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New York Small Business Loans

Whether you’ve acquired a business, are starting your own business, or expanding an existing one, New York State has plenty of traditional financial and alternative financial support for small businesses. A combination of loans, grants, and practical training makes it a superb place for...

New York Small Business Loans
Tetiana Sitiugina-Babiuk
Financial Sector Specialist and Content Strategist

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With around 2 million small businesses in New York State, it’s no surprise that it’s one of the top states for business loan applications. However, how does New York fare when it comes to financial support in the form of loans? How supportive is the state of New York in relation to small businesses and startup businesses? Keep reading to find out how to get a small business loan in New York.

Top 4 New York Small Business Loan Options

Here we’ll look at financial and non-financial support and training.

1. Bethpage Federal Credit Union

Credit unions usually have a strong contingent of residents, so they have a specific interest in helping local firms. Already being a member of the community can improve your chances of having your loan approved.

Bethpage Federal Credit Union has 30 branches across the state, but you must be a member to access its services. It’s quick and easy to join – you just need to open a savings account with a minimum deposit of $5.

Bethpage offers loans for increasing your capital, including buying or refinancing equipment and expanding your business.

BFCU doesn’t publicize loan amounts or interest rates, although it claims rates are low – without giving any figures. Lenders realize that every applicant’s case is different, so these factors are typically negotiated between the applicant and the credit union.

2. Pursuit

Pursuit is a Community Development Financial Institution (CDFI,) meaning that it’s a non-profit organization.

As a community-focused institution, Pursuit predominantly services small businesses in low-income and impoverished communities. It aims to free up the entrepreneurial opportunities within its precincts.

More than 15 loans or loan programs are available, so it’s important to choose the most suitable one for your needs. One of those options is the SBA loan.

Unlike more specific loan options, the SBA loan can be used for virtually any business use. The maximum loan amount is $5 million, with repayment periods of up to 10 years for general funding and 25 years for real estate purchases. Approval typically takes between 30 and 45 days.

3. KeyBank

KeyBank has 19 branches spread through New York State and is one of the top SBA lenders; it has approved more than $4.5 billion in loans to date. Naturally, one of the biggest advantages of applying for a loan with an institution with physical premises is face-to-face consultation. You can schedule a meeting with one of KeyBank’s advisors, who will review your business plan and offer expertise to help improve it.

KeyBank’s business term loans range from $10,000 to $500,000, and repayment periods are from 12 to 84 months. For SBA loans, up to $12 million can be borrowed, depending upon the loan type.

As usual, general interest rates are unspecified.

4. Hudson Valley Credit Union

Hudson Valley Credit Union is a community-based financial cooperative serving the New York counties of Orange, Dutchess, Putnam, Ulster, Rockland, Greene, Westchester, Albany, Columbia, Schenectady, Rensselaer, and Saratoga.

Hudson Valley Credit Union offers a variety of secured business and commercial loans with terms ranging up to 60 months to help small businesses within the Hudson Valley purchase equipment, increase inventory, or expand operating space.

As such, the following types of loans are available:

  • Equipment loans. Hudson Valley Credit Union provides equipment loans to help finance the purchase of commercial vehicles, machinery, or equipment.
  • Term loans. Term loans are available to help finance equipment purchases, capital improvements, or to replenish working capital from a previous expenditure or expansion.

Keep in mind that these loans require collateral, - either qualified securities (stock) or qualified savings (shares) can be used for this purpose.

Summary of the New York Small Business Loan Options


Maximum Loan Amount

Maximum Repayment Period

Bethpage Federal Credit Union

Not specified

Not specified

Excelsior Growth Fund

$5 million

25 years



7 years

Hudson Valley Credit Union

Not specified

5 years

Top Online New York Small Business Loan Options

In addition to traditional lenders, such as banks and credit unions, online lenders can also be excellent options. Online lenders often have much faster approval times than traditional lenders, and they’re usually far more flexible when it comes to your credit history or business sector. To help you decide if an online lender is a good option for your New York small business loan, we’ve rounded up some of the best lenders on the market.

1. Fundbox - Best for Lines of Credit

Banner funbox

Fundbox is an online financial services platform providing short-term lines of credit and invoice factoring for small businesses within the New York state and beyond.

With Fundbox, you can apply for loans ranging between $1,000 and $100,00, with repayment terms of 12 to 24 weeks. These loans don’t require a personal guarantee or collateral and have no hidden fees.

The online application process is relatively simple, and you can enjoy fast approval and disbursement of funds. To qualify for a loan with Fundbox, you need:

  • A credit score of 500 or above
  • Annual revenue of at least $25,000
  • A history of at least three months in operation
Try Fundbox

Learn more about Fundbox in our comprehensive review.

2. Fora Financial - Best for Merchant Cash Advance

banner_Fora Financial

Fora Financial is another online lender option offering short-term small business loans and merchant cash advances ranging between $5,000 and $500,000. The short-term loans come with terms ranging between 4 and 15 months, but merchant cash advances don’t have any associated fixed-term repayments.

With Fora Financial, you can expect fast turn-around times, with approval taking only one day, and fund disbursement - three days since application. In order to qualify for a loan from this lender, you need to have:

  • Personal credit score of 500 or above
  • Minimum of six months in operation
  • Minimum annual revenue of $12,000
  • No currently open or unsettled bankruptcies
Try Fora Financial

3. Credibly - Best for Startup Business Loans


Credibly is an established online lender that has been providing small business loans to companies based in New York and other states for over 10 years. The platform is devoted to opening funding opportunities to a wide range of customers, and, therefore, Credibly’s loans come with fairly lenient eligibility requirements. As such, you are only required to have a personal credit score of 500 to apply.

Credibly offers seven varieties of small business loans, with a working capital loan being the most popular. This type of loan works slightly differently from a regular term loan. Here, rather than paying interest rate, you will be charged a lump sum as a percentage of the total loan.

Try Credibly

Learn more about Credibly in our comprehensive review.

4. SmartBiz - Best for Equipment Loans

Banner smartbiz

SmartBiz offers SBA loans and lines of credit. This company acts as a broker and has created a database of preferred SBA lenders. SmartBiz has a straightforward pre-qualification process, after which you match with the most suitable lenders based upon the information you provide.

There’s also a team of financial experts who help you identify the best small business loan for your firm. Once you’ve settled on the perfect loan, an advisor will accompany you through the loan application process.

The Bottom Line

SBA loans are available between $30,000 and $5 million, with a repayment period between 10 to 25 years. Because SBA loans can be used for various purposes, the flexibility and the longer repayment terms make SmartBiz an excellent choice for new businesses.

Try SmartBiz

Learn more about SmartBiz in our comprehensive review.

Additional New York Small Business Financial Resources

New York State offers other types of financial support for small businesses, other than loans. In common with other states, tax credits are available for qualifying small businesses. However, to be eligible, your firm must belong to one of the sectors designated by the state. There’s also the state’s Linked Deposit Program, which gives an interest reduction of 2% on loans from various kinds of lenders.

The state also has a plethora of financial support options, including New York small business grants. Some of these are industry-specific, while others focus on developing community needs and cultural aspects of New York life.

  • The New York Healthy Food & Healthy Communities (HFHC) Fund. This $30 million financing program was established to support the growth of healthy food markets and promote healthy communities in the state of New York.
  • The Metropolitan Economic Revitalization Fund (MERF). MERF provides loans to government or businesses investing in projects aiming to create or retain a significant number of jobs in economically distressed areas within New York City and parts of Nassau, Rockland, and Westchester counties.
  • The Restaurant Resiliency Program. The Restaurant Resiliency Grant Program provides a total of $25 million to restaurants that offer meals to people within under-represented or distressed populations. The grant is meant to allow businesses to cover the cost of food, preparation, and delivery to vulnerable communities.

Other Resources for New York Small Businesses

While a New York small business loan can be a boon for a new or growing company, New York State also has many programs that provide practical help in establishing or running a business.

There are 24 Entrepreneurship Assistance Centers (EACs) spread throughout the state. These support hubs provide technical assistance and training to business owners.

From basics like writing a business plan to refining business concepts, the EACs aim to get you in the best possible shape and make your business a success.

How to Prepare for a New York Small Business Loan

It’s essential to understand the small business loan requirements in New York.

Although lenders will usually have specific requirements for loan applications, there’s some information that will always be requested. Here’s a rundown of what you should get ready before applying for a New York small business loan.

  • Get your personal and business credit score in order. Try to resolve any issues before talking to lenders. If possible, boost your credit score by taking a small amount of credit and paying it back punctually.
  • Prepare critical financial information about your business, including credit reports, tax returns, profit and loss reports, and balance sheets.
  • Write a business plan. It doesn’t have to be a lengthy document, but it should cover how much money you want, what you’ll spend it on, and how you envisage paying it back.
  • Be clear about what collateral (personal or from your company) and assets you could offer to help secure a loan.

The Bottom Line

An SBA loan can make it much easier for a small business to obtain financing; the federal government guarantees a proportion of the amount borrowed, making your request less risky to the lender. However, the requirements are demanding, and it can take a month or more to be approved and receive the funds.

By contrast, online lenders usually have a much quicker application process, with faster approvals and transfer of funds. Some of them also have a pre-qualification process in which they match you up with lenders likely to approve your loan request.

Online lenders often target applicants who are less likely to be approved by mainstream lenders, so it can be easier to get a New York small business loan through them.

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About the Author

Tetiana Sitiugina-Babiuk

Tetiana Sitiugina-Babiuk

Financial Sector Specialist and Content Strategist

Independent writer, content strategist, and financial sector specialist. Tatiana has an extensive experience in working with financial institutions such as Bank of Canada and Risk Management unit at FinDev Canada. She holds an MA in Financial Risk Management from the University of Toronto.

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