Best Small Business Loans in New York 2023: Finest Selection

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Best Small Business Loans in New York

In 2023, the landscape for small business loans in New York is expected to remain competitive and diverse, offering entrepreneurs various financing options to support their ventures. With the continued growth of online and alternative lenders, small businesses will have even more opportunities to access tailored financing solutions that best suit their needs. 

Discover a world of funding solutions for your New York LLC, from short-term cash boosts and flexible credit lines to tailor-made financing options. Gain access to diverse lenders, loan products, and cutting-edge fintech platforms for speedy, efficient, and accessible small business loans in New York. Let LLCBase guide you through the exciting journey of setting up your business – we’ve got your back every step of the way.

Small Business Loans

What is a Small Business Loan

A small business loan provider is a financial institution, lender, or service that offers financing solutions specifically designed for small businesses in New York. These providers facilitate access to capital for small businesses, helping them meet various financial needs such as working capital, equipment purchases, expansion, and other growth-related expenses. Small business loan providers can include New York banks, credit unions, online lenders, and alternative financing companies. They offer a range of loan products, such as term loans, lines of credit, invoice financing, and merchant cash advances, each tailored to meet small businesses’ unique needs and requirements.

10 Best Small Business Loans in New York

We will discuss New York’s ten best small business loans, including eligibility criteria, loan amounts, annual percentage rates (APRs), and required minimum credit scores. Business loans provide financing options for business owners who want to start an LLC in New York. We’ll also provide the pros and cons of each business loan to help you make the best decision for your New York LLC.

1. OnDeck – Best for Short-term Loans

OnDeck is a leading online lender specializing in providing small businesses with short-term loans and lines of credit. With a simple application process, fast approval times, and flexible repayment options, OnDeck is an ideal choice for businesses seeking quick access to capital for short-term needs, such as working capital, inventory purchases, or unexpected expenses.

Eligibility Criteria

  1. At least one year in business
  2. Minimum annual revenue of $100,000
  3. Personal credit score of 625 or higher

Loan Amounts: $5,000 – $250,000

APR: starts at 29.9%

Minimum Credit Score: 625

Pros
  • Fast approval process
  • Flexible repayment options
  • Offers both term loans and lines of credit
Cons
  • High-interest rates for those with lower credit scores
  • Requires a personal guarantee
  • Not ideal for long-term financing
  • Unavailable in Nevada, North Dakota, or South Dakota.
Apply to OnDeck

2. Lendio – Best for Lender Comparison

Lendio is a small business loan marketplace that connects borrowers with a vast network of lenders, allowing business owners to compare loan options from various providers. By offering a wide range of loan products and personalized recommendations, Lendio helps businesses find the best financing solutions tailored to their unique needs and financial situation.

Eligibility Criteria

  1. At least six months in business
  2. Minimum annual revenue of $50,000
  3. Personal credit score of 560 or higher

Loan Amounts: $500 – $5,000,000

APR: starts at 3%

Minimum Credit Score: 560

Pros
  • Access to a vast network of lenders
  • One application for multiple loan options
  • Personalized loan recommendations
Cons
  • Not a direct lender – acts as a marketplace
  • Loan terms and rates vary depending on the lender
  • Some lenders may have additional fees
Apply to Lendio

3. QuickBridge – Best for Fast Funding

QuickBridge is an alternative lender that provides fast and flexible funding solutions to small businesses. With a simple application process, quick approval, and funding often within 24 hours, QuickBridge is an excellent choice for businesses needing immediate capital to address short-term financial needs or seize growth opportunities.

Eligibility Criteria

  1. At least nine months in business
  2. Minimum monthly revenue of $8,000
  3. Personal credit score of 850 or higher

Loan Amounts: $5,000 – $500,000

APR: start at 1.10-factor rates

Minimum Credit Score: 850

Pros
  • Fast funding, often within 24 hours
  • Simple application process
  • Early payoff discounts
Cons
  • Requires daily or weekly repayments
  • Short loan terms (up to 15 months)
  • Not ideal for startups or businesses with low revenue
Apply to QuickBridge

4. American Express Business Blueprint™ – Best for Lines of Credit

American Express Business Blueprint™ offers a range of financial solutions, including term loans and lines of credit, exclusively to American Express cardmembers. With flexible repayment options, competitive rates, and no origination or prepayment fees, this program provides businesses with the financial flexibility and support they need to grow and succeed.

Eligibility Criteria

  1. Must be an American Express cardmember
  2. Good credit history
  3. Satisfactory financial performance

Loan Amounts: Up to $250,000

APR: Varies by loan term

Minimum Credit Score: 640; good credit history is required

Pros
  • Flexible repayment options
  • No origination or prepayment fees
  • Offers both term loans and lines of credit
Cons
  • Only available to American Express cardholders
  • Limited to businesses with strong financial performance
  • Requires a personal guarantee
Apply to Amex

5. BlueVine – Best for Flexible Lines of Credit

BlueVine is an online lender that offers flexible lines of credit and invoice factoring solutions to small and medium-sized businesses. With fast approvals, competitive rates, and the ability to draw funds only when needed, BlueVine’s lines of credit provide businesses with the financial flexibility they need to manage cash flow and seize growth opportunities.

Eligibility Criteria

  1. At least six months in business
  2. Minimum annual revenue of $100,000
  3. Personal credit score of 625 or higher

Loan Amounts: $5,000 – $250,000

APR: starts at 6.2%

Minimum Credit Score: 625

Pros
  • Fast approval and funding
  • No prepayment penalties
  • Only pay interest on the funds you use
Cons
  • Not available for some industries
  • Requires a lien on business assets
  • Higher APRs for those with lower credit scores
  • Unavailable to businesses in North and South Dakota, Puerto Rico, and other U.S. territories
Apply to BlueVine

6. National Funding – Best for Small to Mid-Sized Businesses

National Funding is a trusted alternative lender that offers a variety of loan products, including working capital loans, equipment financing, and merchant cash advances, designed to meet the unique needs of small to mid-sized businesses. With flexible terms, high approval rates, and a quick application process, National Funding is a reliable financing partner for businesses seeking tailored funding solutions.

Eligibility Criteria

  1. At least one year in business
  2. Minimum annual revenue of $100,000
  3. Personal credit score of 600 or higher

Loan Amounts: $5,000 – $500,000

APR: start at 1.10%-buy rates

Minimum Credit Score: 600

Pros
  • Flexible loan terms and repayment options
  • High approval rates
  • Quick application process
Cons
  • Not transparent about APRs
  • Requires a personal guarantee
  • Not ideal for startups or businesses with low revenue
Apply to National Funding

7. Fundbox – Best for Small to Mid-Sized Businesses

Fundbox is an innovative financial technology company that provides lines of credit and invoice financing solutions to small and medium-sized businesses. With a fast and straightforward application process, transparent pricing, and flexible repayment options, Fundbox helps businesses manage cash flow challenges and unlock growth opportunities.

Eligibility Criteria

  1. At least two months in business
  2. Minimum annual revenue of $50,000
  3. Personal credit score of 600 or higher

Loan Amounts: $1,000 – $150,000

APR: Start at 4.66%

Minimum Credit Score: 600

Pros
  • Fast funding, often within 24 hours
  • No prepayment penalties
  • Transparent pricing and fees
Cons
  • Short loan terms (up to 12 months)
  • Requires weekly repayments
  • Not suitable for startups or businesses with low revenue
Apply to Fund Box

8. TD Bank – Best for Healthcare Professionals

TD Bank offers specialized financing solutions designed exclusively for licensed healthcare professionals, including dentists, veterinarians, and physicians. With flexible repayment terms, relationship-based pricing, and a deep understanding of the healthcare industry, TD Bank is a trusted financing partner for healthcare practices seeking to grow, expand, or modernize their operations.

Eligibility Criteria

  1. Licensed healthcare professionals
  2. Good personal credit history
  3. Satisfactory financial performance

Loan Amounts: Up to $5,000,000

APR: Varies by loan product and borrower qualifications

Minimum Credit Score: 660; good credit history is required

Pros
  • Specialized financing options for healthcare professionals
  • Flexible repayment terms
  • Relationship-based pricing for existing customers
Cons
  • Limited to healthcare professionals
  • Requires a personal guarantee
  • Not transparent about APRs and fees
  • Only located in 16 states
Apply to TD Bank

9. Funding Circle – Best for Established Business

Funding Circle is a leading online lender that offers affordable and transparent term loans to established small businesses. With competitive interest rates, longer loan terms, and no prepayment penalties, Funding Circle provides businesses the capital they need to invest in long-term growth opportunities and strengthen their financial position.

Eligibility Criteria

  1. At least two years in business
  2. Minimum annual revenue of $50,000
  3. Personal credit score of 660 or higher

Loan Amounts: $25,000 – $500,000

APR: 7.49% to 24.99%

Minimum Credit Score: 660

Pros
  • Competitive interest rates
  • Longer loan terms (up to 5 years)
  • No prepayment penalties
Cons
  • Requires a lien on business assets
  • Not ideal for businesses with low revenue or credit scores
  • Longer application process compared to other lenders
Apply to Funding Circle

10. Biz2Credit – Best for Loan Options

Biz2Credit is a small business financing platform that connects borrowers with a wide range of loan options from an extensive network of lenders. With a personalized approach to loan recommendations and various loan products, Biz2Credit helps businesses find the right financing solution to meet their unique needs and financial goals.

Eligibility Criteria

  1. At least six months in business
  2. Minimum annual revenue of $100,000
  3. Personal credit score of 575 or higher

Loan Amounts: $25,000 – $6,000,000

APR: Varies by loan product and borrower qualifications

Minimum Credit Score: 575

Pros
  • Wide range of loan options
  • Access to a network of lenders
  • Personalized loan recommendations
Cons
  • Not a direct lender – acts as a marketplace
  • Loan terms and rates vary depending on the lender
  • Some lenders may have additional fees
Apply to Biz2Credit

FAQs

Which banks are considered the best for small businesses in New York?
Some of the best small business banks in New York include Chase, Bank of America, TD Bank, Capital One, and Wells Fargo.
What criteria were used to determine the best small business banks in New York?
The criteria included factors such as account options, fees, support for small business owners, access to loans and resources, and customer reviews.
Is there a specific bank that offers the best support for New York local businesses?
Some local banks in New York that offer great support for small businesses include Amalgamated Bank, Royal Business Bank, and Ridgewood Savings Bank.
Can I open a small business bank account online in New York?
Yes, you can open a small business bank account online in New York with most major banks.
What are some common fees associated with small business banking in New York?
Common fees can include overdraft fees, transaction fees, maintenance fees, and ATM fees.
Which banks offer the best business checking accounts for small businesses in New York?
Chase, Bank of America, and TD Bank are often considered to have some of the best business checking account options for small businesses in New York.
Are there any small business banking options specifically for nonprofit organizations in New York?
Yes, some banks like Chase and Amalgamated Bank offer specialized banking options for nonprofit organizations in New York.
What financial services are offered by small business banks in New York?
Small business banks in New York may offer checking and savings accounts, loans, credit cards, merchant services, and financial planning services.
How can I find the best small business bank for my specific needs in New York?
Researching online reviews, comparing account options and fees, and seeking recommendations from other small business owners can help you find the best small business bank for your needs in New York.
Do small business banks in New York offer online banking resources?
Yes, most small business banks in New York offer online banking resources like mobile banking apps and online account management tools.
Are there any small business banks in New York that offer loans for startups?
Capital One and Lendio are two small business banks in New York that offer loans specifically for startups.
How important is it to have a local branch of my small business bank in New York?
Having a local branch of your small business bank in New York can be important for in-person support, convenience, and building a relationship with your bank.
What are some popular small business bank account options in New York?
Popular small business bank account options in New York include business checking accounts, merchant services accounts, and small business savings accounts.
What paperwork is required to open a small business bank account in New York?
To open a small business bank account in New York, you will typically need to provide documents like your business license, tax ID number, and a form of identification.
How long does it take to open a small business bank account in New York?
The length of time it takes to open a small business bank account in New York can depend on the bank and your specific paperwork and needs, but it generally ranges from a few days to a few weeks.
What loans are available for small businesses in New York?
Loans available for small businesses in New York can include SBA loans, equipment loans, lines of credit, and commercial real estate loans.
Can I use my personal bank account for my small business needs in New York?
While it’s possible to use your personal bank account for small business needs in New York, it’s not recommended for legal and tax reasons and can make it harder to keep track of your business’s finances.
Are there any small business grants available in New York?
Yes, there are small business grants available in New York, including from organizations like the U.S. Small Business Administration and the New York State Department of Economic Development.
Can I switch my small business bank account in New York if I’m not satisfied with the bank?
Yes, you can switch your small business bank account in New York if you’re not satisfied with your current bank. However, you should keep in mind any potential fees or minimum balance requirements may apply.
What is the difference between a business credit card and a personal credit card in New York?
Business credit cards in New York are designed specifically for small businesses and offer features like customizable spending limits, employee spending controls, and expense tracking tools that personal credit cards don’t typically offer.
How much money should I keep in my small business bank account in New York?
The amount of money you should keep in your small business bank account in New York depends on your business’s expenses, cash flow, and goals. Speak with a financial advisor to determine what works best for you.
How can I access my small business bank account in New York in case of an emergency?
Most small business banks in New York offer 24/7 customer service support and online banking resources like mobile apps and online account management tools.
What tools do small business banks in New York provide for managing cash flow?
Small business banks in New York may offer cash flow management tools like mobile accounting apps and insights into your business’s cash flow and income streams.
How can small businesses in New York benefit from using a credit union instead of a bank?
Credit unions may offer lower fees, more personalized service, and better loan options for small businesses in New York than traditional banks.
How do I avoid ATM fees with my small business bank account in New York?
Look for banks that offer fee-free ATM networks or reimburse ATM fees when you use an out-of-network ATM.
Can I earn interest on my small business account balances in New York?
Yes, some small business bank account options in New York offer interest-bearing checking and savings accounts.
Can I use a business loan to refinance existing debt in New York?
Yes, you can use a small business loan to refinance existing debt in New York in some cases, depending on the terms and requirements of the lender.
Can I deposit cash into my small business bank account in New York?
Yes, you can deposit cash into your small business bank account at most major banks and credit unions in New York.
What is the best way to maximize my small business’s earning potential in New York?
Seek professional advice from financial advisors and explore ways to optimize your revenue streams, reduce expenses, and reinvest in your business’s growth.
What are the best small business banks in New York?
There are many excellent options, including Chase, Bank of America, Wells Fargo, and CitiBank.
Is it easy to open a small business account in New York?
Yes, most banks located in New York make it relatively easy to open a small business account.
What are the requirements for opening a small business account in New York?
The specific requirements vary depending on the bank, but they typically include a business EIN, business license, and personal identification.
Can non-New York residents open a small business account in New York?
Yes, as long as they meet the bank’s requirements for opening a small business account.
What is the minimum balance for a small business account in New York?
The specific minimum balance requirement varies between banks, but it typically ranges from $1,000 to $10,000.
What kind of services do small business banks in New York offer?
Small business banks in New York offer a wide range of services, including business checking and savings accounts, merchant services, lending and financing, and online banking.
Is it possible to get a loan from a small business bank in New York?
Yes, many small business banks in New York offer loans to business owners.
What is the interest rate for small business loans in New York?
The interest rate for small business loans in New York varies depending on the type of loan and the bank offering it.
Is there a limit to the amount of money I can borrow from a small business bank in New York?
Yes, there is typically a maximum loan limit set by the bank.
Are there any special programs or incentives for small businesses in New York?
Yes, there are several programs that offer incentives for small businesses in New York, including the New York State Small Business Development Center and the Empowerment Zone Program.
How do I choose the right small business bank in New York?
Consider factors such as the bank’s reputation, fees, services offered, and location when choosing the right small business bank in New York.
Is there a fee for transferring money between bank accounts in New York?
Some banks may charge a fee for transferring money between accounts, but it depends on their specific policies.
Are there any free business checking account options in New York?
Yes, some small business banks in New York offer free business checking accounts.
How long does it take for a small business loan application to be approved?
The timeframe for approval varies depending on the bank, but it typically takes two to four weeks.
What kind of collateral is required for a small business loan in New York?
The specific collateral requirements depend on the bank and the type of loan, but it typically includes real estate, inventory, and equipment.
Can a small business bank in New York help me create a business plan?
Some banks offer services to help business owners create a business plan, including financial projections and market research.
What is the loan origination fee for a small business loan in New York?
The loan origination fee varies between banks.
Is there a penalty for early repayment of a small business loan in New York?
Some banks may charge an early repayment penalty, but it depends on the bank’s policies.
What kind of customer support is available at small business banks in New York?
Most small business banks in New York offer customer support via phone, online chat, and email.
Do small business banks in New York offer payroll services?
Yes, many small business banks in New York offer payroll services.
What is the average loan length for a small business loan in New York?
The average loan length for a small business loan in New York is typically three to five years.
Can a small business bank in New York help me reduce my taxes?
Some banks offer tax planning services to help business owners optimize their tax strategy.
Can I make international transactions with a small business account in New York?
Yes, most small business banks in New York offer international transaction services.
What is the overdraft fee for small business accounts in New York?
The overdraft fee and policy vary from bank to bank.
Can business owners apply for a small business account online in New York?
Yes, most banks allow business owners to apply for a small business account online in New York.
Are there any free resources for business owners in New York?
Yes, there are a variety of free resources for business owners in New York, including SCORE and the New York Business Assistance Program.
Can I link my business and personal accounts with a small business bank in New York?
Yes, most small business banks in New York allow account holders to link their personal and business accounts for convenience.
Are there any annual fees for small business accounts in New York?
Some banks may charge an annual fee for small business accounts, but it depends on their policies.
Can I get online banking on my mobile?
Yes, most small business banks in New York offer mobile banking services as well.

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Conclusion

As New York, also known as The Empire State continues to foster a vibrant entrepreneurial ecosystem, having access to the right financial partners and resources will be crucial in navigating this thrilling ride. By exploring various small business loan options and staying attuned to the ever-evolving financing landscape, entrepreneurs can achieve their dreams and contribute to the ongoing prosperity of the New York economy.

When looking for the best small business loans in New York, it’s essential to consider your unique needs and financial situation. Whether you’re forming a New York LLC or growing your existing LLC in New York, each of these lenders offers something different to help you achieve your goals. Be sure to compare loan options, eligibility criteria, APRs, and repayment terms to find the right fit for your business. Visit LLCBase for more information about starting an LLC in New York.

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