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Small Business Loans NYC: Top 2024 Financing Options
Last updated: September 2, 2024
By: Market Shepherd Team
Reliable guidance
Are you a New York City entrepreneur looking to fuel your business growth? Securing the right small business loan can be a game-changer for your NYC venture. From local government-backed programs to national banks with a strong NYC presence, there’s a wealth of options for New York City business owners seeking small business funding.
The 6 Best Small Business Loans for NYC Businesses
New York City’s vibrant entrepreneurial ecosystem offers numerous local funding options tailored to the unique needs of Big Apple businesses. Here are the top six small business loans for NYC-based entrepreneurs:
- NYC Capital Access Loan Guaranty Program
- TD Bank
- WE Fund Credit
- The Brooklyn Fund
- Excelsior Growth Fund
- Business Center for New Americans
Let’s dive into the details of these top NYC small business loan options.
Where to Find Small Business Loans in NYC
While national lenders are always an option, local NYC small business loans often provide more personalized service and potentially more favorable terms. Some programs are exclusively available to businesses operating within the five boroughs.
Here’s a closer look at the six best sources of small business loans for New York City entrepreneurs:
1. NYC Capital Access Loan Guaranty Program
The NYC Capital Access Loan Guaranty Program, run by the NYC Economic Development Corporation (NYCEDC), offers:
- Loan amounts: Up to $250,000
- Eligible businesses: NYC-based with fewer than 100 employees
- Use of funds: Working capital, leasehold improvements, and equipment purchases
- Partial guarantee: Up to 40% of the loan amount
To qualify, your business must be located and operating in New York City as a retailer, manufacturer, wholesaler, non-profit organization, contractor, or distributor.
2. TD Bank
As one of the top SBA lenders in NYC, TD Bank offers a variety of small business loan options, including:
- SBA 7(a) loans
- SBA CDC/504 loans
- Business lines of credit
TD Bank was the #1 NYC SBA lender in 2018, funding 898 SBA loans totaling $67,261,200. To qualify for their SBA loans, you’ll typically need:
- At least two years in business
- A personal credit score of 680 or higher
- Annual revenue of $180,000 or more
3. WE Fund Credit
WE Fund Credit, run by the WE NYC initiative, provides business lines of credit specifically for NYC-based female entrepreneurs. Key features include:
- Credit limits: Up to $100,000
- Eligible businesses: Women-owned, NYC-based, at least one year in business
- Minimum annual revenue: $50,000
Applications for this program typically open in the spring of each year.
4. The Brooklyn Fund
The Brooklyn Fund, administered by the New York Business Development Corporation, offers:
- Loan amounts: $25,000 to $350,000
- Terms: 5 to 10 years
- Interest rates: 6% to 8%
To be eligible, your business must be based in Brooklyn, be for-profit, and be owned by a permanent resident or citizen of the United States.
5. Excelsior Growth Fund
Excelsior Growth Fund (EGF) is a non-profit CDFI offering several funding options for NYC small businesses:
- EGF SmartLoan: Up to $100,000
- Other products: Up to $500,000
- SBA Microloans: Up to $50,000
EGF’s online application process and quick funding make it an attractive option for NYC entrepreneurs needing capital fast.
6. Business Center for New Americans
The Business Center for New Americans (BCNA) provides microloans specifically designed for NYC’s immigrant, refugee, and women entrepreneurs:
- Loan amounts: $500 to $50,000
- Terms: 6 months to 3 years
- Interest rates: 8.5% to 10%
- Closing fees: 2% of the loan amount
BCNA considers applications from startups as well as established businesses, making it a great option for new NYC entrepreneurs.
Online Lenders for NYC Small Businesses
While local options are great, don’t limit yourself. National online lenders can offer quick funding and streamlined applications. Here are two top alternatives for NYC small business owners:
National Business Capital
National Business Capital offers a variety of financing options for small businesses, including:
- Business term loans
- Equipment financing
- SBA loans
- Lines of credit
Key features include:
- Loan amounts: $10,000 to $5 million
- Approval within 24 hours
- Minimum requirements: 1 year in business, $480,000 annual revenue
National Business Capital’s diverse lending options make it a versatile choice for NYC businesses with varying financial needs.
Lendio
Lendio is a loan marketplace that connects small businesses with multiple lenders through a single application. They offer:
- Various loan types including term loans, lines of credit, and SBA loans
- Loan amounts: $1,000 to $5 million
- Terms: 1 to 5 years depending on the loan type
- Funding as fast as 24 hours for some loan types
Minimum requirements vary by loan type, but generally include:
- 6 months in business
- $8,000 in monthly revenue
- 500+ credit score
Lendio’s marketplace approach allows NYC entrepreneurs to compare multiple loan offers, potentially finding better terms than through a single lender.
The Bottom Line
NYC entrepreneurs have a wealth of small business loan options at their fingertips. Whether you choose a local New York City lender or a national online option, be sure to compare terms and rates to find the best fit for your business. With the right funding, your NYC small business can thrive in the competitive Big Apple market.
Remember to review all eligibility requirements and terms before applying, and consider seeking advice from a financial professional to ensure you’re making the best choice for your New York City small business.