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Updated: July 13th, 2021
It takes money to make money, but securing financing for your small business isn’t always that simple. Fortunately, if you’re located in the Empire State, you have more options than most.
The State of New York is one of the best states for small business lending, with almost half of all applicants receiving the total amount of funding they request. Plus, New York boasts several grant opportunities and notable tax credits.
If you’re looking to secure business funding in the Empire State, you’ve come to the right place. Below, we’ll cover all the small business financing opportunities you have in the State of New York.
Pursuit Lending is a Community Development Financial Institution (CDFI) that helps small businesses in New York get access to much-needed capital. They provide SBA 504, SBA 7(a), and SBA Microloan programs to help various companies across several industries get the financing they need.
Pursuit’s most popular lending program is the SBA Microloans. You can find microloans for $10,000 to $50,000 with a maximum interest rate of 9.125%. These loans have a 6-year repayment schedule and funding in less than 5 days after approval.
If you need a small boost of capital to make big things happen, learn more about Pursuit Lending’s Microloan program.
Due to the economic impact of the COVID-19 pandemic, the SBA is providing immediate relief to any small business with existing SBA loans obtained prior to March 27, 2020. If you received a 7(a), 504, microloan, or Community Advantage loan before this debt, you qualify for assistance.
Under the SBA Subsidy Loan Program, the SBA covers all loan payments (principal, interest, and fees) for six months. Contact your existing SBA loan lender to apply for the subsidy.
The NYC Economic Development Corporation (NYCEDC) provides small business loans for NYC-based small businesses with fewer than 100 employees. These businesses can access business loans and business lines of credit of up to $250,000 through the NYC Capital Access Loan Guaranty Program.
The funding comes through one of the NYCEDC’s partner lenders, but the NYCEDC will provide a partial guarantee of up to 40% of the loan amount to mitigate risk. Businesses can use these loans for working capital expenses, lease improvements, equipment purchases, and more. The program is also considering startups for microloans, so apply if you’re an NYC business in need of capital.
The NYC Department of Small Business Services’s WE NYC initiative provides small business lines of credit to women entrepreneurs in NYC through its WE Fund Credit program. Female who’ve been in business for at least one year, earn $50,000 or more in annual revenue, and operate in NYC qualify for this line of credit.
The Business Center for New Americans (BCNA) is a CDFI that provides small businesses with microloans of $500 to $50,000. The BCNA focuses this program on immigrants, refugees, woman-owned businesses, and startups.
If you want to get a business loan online, there are plenty of New York-based alternative lenders and nationwide online lending platforms to choose from—like Funding Circle, for example. We can help your small business get access to faster, easier financing.
Funding Circle offers various loans to small businesses in New York:
Want to see how other New York-based business owners are using Funding Circle to grow their business? Learn how Philosophie used Funding Circle to expand their operations, or see how CounterEv used a loan to plan for long-term growth.
Explore our loan options to find the perfect small business loan for your New York business.
Michael Jones is a Senior Editor for Funding Circle, specializing in small business loans. He holds a degree in International Business and Economics from Boston University's Questrom School of Business. Prior to Funding Circle, Michael was the Head of Content for Bond Street, a venture-backed FinTech company specializing in small business loans. He has written extensively about small business loans, entrepreneurship, and marketing.