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Small Business Loans in New York

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New York State has an economy the size of most countries, and its location is considered one of the largest economic centers of the world. Business financing can be difficult for small businesses like yours to obtain. AdvancePoint Capital is a marketplace of small business financing solutions that can help solve your lending problems by giving you the necessary information and assistance you need to make informed decisions. We know New York and New York City very well and have funded hundreds of small business owners across the state successfully using our financing marketplace.

For small businesses in New York, as you probably know, it can be challenging to deal with traditional banks due to their limited small business lending programs, high credit standards, and financial statement requirements. Without a 3+ year track record of proven profit and revenue streams of over $75,000, it will be challenging to get approved for a loan. You will also be up against the stacks of paperwork, information requests, long approval times, and possible denial due to poor credit history. If you’ve faced these challenges, or fear you may not be approved for funding, contact AdvancePoint Capital. We have the latest information and business resources available to point you towards the right business loan product.

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The 8 Best Small Business Loan Options for New York

Long Term Small Business Loans for New York Small Businesses

Long term small business loans have repayment durations of 2 to 5 years or more.

Product Overview

Rates: Interest rates starting at 7.99%

Terms: 2 to 5 years

Fees: Origination fees 0% to 3%

Payments: Monthly or Bi-Weekly payments

Credit Standards: Good to excellent credit accepted. All credit considered

Documentation: Standard documentation, bank statements, financial statements, tax returns

Time Frame: 3 to 5 days

Benefits and Best Uses of Long Term Small Business Loans

The main benefit of long term small business financing is the extended repayment period, which provides lower monthly payments for the business owner. The longer the term, the more money that can be offered. Long term small business loans are a good option when your business is expanding, and the amount you wish to borrow is higher than your monthly revenue deposits in your bank account.

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Long Term Business Loans

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Business Line of Credit for New York Small Business

A small business line of credit is a flexible finance option for small businesses that want to draw necessary funds in a moment’s notice. This type of financing operates like a credit card in that you can draw money on demand up to a specific credit limit.

Product Overview

Rates: Interest rates starting at 7.99%

Terms: Revolving credit line that is renewed semi-annually or annually

Fees: Origination fees 0% to 3%

Payments: Monthly, Bi-Weekly or Weekly payments

Credit Standards: Good to excellent credit accepted. All credit considered

Documentation: Reduced documentation. One page application and 3 months bank statements, sometime financial will be required depending on credit limit.

Time Frame: Same day to 3 to 5 days

Benefits and Best Uses of Business Line of Credit

The simple answer is flexibility. In fact, you can draw money from the small business line of credit at any time as long as you are below the credit limit makes its convenience unmatched.

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Business Line of Credit

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Short Term Small Business Loans for New York Businesses

An excellent option for small business owners when traditional business loans fall through is a short term small business loan. These loans provide a fixed amount of money up front (lump sum), with a fixed payback amount calculated using a factor rate, over a short fixed-term of typically 6 to 18 months. Rates are not principal & interest but are based on a “factor cost” and cost more than traditional business loans.

This type of financing is incredibly popular, given that they require very little paperwork and have much more forgiving credit limits than traditional small business loans. These popular features are possible because short-term loans charge more for costs, and payments are more frequent.

Product Overview

Rates: Factor rates starting at 1.09% up to 1.45% of the loan amount

Terms: 6 to 18 months in duration (typically 12 months or less)

Fees: Origination fees 0% to 5%

Payments: Weekly, Bi-Weekly and in some cases daily Monday-Friday

Credit Standards: Poor to excellent credit accepted. All credit considered

Documentation: Reduced documentation. One page application and 3 months bank statements required

Time Frame: Same Day to 24 hours

Benefits and Best Uses of Short Term Small Business Loans

When you can’t get approved for traditional business loan products, short-term small business loans are a great alternative that can come in handy when money is needed for cash flow immediately.

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Short Term Business Loans

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Business Cash Advance for New York Businesses

Business Cash Advances (also known as a Purchase of Future Sales Agreement or a Merchant Cash Advance) advance a fixed sum of money upfront to a small business with a fixed payback amount, which is better known as a specified amount. The advance is repaid by taking a fixed percentage of future overall sales deposits. Payments are collected by an ACH fixed daily or weekly payment deducted from a bank account, based on the fixed percentage of future sales. After every month, if the fixed payments taken are more than the set future percentage of sales, then a refund back to the merchant can occur. This repayment continues until the payback amount is paid back in full. Therefore, there is no term limit with advances as the fixed payback percentage ever changes.

Product Overview

Rates: Factor rates starting at 1.09% up to 1.45%

Terms: No term limits (payoff depends on future sales)

Fees: Origination fees are typically 0% to 5%

Payments: Fixed ACH payments are weekly or daily Monday-Friday

Credit Standards: Poor to excellent credit accepted. All credit considered

Documentation: Reduced documentation. One page application and 3 months bank statements are all that is required.

Time Frame: Same day to 24 hours

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Business Cash Advance

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Merchant Cash Advance for Businesses in New York

A merchant cash advance (also known as a Purchase of Future Sales Agreement) is similar to a business cash advance. The most significant difference is that repayment is attached to the future credit card sales by taking a set percentage of them at the time of batch until the advance is paid back in full. This is a perfect solution for small businesses that have low average daily balances in a business bank account or have fluctuating future sales. It’s an extremely flexible and fast way to get cash flow.

Product Overview

Rates: Factor rates starting at 1.09% up to 1.45%

Terms: No term limits (payoff depends on future credit card sales)

Fees: Origination fees are typically 0% to 3%

Payments: Set percentage of future credit card sales at batch time

Credit Standards: Poor to excellent credit accepted. All credit considered

Documentation: Reduced documentation. 1-page application, 3 months processing statements, and 3 months bank statements are all that is required.

Time Frame: Same day to 24 hours

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Merchant Cash Advance

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Equipment Financing for Small Business in New York

Equipment financing uses the machinery itself as collateral to secure financing approval. Industries that rely heavily on large and expensive equipment such as healthcare and manufacturing industries can take advantage of this type of business financing. New York small business owners use equipment financing to purchase or replace important machinery, which in turn streamlines processes and improves efficiency.

Product Overview

Rates: Factor rates starting at 1.09% up to 1.45%

Terms: No term limits

Fees: Origination fees are typically 0% to 3%

Payments: Fixed ACH payments are weekly or daily Monday-Friday

Credit Standards: Poor to excellent credit accepted. All credit considered

Documentation: Reduced documentation. One page application and 3 months bank statements are all that is required.

Time Frames: Same day to 24 Hours

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Equipment Loans

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Small Business Administration (SBA) Loans for New York Small Businesses

The U. S. Small Business Administration (SBA) is a federal government agency that provides small business loan programs, guidelines, and business loan guarantees to approved lenders. The mission of the Small Business Administration (SBA) is to promote small business development. While the U. S. Small Business Administration (SBA) is not a lender themselves, the Small Business Administration provides guarantees to those approved lenders to recover a certain percentage of the small business loan if it were to default. These types of small business loans are highly sought after by New York small business owners but are challenging to obtain because of high credit and financial standards. AdvancePoint Capital assists New York small businesses through the entire process to make what is complicated, simple. We keep up with all the latest news, resources, information, and loans that the U.S. Small Business Administration releases, including the new SBA Paycheck Protection Program (PPP) Loan in response to COVID-19 crisis.

Product Overview

Rates: Interest rates starting at 6.50% to treasury index plus 1-2%

Terms: 3 to 25 years

Fees: Origination fees are typically 0% to 3%

Payments: Fixed monthly payments

Credit Standards: Good to excellent credit accepted. All credit considered

Documentation: Full documentation. Application, 6 months bank statements, 2 years tax returns. Year to Date Profit & Loss and balance sheet. More documents may be requested upon review

Time Frame: 1 week to 30 days

*The U.S. Small Business Administration (SBA) has the best business loan terms available for small businesses in the marketplace. Check out the Small Business Administration (SBA ) small business development center as it provides services to businesses that are looking for all information related to the Small Business Administration (SBA). Remember, small business development is the mission of the Small Business Administration (SBA), and if you have the patience and qualifications, this product will be your best choice. For more updated news and additional information on Small Business Administration loan programs, including COVID-19 updates, contact AdvancePoint Capital. 

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Small Business Administration (SBA) Loans

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Invoice Financing for New York Small Businesses

For New York small businesses that need cash quickly and can’t wait on outstanding invoices to be paid, this financing option is perfect. Invoice financing allows you the ability to leverage outstanding invoices to obtain cash now.

Product Overview

Rates: Factor rates starting at 1% to 2%

Terms: No term limits

Fees: Service fees monthly based on volume

Credit Standards: Credit of the Clients being invoiced, not the owner creating the invoice.

Documentation: Reduced documentation. One page application and roster of clients and current accounts receivable aging report.

Benefits and Best Uses of Invoice Factoring

The primary function of invoice factoring is a quick and inexpensive way to improve daily cash flow by getting an advance off of the invoice.

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Invoice Factoring

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U.S. Small Business Administration

How to Grow Your Business in New York
View the New York Small Business Resource Guide for information and assistance in growing your local business, exploring funding options, and contracting.

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Why Does Your New York Small Business Need a Business Loan?

It’s essential to identify what is the purpose of acquiring the money you need. Let’s take a look at some common reasons that New York businesses need cash.

  • Working Capital
  • Cash Flow shortages
  • Equipment
  • Expansion
  • Emergencies resources
  • Advertising or Marketing
  • Legal issues and licensing
  • Small Business Development
  • New Projects

Frequently Asked Questions and Information

The short answer is No. Although New York is a highly competitive environment for businesses, there are some of the best businesses in America are located in New York. New York businesses are highly desirable by business lenders due to the dense population area and predictability of business sales. 

Yes, you can get approved for business financing in New York with bad credit. Keep in mind that your business funding options may be limited, and the rates, costs, and terms may be affected by how bad your credit is. 

The short answer is yes. There are many business products available in New York with reduced limited to low documentation requirements. These options will depend on the business funding option that you choose. Due to the greater risks of No Doc Business Loans and advances, costs and terms may be affected. 

The short answer is no; you cannot get a start-up business loan in New York or any other place for that matter. Without showing a history of revenue and your ability to manage cash flow through the current businesses’ business bank statements, obtaining financing will be a big challenge. Former business ownership experience in prior businesses will not help you. We suggest private investors for start-up business loans.

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Additional Resources and Information

New York State – Empire State Development – Additional Grant & Funding Resources

New York State – Empire State Development – Covid-19 Loans

New York Forward Loan Fund (NYFLF)

NY Small Business Development Centers (SBDC) – The New York Small Business Development Centers (NYSBDC) provides small business owners and entrepreneurs in New York with the highest quality, confidential business counseling, training, and business research at no cost.

Entrepreneurship Assistance Centers (EAC) – Contact List Entrepreneurship Assistance Centers (EAC) – Provide’s instruction, training, technical assistance and support services to new and aspiring entrepreneurs in local communities statewide.

Community Development Financial Institution (CDFI)  – Contact List CDFIs are local financial service providers with locations throughout New York State, and often are the sole provider of banking and other financial services in communities that are not served by traditional banks and financial institutions.

New York State – Empire State Development – Additional Grant & Funding Resources 

Caleb Brown – The Urban Excellence Community Grant- Caleb Brown is a Venture Capital and Consulting, LLC. Their mission is to fund, promote, and nurture young urban entrepreneurs with the vision to understand small business creation as one of the key components required to rebuild local blocks, neighborhoods, and communities.

WomensNet – The Amber Grant – Women’s Net is an entrepreneurial community of women who create unique content and special reports to help women business owners. Grants are given away at least every month with a monetary gift of $4,000 and a year-end gift of $25,000.

Brooklyn Alliance Capital. Inc – Bring Back Brooklyn Fund Loan and Grant Program

Administered through Brooklyn Alliance Capital (BAC), the Bring Back Brooklyn Fund is designed to provide small businesses with: Grants for Personal Protective Equipment (PPE) and deep cleanings, and No-interest recovery loans up to $10,000 for businesses unable to obtain capital elsewhere

Brooklyn Chamber of Commerce in partnership with Clover – Back2Business

Citizens Committee for New York City – Neighborhood Business Grant

City of New York’s Department of Small Business Services (SBS) partner with LISC NYC – LISC NYC Small Business Relief & Recovery Fund

NAACP and BeyGOOD – Black-Owned Small Business Impact Fund

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