New York has a business economy the size of most countries, and as the saying goes, “if you can make it there you can make it anywhere, it’s up to you New York, New York!” Business financing can be difficult for small businesses like yours. 

AdvancePoint Capital is a marketplace of business financing solutions that can help solve your problems of getting a business loan for your business. We know New York very well and have funded 100’s of businesses in New York successfully using our business financing marketplace. 

Traditional banks, as you probably know, are very difficult to deal with due to their high credit standards and financial statement requirements. Without a three year plus track record of showing profit for your business and Revenue streams of more than $750,000 per year in revenue, it will be challenging to get approved. You also will be up against stacks of paperwork, long approval times, and possibly being denied due to poor credit scores. If you’ve faced these challenges or think you may not be approved, contact AdvancePoint Capital as we have more solutions to offer.

The 8 Best Small Business Financing Options for New York

1. Long Term Business Loans in New York

New York businesses that need a financing option that is long term in duration (2 to 5 years), but can’t go to a traditional bank for their loan should consider a long term business loan at AdvancePoint Capital. 

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, Business Bank Statements, Financial Statements, Business Tax Returns 

Time Frame: 3 to 5 days

Benefits and Best Uses of Long Term Business Loans 

The main benefit of long term business loans is the length of time of repayment that provides for lower monthly payments. The longer the term, the more money that can be offered to a business. The product is great when you are expanding your business, and the amount of money you want to borrow is larger than your monthly revenue in deposits in the business bank account.

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2. Business Line of Credit in New York

Sometimes a New York business needs a flexible business finance option that you can draw funds needed in a moment’s notice. A business line of credit is that type of solution that operates like a credit card in that you can draw money on demand up to a 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. A 1-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. That fact you can draw money from the business line at any time as long as you are below the credit limit makes it the ultimate convenience.

3. Short Term Business Loans in New York

A great option for New York businesses when traditional business financing is not an option is short term business loans. They provide a fixed amount up front (lump sum) of money with a fixed payback amount calculated using a factor rate over a short fixed term of time typically 6 to 18 months. Rates are not principal and interest but are based on a “factor cost” and costs more than traditional business loans. 

The popularity of this type of financing is that the products require very little paperwork and credit requirements are much more forgiving than traditional business loans because they charge more for costs, are shorter-term, and the payments are more frequent.

Product Overview

Rates: Factor rates starting at 1.09% up to 1.45% of the funding 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. A 1-page application and 3 months bank statements required 

Time Frame: Same Day to 24 hours  

Benefits and Best Uses of Short Term Business Loans 

When you can’t get approved for more traditional business loan products, short-term business financing is a great alternative that can come in handy for the business that is in need the money now for cash flow and was turned down by traditional business financing.

4. Business Cash Advance in New York

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 business with a fixed payback amount, which is greater 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 business bank account, which is 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, than 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. 1-page Application and 3 months bank statements are all that is required.

Time Frame: Same Day to 24 hours

Benefits and Best Uses of Business Cash Advance 

When you can’t get approved for traditional business loan financing, Business Cash Advances is a great alternative. The most common uses for a business cash advance is cash flow.

5. Merchant Cash Advance for New York

A merchant cash advance ((also known as a Purchase of Future Sales Agreement) is similar to that of a Business Cash advance, but the biggest difference is the repayment is attached to the future credit card sales by taking a set percentage of future credit card sales at a 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 the 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

Benefits and Best Uses of Merchant Cash Advance A merchant cash advance is a great option when the average business bank account balance is low, or credit issues prevent a business from getting a traditional small business loan. Documentation and credit requirements are less than traditional business financing due to the repayment method — a great option for cash flow needs.

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6. Equipment Financing in New York

New York businesses can use equipment financing to purchase that all-important equipment to help the business function or expand product offerings and improve efficiencies. Equipment financing uses the collateral of the equipment to secure an approval Industries that rely on heavy or expensive equipment such as New York healthcare and manufacturing industries, to name a few can take advantage of this unique business funding opportunity.

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. 1-page Application and 3 months bank statements are all that is required.

Time Frames: Same Day to 24 Hours

Benefits and best uses of Equipment Financing 

Equipment financing is great for equipment purchases and offers longer terms than the alternative because the equipment is secured as collateral for the business lender.

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7. SBA Loans in New York

The Small Business Administration (SBA) provides programs, guidelines, and loan guarantees to approved lenders for businesses throughout New York as well as every other State. While SBA is not a lender themselves, they provide guarantees to those approved lenders to recover a certain percentage of the business loan if it were to default. These types of loans are highly sought after by New York businesses but are difficult to obtain because of high credit and financial standards. AdvancePoint Capital can assist you through the entire process to make what is difficult, simple. 

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 business bank statements, 2 years business tax returns. Year to Date Profit & Loss, Balance Sheet. More documents may be request upon review

Time Frame: 1 week to 30 days

Benefits and Best Uses of SBA Loans 

SBA loans are highly desirable as they offer great rates and terms and can help New York businesses finance large projects or business expansions. 

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8. Invoice Financing in New York

For businesses that need cash quickly and can’t wait on outstanding invoices, this financing option is perfect. Invoice financing allows you the ability to leverage outstanding invoices to your business to obtain a cash advance.

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 business owner advancing off invoices

Documentation: Reduced Documentation. 1-page Application and roster of clients and current accounts receivable aging report

Benefits and Best Uses of Invoice Factoring

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

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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 Business Need a Business Loan?

It’s important to identify what is the purpose of acquiring the money for your business. Let’s take a look at some common reasons that businesses need business loans.

  • Working Capital
  • Cash Flow shortages
  • Equipment
  • Business Expansion
  • Emergencies
  • Advertising

Frequently Asked Questions

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, Tips, Warning’s about New York Business Loans

A New York business owner must ask important questions before financing their business. First question is why? What is the use or purpose of funding your business? Is the need for capital a short term problem or long term project? Was this a one- time special circumstance emergency or will you need working capital ongoing throughout the businesses life? Will your business always need a credit facility as it’s just the nature of your type of business? What challenges does the business have in getting approved? (Credit Issues, Bank Statement cash flow issues, time in business, financial statement issues)

Consider the questions above when choosing the business funding solution because the answers to those questions lead to different business loan products. AdvancePoint Capital can assist you through this search in an easy and painless way without wasting time or, more importantly, money. Working with AdvancePoint Capital has a large marketplace and large product line that can offer you as many choices as possible. As we always say at AdvancePoint Capital, compare, shop, and you will always save!

How to Apply for Small Business Loan in New York

We at AdvancePoint Capital can assist you in finding the business financing solution you need. We offer an easy business loan experience that our customers love, that is a fast, streamlined process and high approval rates that come from working with us. 

Applying for a loan with AdvancePoint Capital is as simple as a 1, 2, 3, 4 process. Start with this online form, then fill out the short application page, wait a few hours for your approval, and then get your money!

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

 

* 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.