The best small business loans for New York, NY
Take your business to new heights with the right financing
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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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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

See why thousands of businesses have made SBM Compass
the top-rated small business loan provider in New York, NY
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
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
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.
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
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.
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
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New York City
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Hempstead Town
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Brookhaven
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Islip
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Oyster Bay
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Buffalo
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North Hempstead
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Babylon Town
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Rochester city
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Yonkers
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Huntington
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Ramapo
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Syracuse
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Amherst
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Smithtown
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Albany
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Greece
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Greenburgh
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Cheektowaga
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Clarkstown
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Colonie town
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New Rochelle
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Mount Vernon
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Tonawanda town