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Are you looking for New York’s best business loans & startup financing companies? For your small business in the Big Apple, many banks, credit unions, and unconventional lenders are offering different loan types. The city of New York itself is home to 183,000 small businesses. As per reports, the state of NY has seen a whopping 8% rise in new business applications!

Understand the unique features and benefits of different loan types to empower your business. That’s how you choose the best lender for your business. Also, look into no-credit equipment financing options if you can’t get a business loan via traditional means.

Consider these 8 business loans & startup financing options in New York to get started. Check our reviews of these lenders to decide which one’s the best option for you:

1. Swoop Funding

Swoop Funding is every New York-based small company’s top startup financing option. It will offer entrepreneurs a range of funding solutions to meet their needs. You can access many loan types, including traditional term loans & innovative financing options with a simplified process.

At Swoop Funding, you can get $5k to $500k as a small business. Moreover, you have to have a credit score of 600+ with the company’s annual revenue being $50k (at least). Even if it’s been 6 months since you started this business, Swoop will consider your loan application! However, it is important to talk directly to Swoop’s experts to determine your creditworthiness.

2. Path Finder Bank

If you own a company in Central New York, then Path Finder will help you get the cash needed to stay in business for many more years to come. With competitive rates and flexible terms, Path Finder deserves the spot of the #2 lender in the Big Apple. You can apply for many loan types at this banking establishment to make sure that you have enough cash to stay afloat for a long period. The money that you’ll receive from the Path Finder Bank as a loan can be used for these reasons:

• Commercial real estate purchase
• Construction
• Business acquisition or expansion
• Equipment/inventory purchase
• Working capital

3. Dime

Dime is yet another credible lender that helps NY-based companies stay profitable. After all, it’s a community bank that offers you an interest rate of 6.20%. However, the average loan amount available here is $1.061 million. That’s why Dime is a prime lender for New York startups. Dime offers SBA 7(a) loans from $100,000 to $5 million, and SBA 504 loans from $500,000 to $20 million. You can use these loans for business expansion, acquiring commercial equipment, getting hold of working capital, or simply investing in owner-occupied real estate.

4. JPMorgan Chase Bank

It’s impossible to talk about New York-based prime SBA lenders and ignore Chase Bank. The average rate of interest available at this lender is 6.15%. However, $258k is the average amount Chase Bank often approves as a loan. You can open a business line of credit up to $500k. Also, small business loans up to $500k are available at this banking establishment. You can also access other SBA-provided loans at the richest bank in America. Just make sure that you’ve done your research before submitting a loan application.

5. Flushing Bank

You may get in touch with this banking establishment if you want easy access to quick money as a loan for your business operations. Flushing lets you borrow money to consolidate debt, expand your business, acquire another one, make leasehold improvements, or other stuff. If you’re looking for owner-occupied commercial mortgages, then up to $15 million in funding is available here. Also, this bank gives you SBA loans up to $5 million.

6. Five Star Bank

At the Five Star Bank, the interest rate is 5.25% on average. However, the loan amount is kind of low ($177,000). It’s a great bank for companies looking for commercial loans or lines of credit. So, you should get in touch with Five Star Bank if you’re applying for term loans or wish to easily borrow money for some agricultural pursuits. Even hefty commercial mortgages are available at this banking establishment. In short, it’s a credible lending option for NY’s small businesses in search of quick cash as a loan.

7. Solvay Bank

Solvay Bank works with many prestigious agencies located within NYC to provide startups in the Big Apple with much-needed financial backing. So, you can get in touch with local startups to make sure that your company has access to quick cash as working capital. You may apply for SBA loans here, too. However, Solvay mostly works with the New York Business Development Corporation (NYBDC) to help local startups. You should do your own research about Solvay and how it can help your business grow.

8. Customers Bank

Customers Bank is yet another amazing option for businesses located in New York to stay 24/7 funded. You can apply for small business loans at this banking establishment. However, this NY bank has very strict requirements when it comes to small business loan applications. You have to submit your business plan, financial statements, income tax returns, and other documents to prove your eligibility. That’s why we’ve ranked this lender at #8 based on how closely it aligns with traditional lenders. However, if you need quick cash, you can just get in touch with a lender from Pennsylvania because a lot of Oil State financiers support startups in NYC as well.

New York Government Resources

Check out these government resources about business grants/funding and startup financing options in the State of New York:

• Business Financing and Incentives in Syracuse, New York
• Business Resources | Wayne County, NY
• NYC Business Financing Assistance
• Business loans, services and grants in Rochester
• Growth Support in New York – Empire State Development

Top Cities in New York for Business Loans

Curious to know which cities or municipalities in New York are the best for business loans and startup financing? If you live in any of these 30 cities, then you can easily access SBA loans or other nontraditional financing means to embark on your entrepreneurial journey:

1. New York City
2. Buffalo
3. Rochester
4. Yonkers
5. Syracuse
6. Albany
7. Saratoga Springs
8. Binghamton
9. Schenectady
10. Mount Vernon
11. Niagara Falls
12. White Plains
13. Ithaca
14. Poughkeepsie
15. Ontario
16. Middletown
17. Long Beach
18. Jamestown
19. Newark
20. Amsterdam
21. Kingston
22. Glens Falls
23. Watertown
24. Lyons
25. Sodus
26. New Rochelle
27. Saratoga Springs
28. East Meadow
29. Hempstead
30. Lynbrook

Conclusion

Whether you’re a startup owner or founded a well-established business years ago, you have to choose the right financing partner and lender. That’s how you keep your business vessel afloat and key commercial operations running in New York in this economy.

Now, choose a lender that offers you flexible loan terms and interest rates. Check their online reputation, customer service, interest rates, and other factors. If something is still unclear, get in touch with us at Sophisticated Investor to learn how to get your entrepreneurial dreams funded quickly. That’s how you can take your business to new heights of success.