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Small Business Loans in New York (2020 Update)
There are almost two million small businesses in the state of New York. Most of these companies run on their own without the help of employees or staff. Because of the staggering number of businesses that are created each year, it’s no surprise that New York is one of the top states in the country for business loan applications. Small business loans can range from a few thousand dollars to several million, depending on what the company needs and what they are entitled to receive.
When to Take Out a Business Loan
It’s important to take out a business loan if you are having difficulties making ends meet within your company or need a large lump sum of cash to complete a work-related project. For those trying to stay afloat in a never-ending sea of competition, a business loan will grant you the funds you’ll use to improve marketing, sales and services. Have a clear idea of what you need that money for and only use the cash you receive for that specific purpose. Many New Yorkers take out business loans, squander the money on frivolous expenses and are left with nothing but a hefty monthly loan payment that takes years to pay off.
You need a business that is over two years old to successfully obtain an SBA, or small business loan. Banks and other lenders look at brand new businesses as a high risk factor. This is due in part to the statistics that claim eight in every ten new companies fail within their first year, but also because new business owners can be financially unstable. For companies less than a year old, opening a merchant account or obtaining a personal loan might be your best option.
Applying for the Loan and Paying It Back
During the application process, the lender will asses your business risk factors, consider past expenditures and revenue being claimed by you and any co-owners. They will evaluate these points in conjunction with your credit score to determine loan eligibility. Some lenders will approve loans for owners with bad credit as long as the company has future prospect. For high-risk, niche companies, loan denial is common and should be expected.
The amount you pay back on the loan depends on the term length you’ve agreed upon as well as your interest rate. Business loan interest rates can range from 5.5 to 8.5 percent. You can choose between a fixed rate loan or a variable one. Variable rates will change from year to year, either going up or down depending on the current market. Fixed rates can seem higher initially when compared to variable rates, but they are steady in terms of your monthly payment dues.
Small Business Loan Companies in New York
Here are some of the top lenders in the state of New York that grant small business loans:
Catskill Hudson Bank
Located in Monticello, Catskill Hudson Bank has approved small business loans for over 200,000 entrepreneurs throughout the state. They offer competitive rates and work with high-risk companies.
This lender is located in Utica and has given out loans to more than 133,000 people. Their customer approval rating is 90 percent, making them a reputable choice for newer and older business owners alike.
Community Bank is based in Canton and has approved almost $500,000 in small business loans. Entrepreneurs go to this financial institution because of its personable and reputable customer service.
Top Cities in New York and Their Lenders
New York is one of the most famous states in America – it has its roots in the original years of the country. It has been a hotbed for trade and commerce ever since it was first settled. Home to New York City, the state of New York is recognized around the world for its role in the global economy. If you want to start a business, this is one of the top places to be. The only downside to starting a business in New York is the cost of living – some parts of the state provide some of the highest costs of living in the country. But there are many other cities besides New York City that you can start a business in inside of New York.
This portion of the article will take a look at all the top cities in New York that you can start a new small business in. Below are our favorite cities in New York and their top lenders.
New York City, New York
New York City is by far the most famous city in America, if not the world. The city is well-known for being the country’s capitalist center – there are tens of thousands of business owners in the city. It is the most populated city in the United States. Any type of industry can be found in New York City, the only downside is that the cost of living is extremely high. You may need to live outside of the city if you want to start a business there. Below are our favorite lenders in New York City:
BFS Capital is a great lender for your small business. They provide loans to all the different areas of New York City. You can be certain they have the expertise to get you the funding you need. They also happen to have one of the quickest application processes available.
Bond Street is a great lender for New York City businesses if they’re trying to avoid a complicated application process. Bond Street provides up to $1m in business capital and you can be pre-approved for a loan. It’s the perfect way to streamline your lending process.
Hempstead, New York
Hempstead is located in Long Island, New York. It has a diverse local economy that includes services, airlines, and government jobs. It’s slightly cheaper than neighboring New York City, so it may be a better place to target for a new small business owner. Below are the top business lenders in Hempstead, New York:
Sterling National Bank
Sterling National Bank is a mid-sized national bank with a presence in Hempstead. They have one of the best reputations in the area with small business owners. If you want to work with a lender that has nation experience, this is definitely your best option available in the area.
Newtek provides a range of business solutions to their customers, including insurance, finance, and many other types of business-based services. If you want to work with a lender that can also provide other services, this is a good option. They also have a local lending branch in Hempstead if you need to speak with one of their specialists.
Buffalo, New York
Buffalo is the most popular city in Upstate New York. It also is home to the professional NFL, the Buffalo Bills. The city is most known for its manufacturing industry, although it has begun to diversify in recent years. Below are our favorite lenders in the region:
Evans Bank is a mid-sized, regional lender that has a large presence in the Buffalo area. They’re a great partner if you want to work with a bank that has other financial services available as well. They have an excellent reputation in the area, which is an indicator that their client base has enjoyed their funding experience.
Rochester, New York
Rochester is actually a major business capital despite being much smaller than New York City. There are a number of extremely large companies located in the area, including the company Xerox. The city has an extremely friendly business environment, it’s a great place to start a new company. Below is our favorite lender in the region:
iCommercial Lending Group
iCommercial Lending Group is the best business lender in Rochester. They’re great for anyone who wants to take their business to the next level. They also specialize in helping small business owners acquire real estate or property for their businesses.
Syracuse, New York
Syracuse is another major city in the state of New York. It’s well known for being the home of Syracuse University – one of the nation’s best institutions. The local economy is largely driven by the students and research within the area. If you’re thinking of starting a business in Syracuse, consider the lender below for your financing:
Solvay Bank is our top choice in Syracuse. They have the local knowledge to help you get the funding you need to start or expand your business. They have a great reputation with local business owners in the area. If you’re looking for a top lender that has a range of financial lending products, this is a good option. They also provide SBA loans.
Remember, some of these companies or banks are very specialized and may only handle SBA loans or a business line of credit. Ask them about any special programs for minorities or women. Also ask for information about business grants for startups if that interest you. If you bad credit don’t worry as there still may be other alternative lenders willing to work with you.
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