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Small Business Loans in Buffalo, NY

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By Erin Ryan Senior Writer, Editor and Social Community Manager at Fast Capital 360 Reviewed By Mike Lucas
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Loan Overview

  • Loan Amount Up to $500,000
  • Estimated Repayment Terms 1-5 Years
  • Interest Rate Starting at 7%
  • Speed of Funding As fast as 1 day

Buffalo is positioned conveniently between New York City and Toronto, Canada — a great location for small businesses. When you want to grow your company and don’t have the funds to do so, you can turn to reputable lenders offering small business loans in Buffalo, NY. Let’s look at the state of business in the region as well as local resources for financing and business advice.

Small Business Landscape in Buffalo

According to the August 2020 data from the U.S. Bureau of Labor Statistics, some of the most populated labor sectors in Buffalo,  apart from government services, include the following:

  • Education and health services
  • Trade, transportation and utilities
  • Professional and business services
  • Manufacturing
  • Hospitality and leisure
  • Financial activities
  • Mining, logging and construction

Additionally, thanks to the nearby location of the powerful natural energy source Niagara Falls, Buffalo, NY, has been a leader in the energy industry for generations, with solar and wind projects growing in more recent years.

Small Businesses in Buffalo

As of the fourth quarter of 2017, the Buffalo-Cheektowaga-Niagara Metropolitan Statistical Area accounted for the following:

Small Business Size Total Employment  Average Monthly Earnings
0-19 Employees 87,508 $3,228
20-49 Employees 49,702 $3,910

Source: Annual Report on the State of Small Businesses 2019, New York, Empire State Development


5 Lenders Offering Small Business Loans in Buffalo, NY

Here are several conventional banks to consider when seeking a small business loan in Buffalo, NY.

1. M&T Bank

M&T is one source for small business loans in Buffalo, NY. It’s garnered an A+ rating from the Better Business Bureau (BBB). Plus, M&T has earned recognition by Forbes as one of the top 50 U.S. banks of 2020.

Visit an area branch to gather details regarding the following:

2. Five Star Bank

Here’s another local financial institution, with its main area branch located in Fountain Plaza. Besides being accredited by the BBB, this bank maintains an A+ rating with the nonprofit agency.

Find out about the following types of loans available:

  • Agricultural loans
  • SBA loans
  • Business credit cards
  • Business lines of credit
  • Fixed and variable rate term loans

3. Evans Bank

Visit 1 of 16 Buffalo-area branches of this BBB-accredited bank. Not only has it earned an A+ designation, but it’s also gained a 5-star Yelp rating. Small business owners can look to these financing options here:

  • Business credit cards
  • Commercial and industrial lending
  • Commercial real estate loans
  • Equipment financing
  • Mergers and acquisitions financing
Do you need a loan for your small business?

4. KeyBank

Check out this local bank, which also has an A+ rating from the BBB. You’ll find the following financial products at 1 of 15 branch locations in Buffalo.

  • Business credit card
  • Business term loans
  • Line of credit
  • SBA loans
  • Equipment financing
  • Commercial real estate financing

5. Citizens Bank

Citizens Bank also made Forbes’ list of America’s Best Banks of 2020 and offers several lending options for small business owners.

  • Business line of credit
  • Equipment loans and leasing
  • Business term loan
  • Business mortgage
  • Business credit card
  • Commercial real estate finance
  • Lender finance
  • Restaurant financing
  • Convenience and retail fuel finance

Alternative Forms of Financing in Buffalo, NY

While you can look to conventional banks, such as the ones listed above, there are other lenders out there with less stringent approval requirements and faster funding options.

If your credit has seen better days and you don’t want to spend time completing lengthy applications, non-bank lenders offer an alternative. The tradeoff for this seamless process is typically a shorter repayment period and more frequent payments.

Applying for Alternative Financing Through Fast Capital 360

If you’re interested in an alternative to conventional small business loans, apply for financing with Fast Capital 360.

Here’s what sets us apart.

Speed
Complete our easy online application in just a few minutes.

Multiple Loan Offers
Your single application gets you in front of our nationwide network of lending partners. Choose the best offer for you.

Expert Guidance
A Fast Capital 360 Business Advisor will review your offers with you and assist you with finalizing the details of your funding.

Get Your Business Loan Options in Minutes

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Small Business Resources in Buffalo, NY

While you’re searching for small business loans in Buffalo, NY, keep an eye out for helpful community resources too. Here are just a few local organizations aimed at helping area entrepreneurs.

Small Business Development Center

Since 1984, this NY organization has helped more than 500,000 citizens in the state. Small business owners can take advantage of free business counseling and training opportunities.

The center’s website also has links to business management publications and videos. Topics include business planning, ecommerce, email and social media marketing, small business financing and cybersecurity, among others.

SCORE

Sign up for a free or low-cost workshop, enroll in a webinar or find a volunteer business mentor at the Buffalo Niagara chapter of SCORE, a nonprofit partner of the U.S. Small Business Administration.

In addition, browse the online resource library, which offers a wealth of information for small business owners. Find document templates and research topics of interest in English and Spanish.

Small Business Legal Clinic of Buffalo

If you require legal services, consider this nonprofit organization designed to help low-income entrepreneurs. Stop by the drop-in clinic for free legal assistance with any of the following:

  • Business formation
  • Business taxation
  • Contracts
  • Employees
  • Business licensing
  • Intellectual property
  • Commercial lease review and negotiation

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