Small Business Loans In New York
It’s no secret that New York State is one of America’s premier places to do business. In all, 73 Fortune 500 companies have their headquarters in NYC alone. However, corporations don’t completely dominate the scene here and upstate.
Quite the opposite – most businesses in New York State are small businesses. They don’t just serve Main Street – they provide tons of ancillary professional services that help bigger enterprises too. Without them, Manhattan wouldn’t as vibrant as it is today.
This guide will help you, the small business owner, connect with the best business lenders in New York. The firms we list deal exclusively with SMEs, process applications fast, and do everything by the book. Whether you’re seeking small business loans in New York City, or small business loans in Buffalo New York, they’ve got what you need.
Best 3 Lenders in New York
Additional Business Loan Options in New York
On top of our list presenting the best business loans for small businesses in New York, which is focused on online, quick, lending for the most part, there are also local business lenders and business loan brokers available in New York. Read our short reviews below:
NY Tribeca (nytribecagroup.com) is a business loan provider headquartered in New York. The maximum loan limit is up to $5,000,000. The company offers small business loans (SBA loans, merchant cash advances, working capital), commercial financing (medical equipment, invoice factoring, construction financing), and other resources such as short-term loans and business lines of credit.
1 West Finance (1west.com) is a finance lender for small and mid-sized businesses founded in 2017. The company has helped 10,000 businesses with funding up to $500 M. 1 West uses the automated business lending engine ABLE to help prospects find the best lender for them. Services at 1 West include unsecured working capital, real estate financing, SBA loans, accounts receivable financing, equipment financing, and more.
Headquartered in New York, BFNYC (businessfundingnewyork.com) has served over 1256 businesses with over $67.5 M in business funding. The company serves 175 industries, including beauty salons, florist shops, gyms and fitness, real estate, retail stores, etc. Flexible payment programs ensure funds within 24 hrs. BENYC offers short-term working capital, medium-term loan, merchant cash advance, SBA loans, and invoice factoring, among other options.
Founded in 2010, Fundamental Capital (fundamentalcap.com) is a private equity firm serving small to mid-sized businesses. Based in N.Y., the company has funded $400 M to over 10,000 businesses in the U.S. The finance provider has invested over $30 M in five companies with revenues up to $200M. They offer lines of credit, term loans, invoice factoring, and business merchant cash advance.
Mom and Pop Business Funding (momandpopbusinessfunding.com) is a lending company partnered with ISO. The company focuses only on Merchant cash advances. In 2018, the company closed on its $8 billion worth of small businesses. Mom and Pop offer loans up to $1,000,000 M and provides businesses loan alternatives in 1-2 days.
Sunrise Business Capital (sunrisebusinesscapital.com) is a leading finance lender for small businesses based in New York. SBC provides tailored loan programs to small businesses according to their needs. The enterprise has funded $5 billion in different industries. Sunrise Business Capital offers small business loans, cash advances, SBA bridge loans, equipment factoring, luxury asset financing, and capital loans.
Founded in 2008, Fora Financial (forafinancial.com) is a finance lender for emerging businesses. The company is headquartered in New York and offers working capital loans, revenue advances, and small business loans, among other options. The company has assisted over 25,000 businesses with $2 billion in funding. Fora Financial offers consulting services for its customers as well.
Syndicate Lenders (syndicatelenders.com) offers up to $750,000 in small business funding. The company has funded over $25 M in small businesses. Minimum requirements for a loan are $15.000 monthly revenue, 1 year in business, and a credit score of 550+. The company serves many industries, including medical, dental, health care, furniture, franchise, restaurants, transportation, and cyber security.
Shield Funding (shieldfunding.com) is a financial services brokerage providing loans from $5000 to $1,000,000. The company ensures a loan within 24 hours. Shield funding offers short-term business loans, bad credit business loans, unsecured business loans, business lines of credit, small business loans for women, merchant cash advances, and more. The estimated business loan term is 2-36 months.
Z&R Funding Group (zrfunding.com) provides loans to small to medium-sized businesses. The client company must be established enough as Z&R does not provide start-up loans. What it can provide is a line of credit, term loans, merchant cash advances, and processing services. Clients can get a loan of $5000 to $1,000,000. The application for funding is approved within 24 hours, and the loan is provided within 48 hours of application.
WeCompete Lenders (wecompetelenders.com) provides an array of financial offers to help you grow your small businesses. They deal with merchant cash advances, lines of credit, property loans, invoice financing, and asset-based loans. WeCompete Lenders have a network of more than 100 lenders and have successfully lent over 170 million dollars.
Compliance Associates (complianceassociatesnyc.com) was founded in 2001, and its headquarters is in New York. The company claims to provide a vast range of lenders, and you can get personalized plans according to your requirements. The association, having 20 years of experience, offers loans for business acquisition, equipment financing, startups, and much more.
ValueCap Lenders (valuecaplenders.com) is a financing company providing loans to help small businesses. They provide non-collateral funds that range from $5000 to $500,000. ValueCap Lenders offer merchant cash advances, working capital loans, business lines of credit, and other small business loans. The company is based in N.Y.
Gold Funding Group (goldfundinggroup.com) has been working as a loan lender for more than 15 years and is located in Brooklyn, New York. The enterprise provides tailored funding plans for every kind and size of business. The company offers short-term loans, equipment financing, working capital, business lines of credit, and merchant cash advance.
Based in N.Y., Dream Capital (dreamcapitalny.com) claims to provide flexible and fully customized loans according to the client’s requirements. Loans at Dream Capital range from 5000$ to $5,000,000. Dream Capital offers a vast range of services like real estate fixes, equipment financing, asset-based loans, non-collateralized funds, credit card advice, and other financing facilities.
Harlem Entrepreneur Funds (hefnyc.org) provides business loans for women and minorities to help them grow their businesses. HEF serves technology, professional services, food & beverages, and construction industries. The max loan size is limited as they deal with startup businesses only. You can get a loan of $5000 to $150,000.
Established in 2012, Riverpoint Capital (riverpointcapital.com) provides funds for every type and size of business all across America. The head office is located in New York. Clients can also get a bridge loan, invoice factoring, equipment financing, and short-term loans between two larger transactions from the company. The company also offers investment advisory services to clients.
Small Business Growth Funding (sbgfunding.com) is a financing company that provides loans ranging up to $150,000. The company offers loans to small businesses for 6 to 24 months. Clients can access SBA loans, equipment financing, invoice financing, and more. The company has been named among “the 5000 fastest growing companies in the U.S“.
Blursoft (blursoft.com) is a financial solution provider based in N.Y. The company provides you a loan even if you have bad credit status to grow your business. The amount of loan you can get through Blursoft ranges from $5,000 to $500,000, having terms of up to 2 years. They offer startup loans, merchant cash advance, invoice factoring, equipment financing, and many more options.
Founded in 2014, Fast Track Lender (fasttracklenders.com) is a business lending company. Fast Track has criteria for you to get your loan. First, you should own a business that has been functioning for at least 6 months, and you must have ownership of 50% of your business. They offer you a loan from $9000 to $5,00,000 for 3 to 18 months. You can also renew your loan after paying 40% of the previous loan.
Established in 2013, Excel Capital Management (excelcapmanagement.com) has provided more than $75 million to almost 500+clients over the past few years and has more than 10 thousand trusted clients in Canada and U.S. Excel has a record of accepting more than 90% of applications without requiring personal guarantees and collateral.
New York Small Business At A Glance
When it comes to business, the reputation of New York State (NYS) precedes it. With a yearly GDP exceeding $1.7 trillion, this state ranks third in the country for economic output. In this department, New York is only outdone by California and Texas, respectively. If New York State were its own country, it would outrank developed nations like Canada and South Korea.
New York State’s economy, to put it succinctly, is an economic juggernaut. NYC is one of the most important – if not THE most important – financial centers in the world. Despite significant outsourcing in the 21st century, NYS remains an important manufacturing hub. With extensive tracts of fertile soil, it also has productive agriculture and viticulture industries.
In addition to being a financial powerhouse, NYC is a center for media, entertainment, technology, biotech, and real estate. Upstate, Albany has a tech sector to go along with its government jobs. The Rust Belt cities of Rochester, Syracuse, and Buffalo contain remnants of NYS’ once-bustling manufacturing sector. In these centers, small tech clusters have risen in recent years.
Despite perception to the contrary, small businesses dominate the economy of NYS. 98% of all firms in New York employ 100 people or less. They’re the linchpins of this state’s success, so they must streamline access to NYC grants for small businesses.
Just about every business loan broker New York knows this. Because of them, small businesses from Buffalo to Montauk has coverage when their cash flow runs dry.
Why Do Entrepreneurs Need Small Business Loans In New York?
Were it not for the success of its small businesses, the New York economy wouldn’t be the envy of the world. However, we won’t gloss over it: NYS is a tough place to be in business. First and foremost, NYC is one of the most expensive cities in the world. In Manhattan, Chelsea has the lowest prices at $59 per square foot. In the most sought after areas, you’ll pay as much as $87 per square foot.
And then, there are state taxes. NYS has some of the highest taxes in America. While things aren’t as bad for the incorporated (13th best tax regime in America), New York has the second-worst individual taxes in the country. And when it comes to red tape, few other states have the byzantine-like regulations that New York does.
These stressors can make NYS small businesses vulnerable to bad economic times. When they do, these enterprises are grateful for New York small business loans for bad credit. Your average business loan broker New York knows SMEs need a helping hand occasionally. For this reason, they have loan packages geared toward these customers.
Of course, with the massive amount of economic activity going on in NYS, it’s just as easy to succeed. When boom times arrive, though, some businesses become a victim of their own good fortune. They end up in a situation where they need to boost production, but they don’t have the cash-on-hand to fund it. With tons of finance professionals in NYC, though, business financing New York is never in short supply.
The best business lenders offer their customers timely loans in New York with fair terms. The ones listed above approve more applications than the banks. Often, capital finds its way into customer’s hands in less than a day. At the top of this page, you’ll find Business loan broker New York that fit this description.
Grants & SBA Lenders Available To New York Small Businesses
It’s clear to anyone who knows business – without small enterprise, the system wouldn’t work. The New York State government in Albany is well-aware of this fact. That’s why they offer NYC small business grants to businesses that need them the most.
Below, you’ll find a partial list of the programs that may be available to you.
- The Job Development Authority (JDA) Direct Loan Program offers direct loans for the development of manufacturing businesses in NYS. These loans are intended to fund the purchase of equipment, buildings, or the renovation of existing structures to facilitate manufacturing. The value of these loans can be as high as 40% (60% in economically distressed areas) of the total project cost. To secure a JDA loan, the applicant must get loan approval from a financier for 50% of the project cost, and provide 10% from themselves as an equity contribution.
- The START-UP NY Program offers startup businesses the opportunity to work with academic institutions and operate tax-free for ten years. The applicant must be situated in New York or planning to relocate/expand in New York. The business must be located, or transfer to a participating school’s campus, or within a reasonable walking distance. Companies in specific sectors, like hospitality, real estate, or finance, are ineligible to apply.
- The Life Sciences Research and Development Tax Credit Program gives support to businesses in the life sciences sector. The initiative offers tax credits of 15%-20% up to an annual cap of $500,000, and a lifetime cap of $1.5 million. To qualify, the applicant’s business must be new and match the sub-niches recognized by New York State.
- The Employee Training Incentive Program provides tax credits to eligible businesses in return for investing in skill training for their employees. This initiative grants 50% credits up to $10,000 per employee. It also funds 50% of stipends for interns, up to $3,000 per intern. The applicant must submit a cost-benefit analysis as part of their proposal. The applicant must also demonstrate the proposed training provider is competent in the relevant subject area. Lastly, some industries, like finance, real estate, and hospitality, are exempt from this program.
If government grants or tax credits aren’t your things, seek out an SBA small business loans in New York instead. These products offer very favorable terms, as the feds back them. Also, because the SBA guarantees these loans, many commercial lenders offer them.
Notable SBA business lenders in New York include:
- TD Bank
- JPMorgan Chase Bank
- Newtek Small Business Finance
New York State has one of the most balanced economies in the nation. In NYC alone, a million jobs were added over the past decade. But, who knows what the future holds?
No matter what happens, business lenders in New York are always there to provide capital when needed. So long as NYS’ four million SMEs have access to small business loans in New York, we’re confident they’ll ride out rough patches.
Do you need NYC small business loans? Check our list at the top of the page.