Business Loans in New York
Secure the necessary working capital for your small business in New York. Explore hassle-free and quick small business funding with us. Apply for a Greenbox Capital small business loan in New York today.
How to Secure Business Funding in New York for SMBs?
Small to Medium Businesses (SMBs) can face significant challenges in getting approval for business financing from banks. Lack of credit history, limited years in business, and risks associated with SMBs can affect the chances of approval.
As an alternative financing institution, we provide the commercial loans entrepreneurs may require for their businesses.
We process business loans in New York from as low as $3,000 to $500,000 across all industries. Our wide range of loans for small businesses can be critical in maintaining cash flow, sustaining operations, and growth.
Our funding advisors closely collaborate with loan applicants to expedite the approval process. Loan amounts can be credited within 24 hours of applying.
What Types of Small Business Loans in New York Do We Offer?
We understand that entrepreneurs have diverse needs, predicated by the type of business, its financial status, and future requirements. Hence, we offer the following types of small business loans in NY to meet the unique requirements of SMBs.
Small Business Loans
Small business loans in New York are fixed-term loans that must be repaid via regular payments. We currently offer alternative small business loans, ranging from $3,000 to $500,000. The loan term can vary:
- Short Term: 6 months to 2 years
- Medium Term: 2 to 5 years
- Long Term: 5 to 25 years
Our small business loans have diverse goals, one of them being equipment loans that facilitate the purchase of equipment for the betterment of the business. Entrepreneurs running a private business can apply for our New York small business loans to grow their operations or hire new talent for the team.
Merchant Cash Advances (MCAs)
In this type of loan, SMBs are credited with a lump sum working capital in exchange for a fixed percentage of future sales. A merchant cash advance in New York entitles the borrower to repay the loan as their sales recover. MCAs are ideal for SMBs that handle debit and credit card transactions in bulk.
Businesses that do not have collateral assets can also acquire working capital by applying for an MCA.
We offer merchant cash advances in NY for a duration of 3 – 18 months.
Business Line of Credit
In this type of loan, a small business is pre-approved for a fixed credit amount and can withdraw as much of the fund as required. The interest is charged only on the withdrawn amount. We offer a business line of credit in New York to businesses that require some working capital without the hassle of applying for a lump sum loan.
Business Line of Credit is a good loan option for:
- stabilizing cash flow during slow or lean sales periods
- purchasing inventory
- marketing expenditure
- opening up at a new location, etc.
The term period for such loans varies from 6 months to 2 years and can be renewed.
Bad Credit Business Loans
Also known as Low Credit Small Business Funding, such loans are given to SMBs that have bad credit scores and lack collateral. While bad credit business loans can be of many types, we offer non-loan funding called Invoice Factoring. We typically purchase a business’s outstanding invoices at a discounted rate and pay upfront for 70-90% of upcoming bills.
At Greenbox Capital, SMBs can acquire up to $100,000 per common ownership by applying for a bad credit business loan.
Industries Eligible for New York Business Loans
Businesses belonging to the following sectors can apply for a business loan with us:
- Accounting Firms
- Attorneys
- Auto Dealers
- Auto Repair Shops
- Beauty Salons
- Cleaning Businesses
- Construction Companies
- Convenience Stores
- Daycares
- Dental Practices
- Dry Cleaners
- Gas Stations
- Home Healthcare Agencies
- Manufacturers
- Medical Practitioners
- Pharmacies
- Pool Construction Companies
- Restaurants
- Retail Stores
- Security Services
- Staffing Services
- Veterinarians
Types of Businesses That Can Secure Business Funding in New York
We currently help the following types of business owners get a loan in New York:
Women-Owned Businesses
Women entrepreneurs can benefit from our fast and hassle-free loan processing at affordable interest rates. While they may face challenges in securing loans from traditional lenders, our flexible approval requirements can provide them with the working capital they need.
Minority-Owned Businesses
We provide minority business loans based on their revenue, cash flow, years in business, vendor repayment history, and public records. To qualify, at least 51% of the business must be owned, operated, and controlled by one or more minority citizens.
Entrepreneurs belonging to Asian-Indian, Asian-Pacific, Black, Hispanic, or Native American ethnic groups can apply for loans by self-attesting or presenting certification provided by the city, state, or federal agencies.
Veteran-Owned Businesses
Instead of waiting indefinitely for grants and special programs, veterans starting a business can benefit from our simple application process and fast turnaround time. Our alternative financing solutions can help veterans grow their businesses effortlessly.
Low Credit Businesses
Businesses with bad credit history can secure loans with flexible approval criteria. We finalize the qualification criteria based on its current requirements and credit score.
Minimum Requirements for Business Funding in NY
The following are the qualifying criteria for securing business loans in New York:
| Minimum Revenue | $10,000 / month |
| Length in Business | 5 months or more |
| Ownership % | Minimum of 51% Ownership |
| Personal Credit | US FICO 500+ |
How to Get a Business Loan in NY
Entrepreneurs can apply for a business loan with us by following a few easy steps:
- 1
Submit An Application
Fill out the application form and submit it along with bank statements of up to three months.
- 2
Talk to Our Funding Advisor
Our dedicated Funding Advisor will get in touch with the applicant to discuss the best loan options and finalize the application.
- 3
Receive Funding
Once the loan request is approved, funds will be credited in less than a day.
- 4
Finalize Repayment
The applicant must add a payment method (debit/credit card) so that the interest can be debited.
Benefits of Business Funding with Greenbox Capital in New York
We specialize in providing seamless loans to SMBs without the challenges of borrowing through a traditional lender.
- Customer-centric Loan Terms: We provide approvals that take into account the most common challenges faced by SMBs, like imperfect credit history and lack of collateral.
- Fast and Flexible Service: We are aware of the time-sensitive needs of our clients. That’s why we have a simplified application process and offer expedited approvals, unlike banks and traditional lenders.
- Diverse Loan Types: We offer a variety of loans to cover the most pressing needs of different types of SMBs.
Case Studies: Successful New York Business Loans
| Company Type | Loan Type | Funded | Loan Term | Loan Benefits |
|---|---|---|---|---|
| Convenience Store, Albany | Business Line of Credit | $8,000 | 6 Months | Ran promotional events for marketing |
| Restaurant, New York City | MCA | $15,000 | 18 months | Purchased inventory to supplement seasonal spike in sales |
| Law Firm, Brookhaven | Business Line of Credit | $10,000 | 9 Months | Upgraded to new enterprise-level software |
| Beauty Salon, Rochester | Equipment Financing | $17,000 | 1.5 Years | Purchased new massage chairs |
| Restaurant, Buffalo | MCA | $25,000 | 18 Months | Purchased state-of-the-art kitchen appliances in bulk |
| Dental Practice, North Hempstead | Equipment Financing | $20,000 | 3 Years | Purchased dental lasers and dental chairs |
FAQ about Business Funding Services New York
What is the easiest small business loan to get in New York City?
The easiest small business loan to get in New York City is to apply for one on Greenbox Capital. Submit an application with bank statements for three months to get started.
What qualifies as a small business in NYS?
Any business owned by a NYS (New York State) resident with less than 100 employees that’s not a leading name in its niche qualifies as a small business.
What are the criteria for obtaining a small business loan in NY?
We consider various factors like revenue, cash flow, years in business, vendor repayment history, and public records to approve loans.
How to get a small business funding in Buffalo, NY?
Fill out the application on our website to get started.
Can I get a bad credit business loan in Rochester, NY?
Yes, We provide bad credit business loans to SMBs, subject to terms and conditions.
How fast can I get a small business loan in Buffalo, NY?
We can process loans in less than a day!
Where to Get Business Funding in NYS
- New York City
- Hempstead
- Brookhaven
- Rochester
- Buffalo
- North Hempstead
- Islip
- Oyster Bay
- Babylon
- Yonkers
- Huntington
- Ramapo
- Syracuse
- Amherst
- Smithtown
- Albany
- Greece
- Greenburgh
- Cheektowaga
- Clarkstown
- Colonie
- New Rochelle
- Tonawanda
- Mount Vernon
- Southampton
- Schenectady
- Utica
- White Plains
- Hamburg
- Clay
- Hempstead
- Union
- Troy
- Henrietta
- Irondequoit
- Orangetown
- Rye
- Niagara Falls
- Perinton
- Binghamton
- Poughkeepsie
- Lancaster
- Webster
- West Seneca
- Palm Tree
- Kiryas Joel
- Mount Pleasant
- Freeport
- Cortlandt
- Valley Stream
- Haverstraw
- Ossining
- Penfield
- Clifton Park
- Guilderland
- Brighton
- Riverhead
- Bethlehem
- Yorktown
- Long Beach
- Carmel
- Ithaca
- Eastchester
- Clarence
- Spring Valley
- Manlius
- Salina
- Harrison
- Poughkeepsie
- Vestal
- Harrison
- Newburgh
- Rome
- Warwick
- Wallkill
- Cicero
- Rotterdam
- Mamaroneck
- Port Chester
- Pittsford
