The best small business loans for Buffalo, 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

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Industries we work with in Buffalo, NY

We're proud to work with small businesses across various industries in Buffalo, 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:

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    Construction

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    Medical Practices

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    Beauty Salons

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    Retail Stores

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    Restaurants

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    Hotels

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    Manufacturing

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    Staffing

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    Automotive Businesses

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    Landscaping

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    Toy Businesses

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    Transportation

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    IT

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    Professional Services

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    Veterinary Practices

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    Franchise Businesses

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See why thousands of businesses have made SMB Compass

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

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    SBA Loans

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    Term Loan

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    Invoice Financing

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    Business Line of Credit

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    Inventory Financing

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    Bridge Loans

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    Equipment Financing

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    Asset Based Loans

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    Purchase Order Financing

FAQs about small business loans in Buffalo, NY

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

 If you’re looking to get a small business loan in Buffalo, 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 Buffalo, 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 Buffalo, 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 just need to submit your loan application along with the required documents. You must also 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.

Buffalo NY

Buffalo NY

What are the requirements to get a business loan in Buffalo, NY?

The business loan requirements in Buffalo, NY, vary depending on the lender and loan type. However, there are some general requirements most lenders look for when reviewing applications:

  • Credit scores: Lenders in Buffalo will typically check your personal and business credit scores to determine your creditworthiness. A good score can help you qualify for loans with more favorable terms and rates. 
  • Time in business: Some lenders may require that your business has been operating for a certain amount of time, usually at least a year or two. 
  • Annual revenue: Lenders want to see evidence of steady revenue growth over time, with some requiring a minimum annual revenue threshold. 
  • Industry type and risk level: Certain industries may be deemed higher risk, so it’s important to understand how your industry is viewed before applying for a loan. 
  • Collateral: Depending on the type of loan you’re applying for, you may need collateral, such as real estate or vehicles that lenders can seize in case you default on the loan. 
  • Personal financial information: Lenders may also want to review personal financial information from the business owners, including tax returns and bank statements. Shop around and compare offers from different lenders, read the fine print, and understand all fees associated with the loan before signing any agreements. 
How much business loan can I get in Buffalo, NY?

The amount of business loan you can get in Buffalo, NY, depends on various factors such as your credit score, business revenue, business plan, and the lender's requirements.

Generally, lenders will look at your credit score and business financials to determine your eligibility for a loan and the amount you can borrow. You can qualify for a larger loan amount if you have a strong credit score and a healthy business with steady revenue.

It's also important to consider the type of loan you're applying for, as different loan types may have different maximum amounts. For example, a Small Business Administration (SBA) loan may have a maximum loan amount of $5 million, while a traditional bank loan may have a lower maximum amount.

To better understand how much business loan you can get, you should consult with lenders and get quotes from multiple sources. This will help you compare offers and find the loan that best meets your business needs.

At SMB Compass, businesses in Buffalo, NY, can qualify for up to $5 million.

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

Business owners in Buffalo, NY, who have established businesses with a good credit score and steady revenue growth may be eligible for a business loan. However, lenders may vary in their eligibility criteria, so it's crucial to determine all the requirements before applying for a loan. Additionally, some lenders may require collateral such as equipment or real estate to secure the loan. It's also essential to compare different offers from different lenders before deciding on a loan to ensure you get the best deal available.

Which loan is best for businesses in Buffalo, NY?

The best loan for businesses in Buffalo, NY, depends on their individual needs and eligibility criteria. Some lenders may offer better terms than others, such as lower interest rates or longer repayment terms. Make sure to research all the requirements before applying for a loan so you know what to expect.

Here are some of the options available to Buffalo business owners:

  • SBA loans
  • Business lines of credit
  • Equipment financing
  • Invoice financing
  • Inventory financing
  • Purchase order financing
  • Bridge loans
  • Asset-based loans
  • Term loans
How can I get a $50,000 loan in one day in Buffalo, NY?

While it is not always possible to obtain a $50,000 loan in one day in Buffalo, NY, some online lenders offer same-day funding for certain loans. However, it's important to research all the requirements and eligibility criteria before applying for a loan and compare different offers from different lenders to get the most favorable terms possible. Additionally, some lenders may require collateral such as equipment or real estate to secure the loan, so consider this when shopping for the best deal.

Small business loans available in every city in New York