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New York remains the capital of commerce in North America, and a small business loan can help you get your New York success story started!
From Buffalo to the Bronx, from Ithaca to Saratoga Springs to Staten Island and Manhattan, New York is a dynamic and amazing realm for small businesses, even though it can be very expensive. A business loan can help launch your entrepreneurial dreams in the Empire State.
An initiative from the Small Business Administration (SBA), SBA Loans (Ex: the 7(a) loan program) are loans that are partly backed by the federal government and serviced by private lenders. They’re known for their lower rates and strenuous application process.
Somewhat like a credit card, a line of credit is an amount of credit made available to your business so you can make purchases. You pay down the balance, plus interest and fees, afterwards.
A term loan is what the public generally imagines a “small business loan” to be—a financier provides your business a lump disbursement upon application approval. You repay the loan, along with interest and fees, in monthly installments over many years.
You can finance business equipment, meaning you can start using and benefitting from the machinery right away and then pay it back in installments.
You can apply for accounts receivable financing if your business has unpaid invoices. The business loan will be based on how much money is owed to your business.
Several organizations service loans to small businesses that set up shop in the Empire State.
The New York Forward Loan Fund is a helpful new program targeted at providing loans to small businesses throughout the state.
New York City offers a significant amount of low-interest loans to companies looking to contract with city agencies through its Contract Financing Loan Fund.
Apple Bank is a notable local New York bank with a lengthy list of commercial lending opportunities.
The NYC Capital Access Loan Guaranty Program guarantees up to 40% of a business loan for small businesses struggling to access capital.
Through We Fund, The City of New York partners with local lenders to provide capital to women looking to grow their businesses.
Accompany Capital specializes in providing business loans to immigrants, refugees and women.
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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.
Once you choose a card, you can get approved in as little as 7-10 days.
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Let us walk you through each step necessary to start a small business.
When getting started doing business in the Empire State, the state’s Division of Small Business has some of the best resources. The Small Business Development Center (SBDC) program has many offices throughout New York, and they provide mentorship, networking, and resources for entrepreneurs. The NYC Small Business Resource Network promises personalized guidance and assistance for your company if you are in the five boroughs.
New York has long been defined by its history of global trade, and the state offers a State Trade Expansion Program (STEP), which are small grants for business interested in getting involved in exports. For New York City startups, the New York StartUP! Business Plan Competition is a great opportunity to score some funding. Another awesome grant for small businesses aspiring to do more international trade is the Global NY Fund Grant Program.
Before applying for loans, select your company’s structure, which might be a sole proprietorship or S-Corp. You will have to register your company with the Department of State or your County Clerk. You will likely have to apply for licenses and permits with your state and city, depending on your business, especially in areas like New York City or Yonkers. Once your company is a legitimate legal entity, you can apply for business funding. Financiers will look closely at your business plan, your company’s financial history, and your credit score to determine the amount and interest rate you qualify for.
The right loan for your New York business is the option that will help your business grow over time by expanding your operations and reaching more customers. However, you also want to ensure that the repayment terms are not so onerous that you struggle to pay back the loan.
In the Empire State, businesses come and go in a New York minute. It’s also expensive to do business in New York, and there is a massive amount of competition. But a loan can help your company stand out from the crowd and keep its footing. You can easily see your loan options online with Lendio’s platform, all for free.
An SBA preferred lender is a lender that’s been approved by the Small Business Administration to administer SBA loans without additional approvals from the SBA. Typically these lenders have years of experience and can approve SBA loans faster than non-preferred lenders.
SBA loans are backed by the government and offer lower interest rates than other types of small business loans. They typically require a minimum time in business of two years and a credit score of 650+.
An SBA 7(a) loan is a form of financing that is partially guaranteed by the SBA. These loans are named after article 7(a) of the Small Business Act of 1953, which launched the SBA and tasked the agency with supporting American small businesses through lending. You can learn more about the SBA 7(a) loan on our blog.