleanings, and No-interest recovery loans up to $10,000 for businesses unable to obtain capital elsewhere
Brooklyn Chamber of Commerce in partnership with Clover – Back2Business
Citizens Committee for New York City – Neighborhood Business Grant
City of New York’s Department of Small Business Services (SBS) partner with LISC NYC – LISC NYC Small Business Relief & Recovery Fund
NAACP and BeyGOOD – Black-Owned Small Business Impact Fund
Small Business Loans NYC Business Center-Specific program for NYC based businesses. Offers financial assistance to New York City businesses covering all five boroughs including Staten Island.
Why AdvancePoint Capital?
- Experience with Businesses – We have been providing financing in New York for years.
- Trust – Excellent reviews and feedback from small business owners.
- Loan Specialists – Experienced business funding specialists in New York.
- No Obligation – No cost, no commitment quotes.
- Products – A variety of business loan products for businesses in New York.
Apply for Business Loans in New York Today!
Getting a financing solution or financial advice in New York can be troublesome. At AdvancePoint Capital, applying for a business loan is fast and easy with our simple application process. All you need to do is fill out our online form, and application page, and in just a few hours — you’re well on your way to getting yourself a business loan in New York.
Get Started Today
AdvancePoint Capital makes the loan application process a simple, straightforward experience.