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Small Business Loans in NYC

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By Erin Ryan Staff Writer and Editor at Fast Capital 360 Reviewed By Mike Lucas
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Loan Overview

  • Coins stacked on table with blue arrow pointing up
    Loan Amount Up to $500,000
  • Calendar image appearing as though the page is being flipped
    Estimated Repayment Terms 1-5 Years
  • Speedometer icon
    Interest Rate Starting at 7%
  • Dollar sign in circle
    Speed of Funding As fast as 1 day

New York City is one of the most competitive places to open a business in the country, arguably even in the world.

The most populous city in the U.S., it’s no wonder so many business owners need outside funding to maintain operations and keep up with the competition.

Whether you’re struggling due to dwindling revenues or looking to expand your business and need funds, a small business loan for your NYC company could be just what you need.


New York’s Small Business Landscape

There are 2.2 million New York small businesses, according to the Small Business Administration (SBA). These firms employed more than 4 million workers, nearly half of the private sector workforce. 

Some of the industries responsible for the greatest number of small business employees include these:

  • Health care and social assistance
  • Food and accommodation services
  • Scientific, technical and professional services
  • Construction
  • Wholesale trade

Additionally, roughly 34,500 small firms exported goods.


5 Banks for Small Business Loans in New York City

1. Investors Bank

If you need New York business funding, check out one of these branches. Investors Bank has an A+ rating from the Better Business Bureau (BBB). More than 500 reviewers on WalletHub have also awarded this bank a 4.5-star rating.

Business loans are available up to $1 million, with up to 10-year terms and fixed monthly payments. Business lines of credit also are available up to $1 million, with terms up to 3 years.

2. First Republic Bank

This New York bank is A+ rated with the BBB. It also has earned a 4-star rating from WalletHub. Available financing includes the following:

  • Nonprofit lending
  • Business term loans
  • Letters of credit
  • Business lines of credit
  • Commercial real estate loans
  • Construction and renovation loans

3. Valley National Bank

If you’re in search of SBA loans in NYC, head to Valley National Bank. It made Forbes’ America’s Best Banks of 2021 list. In addition to SBA loans, you’ll find these business funding options:

  • Nonprofit lending
  • Healthcare practice loans
  • Auto dealer financing
  • Business credit card
  • Business term loans
  • Business lines of credit
  • Equipment financing
  • Commercial real estate loans

4. M&T Bank

Not only is M&T Bank A+ rated with the BBB, but it also has made Forbes’ America’s Best Banks 2021 List. In addition to offering SBA loans in NYC, M&T bank provides the following:

  • Term loans
  • Business credit cards
  • Business lines of credit
  • Equipment financing

5. JPMorgan Chase

JPMorgan Chase snagged the No. 51 spot on Forbes’ America’s Best Banks 2021 List. It’s also A+ rated with the BBB. As a small business lender in NYC, this bank offers the following:

  • SBA loans
  • Business loans
  • Business lines of credit
  • Equipment financing
  • Trade financing
  • Commercial real estate loans

How to Get a Small Business Loan in NYC

When you’re ready to apply for a small business loan in NYC, you’ll need to prepare the documents your lender will need, which could include business bank statements, profit-and-loss statements and tax returns. You’ll also need to make sure you meet their minimum qualification requirements, including revenue, credit score and time in business.

While conventional lenders, such as the banks noted above, are often the go-to for many business owners, they usually have strict requirements for approval and lengthy application and funding processes.

Today, many small business owners are turning to alternative lenders, such as merchant cash advance companies in New York. They can offer faster, easier paths to financing. The tradeoff, though, is more frequent payments, shorter terms and higher interest rates. 

  • Applying for New York Business Funding Through Fast Capital 360

    Whether you’re searching for an SBA loan in NYC or alternative financing, Fast Capital 360 can help. 

    Here’s how you’ll benefit:

    Speed

    Our application takes only minutes to complete, and funding could be available as soon as 1 day after approval.

    Multiple Offers

    Because we work with lending partners around the country, you could receive several financing offers from your single application.

    Expert Guidance

    A Fast Capital 360 Business Advisor will review the details of your offer with you, so you can make the best decision for your business.

Get Your Business Loan Faster

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Additional Resources for New York Entrepreneurs

If you’re searching for NYC business loans, chances are you’d also be interested in local resources for business owners. 

Here are a few organizations you can turn to for assistance:

NYC Small Business Resource Network

At this organization, small business owners can get help finding loans and grants and get financial guidance. They can also take advantage of support services specific to technology, marketing, accounting and legal issues. Business coaching is also available. 

NYC Small Business Resource Network is funded by a $2.8 million grant from the New York City-based Peter G. Peterson Foundation. It’s also supported by in-kind contributions from other partners.

New York Small Business Development Center

Find a branch near you and take advantage of training and business consulting. Specialized services are available for veteran and minority business owners. Get help with technology, disaster recovery, cybersecurity, social media marketing and more.

Small Business Development Center New York locations include:

  • University at Albany 
  • Binghamton University 
  • SUNY College at Brockport 
  • Bronx – Lehman College 
  • Brooklyn 
  • Buffalo State College 
  • SUNY Canton 
  • Columbia-Harlem 
  • Farmingdale State College 
  • Jamestown Community College 
  • Manhattan – Baruch College 
  • Manhattan – Pace University 
  • Mid-Hudson 
  • Mohawk Valley 
  • Niagara Community College 
  • Onondaga 
  • Queens – LaGuardia 
  • Queens – York College 
  • Rockland 
  • Staten Island 
  • Stony Brook University 
  • Watertown

New York City SCORE

Tap into this nationwide nonprofit, sponsored in part by the SBA. Find a mentor or network with other business owners. Take part in webinars and training programs, too. Also, browse SCORE’s online resource library to access document templates, videos on topics of interest to entrepreneurs and helpful articles.

One application. Multiple loan offers.

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