The best small business loans for Albany, NY

Take your business to new heights with the right financing

  • Apply in less than 60 seconds
  • Wide range of financing option for every need
  • Competitive rates and terms
  • Personalized service
  • Dedicated support team

Let's Get Started

"*" indicates required fields

Step 1 of 2

Industries we work with in Albany, NY

We're proud to work with small businesses across various industries in Albany, NY. Whether you're in healthcare, construction, or technology, we're here to help you grow and succeed. Our financing solutions are customized to meet your needs, so you can focus on what you do best - running your business!

Here are some of the many industries we serve:

  • icon green update

    Construction

  • icon green update

    Medical Practices

  • icon green update

    Beauty Salons

  • icon green update

    Retail Stores

  • icon green update

    Restaurants

  • icon green update

    Hotels

  • icon green update

    Manufacturing

  • icon green update

    Staffing

  • icon green update

    Automotive Businesses

  • icon green update

    Landscaping

  • icon green update

    Toy Businesses

  • icon green update

    Transportation

  • icon green update

    IT

  • icon green update

    Professional Services

  • icon green update

    Veterinary Practices

  • icon green update

    Franchise Businesses

shutterstock 19

See why thousands of businesses have made SMB Compass

the top-rated small business loan provider in Albany, NY

Garrett Cushing
Garrett Cushing
November 30, 2021.
Diligent and honest people to work with. SMB has been a great resource for my business, helped me through a variety of different financing over the years.
John Limato
John Limato
November 16, 2021.
I rarely write reviews but felt the need to thank the SMB team. Found them to be honest people that took the time to understand my business and walked me through the entire process.
Connor Johnson
Connor Johnson
November 4, 2021.
SMB helped me navigate through the growth period in my business. They were diligent and genuinely cared to make sure we got the percent line in place to meet our current needs. Very happy I was introduced to them and would highly recommend.
Michelle Cota
Michelle Cota
October 27, 2021.
I am so happy that SMB was able to help our company when we were in a jam. They were so attentive and so easy to work with. Helped step by step to get financed. Thank you Clay!
Veronica Akins
Veronica Akins
October 14, 2021.
SMB Compass was helpful and fast. They kept in contact and answered all my questions. The best part of our interactions was that the lender could have given me an extremely high interest rate loan when I thought that was my only option, but he instead told me of another option that fit our needs much better and saved us money! Thank you Clay
John Folco
John Folco
October 13, 2021.
True experts in the Commerical finance space. Great company to work with, look forward to a continued relationship.
Pat Mcandrews
Pat Mcandrews
October 8, 2021.
Great team of professionals to work with. Incredibly responsive and great problem solvers. Would recommend them to anybody.
Haroon S
Haroon S
September 22, 2021.
Clay was great to work with. Very responsive and great communication.
John Lutz
John Lutz
September 15, 2021.
Great people to work with. They were transparent and helpful from the first call to closing. I would recommend them to anyone in my network.
Matthew Seymour
Matthew Seymour
July 16, 2021.
Clay & Matt are experts in the industry and they are able to advise on a number of topics.

Learn more about our loan packages

The best small business loan in Albany, NY

  • icon green update

    SBA Loans

  • icon green update

    Term Loan

  • icon green update

    Invoice Financing

  • icon green update

    Business Line of Credit

  • icon green update

    Inventory Financing

  • icon green update

    Bridge Loans

  • icon green update

    Equipment Financing

  • icon green update

    Asset Based Loans

  • icon green update

    Purchase Order Financing

FAQs about small business loans in Albany, NY

How to get a small business loan in Albany, NY?

If you’re looking to get a small business loan in Albany, NY, here’s what you should do:

  1. Know what you need. Before applying for a loan, get a clear idea of how much money your business needs and how you will use the funds. Doing so can help identify the best type of loan for your needs.
  2. Check your credit score. Many lenders in Albany, NY, will look at your credit score when reviewing your application, so knowing where you stand is important. If your score is less than ideal, consider improving it by making timely payments, keeping old accounts open, and limiting new credit applications.
  3. Research lenders. Many different types of lenders offer small business loans in Albany, NY, including banks, credit unions, and online lenders. Do your research to find out which ones best fit your needs and qualifications.
  4. Prepare your application. Once you’ve identified potential lenders, prepare your loan application carefully. This may include providing financial statements, tax returns, and other documentation demonstrating your ability to repay the loan.
  5. Apply for the loan. If you’ve found a lender you’re comfortable with, it’s time to start your application. The process varies from lender to lender, but essentially, you need to submit your loan application along with the required documents. You also need to prepare to answer any additional questions the lender may have.
  6. Wait for a decision. The lender will then review your application and decide whether to approve your loan or not. Funding speed depends on the lender and loan type. Banks usually take weeks or months, while online lenders can fund your business in a day.

Albany NY

Albany NY

How can I get a business loan easily in Albany, NY?

Getting a business loan in Albany, NY, can be relatively easy if you have the necessary documents and qualifications. Online lenders make getting a loan easier because they offer more flexible terms and greater convenience. You can apply for a loan anytime, anywhere, and often receive an instant decision. Because most online lenders don't have physical locations, they can offer competitive interest rates and faster turnaround times than traditional banks.

Who is eligible for a business loan in Albany, NY?

To be eligible for a business loan in Albany, NY, applicants must meet the criteria of the lender they are applying to, including having a business based in Rochester, being of legal age, and having some form of income. Most lenders will also require applicants to provide documents such as proof of address, business registration details, and financial statements. Some lenders may also require collateral such as equipment or real estate to secure the loan, so reviewing all eligibility and requirements is essential before applying.

What is the minimum deposit for a business loan in Albany, NY?

The minimum deposit for a business loan in Albany, NY, will depend on the lender and specific product. However, most lenders require a minimum deposit of 5-20% of the loan amount. Some lenders may require additional collateral or a co-signer to secure the loan. It's important to ask the lender about their requirements before signing agreements and compare different lenders to find the best terms and conditions for your business loan needs.

What are the easiest loans to get approved for in Albany, NY?

The easiest business loans to qualify for in Albany, NY, tend to be those with lower risk profiles. For example, secured loans backed by collateral such as real estate or vehicles are generally easier to process and approve. Additionally, government-backed loan products such as SBA-backed financing may provide an easier path to qualification due to their lower risk profile. Other factors lenders consider when determining loan eligibility may include the business owner's credit history and other financial metrics.

Why do banks refuse business loans in Albany, NY?

Banks may refuse business loans in Albany, NY, for many reasons. They may feel that the loan applicant does not have sufficient credit or financial history to meet their criteria or that the proposed loan amount is too high for them to approve. The bank may also determine that the project the loan is intended for has an unacceptably high risk of failure. Finally, banks often impose additional requirements on businesses seeking loans, such as requiring proof of revenue and/or collateral.

Small business loans available in every city in New York