Loans by state
New York Business Loans
New York is home for SMB Compass: our team has worked out of Rye, in Westchester County, since 2017. The state has 2.4 million small businesses, from Manhattan restaurants and Long Island contractors to manufacturers in Buffalo and Rochester, and each region brings its own costs and local lenders. We provide SBA, equipment and working capital financing for New York owners. Because New York’s Commercial Finance Disclosure Law requires standardized cost disclosures on many offers of up to $2.5 million, owners here can compare the offers they receive side by side.
Business financing in New York
SMB Compass provides financing for established businesses from $25,000 to $5 million, with funding in as little as 24 hours. Applying takes a few minutes and won’t affect your credit score.
On this page
New York’s small business economy
The industries employing the most people at New York small businesses: Health Care and Social Assistance; Accommodation and Food Services; Retail Trade; Professional, Scientific, and Technical Services; Construction. Source
GDP: U.S. Bureau of Economic Analysis · Small business data: SBA Office of Advocacy
Business loans we offer in New York
The financing programs available to established New York businesses. Our team helps you choose the one that fits how your business earns and spends.
Financing for New York industries
Where we see the most demand for business financing in New York.
Restaurants and food service
New York restaurants face some of the highest rents and labor costs in the country, and a slow month or a surprise repair can strain cash quickly. Equipment financing covers kitchen buildouts, and SBA loans are often used to buy an existing restaurant or the building it operates in.
Accommodation and food services accounted for 537,380 small business employees in New York. (source)
Common fits: Equipment Financing · SBA Loans · Business Term Loans
Construction
Contractors in the city and suburbs often carry retainage and 60- to 90-day payment terms on commercial jobs while paying union or prevailing-wage payroll weekly. A line of credit or invoice financing covers the gap, and equipment financing supports new trucks and machinery as backlog grows.
Construction accounted for 325,600 small business employees in New York. (source)
Common fits: Business Line of Credit · Invoice Financing · Equipment Financing
Professional services
Law, accounting, engineering and consulting firms bill on monthly or project cycles, and partner buyouts or acquisitions of another practice require capital up front. Term loans and SBA loans fund those transitions, and a line of credit smooths payroll when large clients pay late.
Professional, scientific, and technical services accounted for 344,414 small business employees in New York. (source)
Common fits: Business Term Loans · SBA Loans · Business Line of Credit
Free help for New York business owners
Public and nonprofit resources worth knowing about, alongside private financing.
SBDC
New York Small Business Development Center (NYSBDC)
SUNY-administered network of 20 regional centers and more than 70 satellite locations offering no-cost, one-on-one advising, including help with financing requests.
SBA district office
SBA Metro New York District Office
The SBA district office for the New York City area, covering SBA loan programs, counseling and contracting certifications; separate SBA district offices serve upstate New York.
State economic development agency / state loan program
Empire State Development: SSBCI
New York’s SSBCI programs, including the Main Street Capital Loan Fund (loans up to $100,000), the Small Business Revolving Loan Fund, the Contractor Financing Program for government contract working capital, the Capital Project Loan Fund for manufacturers, and the Capital Access Program.
State regulator
NY DFS: Commercial Finance Disclosure regulation
Explains the disclosure rules for commercial financing offers of up to $2.5 million made to New York businesses.
Good to know in New York: New York’s Commercial Finance Disclosure Law, implemented by DFS regulation 23 NYCRR Part 600, requires providers of covered commercial financing of $2,500,000 or less to give standardized disclosures, and the regulation sets out duties for both financers and brokers. Read the rule
How to get a business loan in New York
Most New York businesses we work with have at least a year in business and steady monthly revenue. Your advisor walks you through each option, including what it costs and how repayment works.
- Decide how much you need and what it’s for
- Check your personal and business credit
- Gather three to six months of bank statements and recent tax returns
- Apply online with SMB Compass (it won’t affect your credit score)
- Review your options with your advisor
- Accept the offer that fits and receive funding
Where we work in New York
We provide financing for businesses statewide, including in New York City, Buffalo, Yonkers, Rochester, Syracuse, Albany, New Rochelle and Mount Vernon.
FAQ
New York business loan questions
What disclosures should I receive on a business financing offer in New York?
Under the Commercial Finance Disclosure Law and DFS regulation 23 NYCRR Part 600, covered offers of $2.5 million or less must include standardized disclosures. The rules reach sales-based financing, closed-end and open-end financing, factoring, lease financing and general asset-based financing, and they also set duties for brokers.
Where can New York owners get free advising before applying for a loan?
The New York SBDC, administered by SUNY, has 20 regional centers and more than 70 satellite locations offering no-cost, one-on-one advising. Advisors can help with projections and loan applications before you talk to a lender.
Does New York State offer its own small business loan programs?
Yes. Empire State Development runs several SSBCI-funded programs, including the Main Street Capital Loan Fund for loans up to $100,000, the Small Business Revolving Loan Fund, the Contractor Financing Program ($37 million in SSBCI funds for government contract working capital) and the Capital Project Loan Fund for manufacturers buying buildings or equipment.
Is SMB Compass based in New York?
Yes. SMB Compass is headquartered in Rye, New York, and has provided financing for businesses since 2017. We work with owners across the state, from New York City and Westchester to the Capital Region and Western New York.
Sources
- SBA Office of Advocacy, 2026 Small Business Profile: New York
- BEA, Gross Domestic Product by State and Personal Income by State, 4th Quarter 2024 and Preliminary 2024 (Table 1)
- U.S. Census Bureau, City and Town Population Totals: 2020-2025
- Census QuickFacts: New Rochelle city, New York (V2025)
- Census QuickFacts: Mount Vernon city, New York (V2025)
- NY DFS press release: Updated regulation for commercial financing disclosures (Feb. 2023)
- Empire State Development: SSBCI
- SBA Metro New York District Office
- NYSBDC
- Existing SMB Compass New York page
Figures checked 2026-09-23. SMB Compass is a business financing company, not a lender; we may be paid by the lenders we place loans with. This page is general information, not financial or legal advice.