Small Business Loans in New York
New York City is undoubtedly one of the best places to locate your small business. It’s a hub of commerce and finance for the entire US, and an important fixture on the global stage as well.
As the most populous city in the US, there are ample opportunities to find good people, gain access to markets for your products or services, and a thriving economy that bristles with opportunity.
Nearly every major global corporation has offices in or around New York City, making it the perfect gateway to clients, customers, partners, retailers, and other channels to grow your business.
These benefits are coupled with a number of programs and tax credits to help create business opportunities in New York City, and New York state as a whole.
With all of that said, however, New York can also be an expensive place to do business. Rent and leases, salaries, benefits, equipment, and even basic utilities can run quite a bit within the city.
That creates added pressure on small businesses and entrepreneurs, and means there’s often a greater-than-average need for business loans for New York City businesses.
All of that is on top of the natural cash flow needs of small businesses and newer ventures, especially in the early years of operation.
Small business loans in New York, along with several other kinds of small business funding, are largely available from two sources: banks and private lenders.
For many small businesses, private lenders are often the better choice – easier to work with, faster approvals, more personalized service, and lower qualification thresholds to access much-needed cash, even with bad credit or a limited business history.
Let’s explore some details about small business loans in New York, what different kinds of small business funding products may be offered by banks and private lenders, and how you can get a business loan in New York easily and quickly.
In no time at all, you’ll have the cash you need to help your New York-area business succeed!
Choosing the Right Small Business Funding Product
First, before you consider whether you want to take out a small business loan in New York from a bank or private lender, you need to have some kind of sense of the different types of small business funding that are available.
There are several popular varieties of small business funding, types of short-term business loans, longer-term business loans, and so on.
In brief, some of the most popular small business funding options for New York City businesses include:
Each of these small business funding options has different pros and cons associated with it, and often have different qualification requirements.
Because of the loan or financing product terms, repayment requirements, and other details, they each can be put to the best use for various different types of expenses for most small businesses.
It’s always important to review all the potential small business funding options that you can qualify for, and understand the differences, drawbacks, and benefits for your business, before you take out any kind of loan or financing.
How to Get a Business Loan in New York
Once you’re decided you want to go ahead and apply for a small business loan in New York (or one of the many other funding options highlighted above), your next challenge will be to decide between applying at a bank and applying at a private lender, or both.
Private lenders are often the preferred choice for many seekers of business loans in New York, and across the US. This is because banks typically see small business funding as a high-risk venture, and are highly risk averse.
As a result, banks tend to offer fewer options for small businesses, with higher hurdles to overcome in order to get approved. In many cases, banks may only offer secured loans or financing products. Secured loans are loans that require collateral.
The advantage of these kinds of loans is that they typically come with lower interest rates. But many small businesses don’t have collateral to risk for a loan, and don’t want to gamble collateral worth 2, 3, or even 5 times the value of the loan, as is typically required.
Therefore, the majority of small business owners and entrepreneurs prefer to choose unsecured small business loans and other unsecured small business funding products.
Private lenders typically offer unsecured small business loans, and most have a full range of small business funding products available. Unlike banks, many private lenders specialize in small business funding, and don’t consider it a high-risk proposition.
They offer much more easily-met qualification requirements for small business loans in New York and elsewhere, too. Minimal time-in-business (often just a few months), monthly revenue, and credit score requirements are the norm when it comes to private lenders.
That enables more small business owners to get the funds they need to grow, expand, manage their operations, purchase inventory, undertake marketing efforts, pay workers, buy equipment, and move forward.
Whether you choose a bank or a private lender for your business loan in New York, you typically will need to go through an application and approval process.
Private lenders often have online applications that can be completed quickly, and offer fast service and funding. Some of the better private lenders can provide you with cash in as little as 1 business day.
Each lender – bank or private – will have somewhat different requirements and processes, so be sure to review their documentation and have a realistic expectation of what is required and how long the process may take when you apply for a small business loan in New York.
BizFly Funding: Your Source for Small Business Loans in New York
One of the leading private lenders in the US, who works exclusively with small business customers, is BizFly Funding. BizFly Funding provides a full range of small business funding options for businesses and partnerships of all types.
Customers in all 50 states in the US, and all major cities therein, including New York, are eligible. Short-term business loans, small business loans, business lines of credit, merchant cash advances, and several other funding products are available, in amounts as high as $1 million in many cases.
BizFly Funding, as a private lender, has very minimal and easily-met eligibility criteria for most of their small business funding products.
In most cases, a certain number of months in business, a minimum monthly revenue amount, and a minimum credit score are all you need to qualify for several of the leading small business loans and similar products at BizFly Funding.
Individual requirements may vary, based on the amount you seek to borrow and your individual situation. However, most customers looking for small business loans in New York, especially with bad credit, find it easy to meet the requirements for a loan at BizFly Funding.
Some of the key loan and financial product requirements and details are outlined below.
In addition to a robust portfolio of choices and easy qualification, BizFly Funding offers a fast online application. Most people seeking a business loan in New York can fill out the online application in 30 minutes or less.
After all, running a business is time-consuming and needs your full attention, not days of filling out tedious paperwork! The dedicated team at BizFly Funding will review the application and get back to you in just a few hours in the vast majority of cases.
If you’re approved, you can have your funds in your bank account in as little as 1 business day! Speed, accessibility, and service are what it’s all about when you borrow from BizFly Funding, serving all your small business funding needs.
To find out more, or to start the application process for your small business loan in New York today, visit https://bizflyfunding.com