A Comprehensive Guide to Securing an SBA Loan in New York

It takes money to make money, but securing financing for your small business isn't always that simple. Fortunately, if you're located in the Empire State, you have more options than most. 

The State of New York is one of the best states for small business lending, with almost half of all applicants receiving the total amount of funding they request. Plus, New York boasts several grant opportunities and notable tax credits.

If you're looking to secure business funding in the Empire State, you've come to the right place. Below, we'll cover all the small business financing opportunities you have in the State of New York.

SBA Loans in New York

Pursuit Lending

Pursuit Lending is a Community Development Financial Institution (CDFI) that helps small businesses in New York get access to much-needed capital. They provide SBA 504, SBA 7(a), and SBA Microloan programs to help various companies across several industries get the financing they need.

Pursuit's most popular lending program is the SBA Microloans. You can find microloans for $10,000 to $50,000 with a maximum interest rate of 9.125%. These loans have a 6-year repayment schedule and funding in less than 5 days after approval.

If you need a small boost of capital to make big things happen, learn more about Pursuit Lending's Microloan program.

SBA Subsidy Loan Program

Due to the economic impact of the COVID-19 pandemic, the SBA is providing immediate relief to any small business with existing SBA loans obtained prior to March 27, 2020. If you received a 7(a), 504, microloan, or Community Advantage loan before this debt, you qualify for assistance.

Under the SBA Subsidy Loan Program, the SBA covers all loan payments (principal, interest, and fees) for six months. Contact your existing SBA loan lender to apply for the subsidy.

NYC Capital Access Loan Guaranty Program

The NYC Economic Development Corporation (NYCEDC) provides small business loans for NYC-based small businesses with fewer than 100 employees. These businesses can access business loans and business lines of credit of up to $250,000 through the NYC Capital Access Loan Guaranty Program. 

The funding comes through one of the NYCEDC's partner lenders, but the NYCEDC will provide a partial guarantee of up to 40% of the loan amount to mitigate risk. Businesses can use these loans for working capital expenses, lease improvements, equipment purchases, and more. The program is also considering startups for microloans, so apply if you're an NYC business in need of capital.

WE Fund Credit

The NYC Department of Small Business Services's WE NYC initiative provides small business lines of credit to women entrepreneurs in NYC through its WE Fund Credit program. Female who've been in business for at least one year, earn $50,000 or more in annual revenue, and operate in NYC qualify for this line of credit.

Business Center for New Americans

The Business Center for New Americans (BCNA) is a CDFI that provides small businesses with microloans of $500 to $50,000. The BCNA focuses this program on immigrants, refugees, woman-owned businesses, and startups.

Small Business Grants in New York

• Pandemic Small Business Recovery Grant Program: This program provides over $800 million in funding for small businesses in New York State to help recover from the COVID-19 pandemic.
• Restaurant Resiliency Program: This program offers $25 million in funding to support restaurants that are providing meals to distressed and under-represented communities.
• New York State Biodefense Commercialization Fund: This program dedicates $40 million to life-science-specific initiatives that capitalize on New York's research and development assets surrounding biotechnology, biodefense, and life sciences.
• New York Forward Loan Fund (NYFLF): This program supports small businesses with 50 or fewer full-time employees by providing working capital loans to those who didn't receive substantial financial aid from the Paycheck Protection Program (PPP) or Economic Injury Disaster Loans (EIDLs).

Small Business Tax Credits in New York

• Restaurant Return-To-Work Tax Credit: This program provides a financial incentive for restaurants to bring staff back to work by providing a tax credit of $5,000 per new worker hired (up to $50,000 per business).
• New York City Musical and Theatrical Production Tax Credit: This program provides $100 million in tax credit to jumpstart New York's entertainment industry by helping for-profit products with seating of 500 seats or more.
• New York State Commercial Tax Credit Program: This program provides credits of up to $7 million annually to encourage production companies to create commercials in the Empire State.

Technical Assistance Programs in New York

• New York State Small Business Development Centers: Get access to high-quality business consulting and training on how to start a business in New York through a network of 24 centers around New York State.
• NYS SBA District Office: The New York District Office services all SBA programs in New York City, Long Island, Dutchess, Orange, Putnam, Rockland, Sullivan, Ulster, and Westchester counties. 
• Procurement Technical Assistance Centers (PTACs): Find local, in-person training and counseling services for your small business.
• Women's Business Centers (WBCs): You can find over 100 WBC educational centers throughout the US that are designed to help female entrepreneurs start and grow small businesses.
• SBA 8(a) Business Development Program: Go through the SBA 8(a) Certification program to gain access to new economic opportunities and overcome social or economic disadvantages.

Secure an SBA 7(a) Loan With Funding Circle

If you want to get a business loan online, there are plenty of New York-based alternative lenders and nationwide online lending platforms to choose from—like Funding Circle, for example. We can help your small business get access to faster, easier financing.

Funding Circle offers various loans to small businesses in New York:

• SBA (7a) Loans
• Business Term Loans
• Merchant Cash Advance
• Business Line of Credit
• Invoice Factoring
• Working Capital Loan

Want to see how other New York-based business owners are using Funding Circle to grow their business? Learn how Philosophie used Funding Circle to expand their operations, or see how CounterEv used a loan to plan for long-term growth.

Explore our loan options to find the perfect small business loan for your New York business.