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.

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.

Learn More

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.

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.

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

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

Learn More

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

Learn More

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. 

Learn More

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.

Learn More

The fast, convenient and straightforward way to get the money you need for your business – now! Get Your Quote Today by filling out our simple form.

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

Are Business Loans in New York difficult to obtain?

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. 

Can I qualify for a Business Loan in New York if I have bad credit?

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. 

Can I get Business Loan with No-Docs?

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. 

Can I get a Start-up Business Loan in New York?

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.

The Bottom Line: Advice, Information, Tips, and Warning’s About Business Loans for New York Business Owners

New York business owners must ask important questions before financing. The first question is, why? What is the use or purpose of funding your business? Do you currently have the resources you need to operate? Is the need for capital a short term problem or long term project? Was this a one-time extenuating circumstance emergency, or will you need a new working capital loan program on an ongoing basis? Will the company always require a credit facility as it’s just the nature of your industry? What challenges does the business have in getting approved (credit issues, bank statements, cash flow issues, time in business, financial statement issues, etc.)? Do I have all the necessary information to make an informed decision?

Consider the questions and information above when choosing the funding solution because the answers to those questions lead to different loan products and resources. AdvancePoint Capital can assist you through this search easily and painlessly without wasting time or, more importantly, money or other precious resources. Working with AdvancePoint Capital has a marketplace and extensive product line that can offer you as many choices as possible. As we always say at AdvancePoint Capital, compare offers, shop, and you will always save!  

How to Apply for Small Business Loan for My New York Small Business

AdvancePoint Capital can assist New York businesses in finding the financing solution needed. We seek to help New York businesses find the right products they are eligible for to save time. We offer an easy lending experience that our New York businesses love, that is a fast, streamlined process, and high approval rates that come from working with us because of the resources that we have.

Small Businesses in New York can apply for a loan with AdvancePoint Capital with a simple four-step process. Start with this online form, including your email, fill out the short application page, wait a few hours for your approval, and then get your money! Your success is our success, and we are committed to your small business development.

 

The fast, convenient and straightforward way to get the money you need for your business – now!

Get your Quote Today by filling out our simple form.

 

Get Quote Now!

* All loans made by either WebBank, an FDIC-insured Utah industrial bank, or Bank of the Internet Federal Bank, an FDIC-insured federally chartered thrift located in California. In connection with the loans, the Banks' underwriting conditions and terms apply.