The best small business loans for New York, 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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Industry we work with in New York, NY

We're proud to work with small businesses across various industries in New York, 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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    Medical Practices

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    Beauty Salons

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    Retail Stores

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    Automotive Businesses

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    Toy Businesses

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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 SBM Compass

the top-rated small business loan provider in New York, 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 New York, 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 New York, NY

How to get a small business loan in New York, NY?

Small business loans give small businesses the capital to invest in growth opportunities and cover day-to-day expenses. Once approved, the lenders provide a lump sum of cash or set up a credit line from which small business owners can draw money. The small business owners then pay interest, expressed as a percentage of the principal loan amount, every week or month, depending on the agreed-upon repayment schedule. 

The business loan proceeds can be used for a variety of purposes. This includes:

  • Working capital
  • Equipment purchase
  • Business acquisition
  • Real estate purchase
  • Expansion
  • Renovations
  • Inventory
  • Emergency cushion
What are the requirements to get a business loan in New York,NY?

Generally, small business loans are not hard to get, especially if small businesses have a stellar credit background. However, if you have a less than stellar credit score, poor revenue, and your business isn’t at least a year old, the small business loan application might be more challenging. 

Fortunately, several companies now offer alternative financing solutions to small businesses. Unlike traditional lenders, alternative lenders have an easier small business loan application process and an approval time of at least 24 hours. Many of them offer bad credit business loans to businesses with poor credit scores and shorter business histories. 

How much business loan can i get in New York, NY?

A small business loan is a smart option for several reasons. For one, it helps build your credit score (as long as you pay on time), which will eventually qualify you for more comprehensive loans in the future.

Aside from that, here are the top advantages of a small business loan:

  • Give you the capital to invest in growth opportunities like expansion, business acquisition, renovations, partnerships, etc. 
  • Act as a cash cushion during the slow season or emergencies
  • You won’t have to worry about falling short in cash and compromising your day-to-day business operations.
  • You can refinance high-interest rate loans
Who is eligible for a business loan in New York, NY?

Small business loan applications at SMB Compass are a straightforward process. All you have to do is to fill out our online application form and provide details like the loan amount, name of your small business, city, and zip code. 

Once we receive your application, we’ll get back to you with a list of small business loan options. We’ll also ask for more information, so we can evaluate, and we can narrow down the best small business financing options for your company.

Is it hard to get a loan in New York, NY?

As of 2022, the average small business loan rate was 4.76% for fixed-rate loans and 5.35% for variable-rate loans, according to the Federal Reserve Bank of Kansas City.

Generally, the cost of a business loan depends on the size of your business, loan purpose, creditworthiness, loan type, and lender.

Small business loans available in every city in New York

  • North Hempstead

  • Babylon Town

  • Rochester city

  • Yonkers

  • Huntington

  • Ramapo

  • Syracuse

  • Amherst

  • Smithtown

  • Albany

  • Greece

  • Greenburgh

  • Cheektowaga

  • Clarkstown

  • Colonie town

  • New Rochelle

  • Mount Vernon

  • Tonawanda town