If you’re looking to get a small business loan in New York, 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 New York, 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 New York, 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.

New York

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

• Credit scores: Lenders in New York 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. 

The amount of business loan you can get in New York, 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. If you have a strong credit score and a healthy business with steady revenue, you can qualify for a larger loan amount.

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 New York, NY can qualify for up to $5 million.

Generally, business owners in New York, NY who have established businesses with good credit scores and steady revenue growth can be eligible for a business loan.

When considering your application, most lenders will look at your credit score, time in business, annual revenue, industry type, risk level, collateral requirement, and personal financial information. It's essential to understand all the eligibility criteria before applying for a loan so you can assess if you meet the lender's requirements.

No, getting a business loan in New York, NY isn't difficult especially when you work with an online lender. Application only takes less than a minute and you’ll get funded quickly once approved. Make sure you are aware of all the requirements before applying for a loan to further expedite the process.