Best Small Business Loans in New York of February 2024

Ray Prince
Last Update: September 25, 2023 Business Loans by States and Cities

Today, there are plenty of small business loans New Yorkers can take advantage of to bring their business idea to life. Whether it’s a brick-and-mortar business or an online retailer,borrowers of all credit scores can enjoy low interest rates, favorable repayment terms, and minimal fees.

Keep reading to learn more about small business loans in New York, including the current interest rate climate, types of business loans available, how to qualify, and recommendations on top lenders.

Lender:Loan Amount:APR:Min. Credit Score:Best For:
SuperMoneyUp to $5,000,000As low as 4.99%UndisclosedPeople who want to compare multiple options
U.S. Small Business AdministrationUp to $5,000,0009.25% — 11.75%720Large loans and long repayment terms
FundboxUp to $150,00010.10% — 79.80%600Bad credit
PNC Bank $20,000 — $100,00014.49% — 16.49%720Good credit
Bank of AmericaStarts at $25,000As low as 6.75%UndisclosedSecured loans
Kabbage by American ExpressUp to $250,000VariesUndisclosedBusinesses with low revenue (minimum $3,000 monthly)

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Best Small Business Loans in New York 2022 of February 2024: Key Findings

The best secured business loans in New York start at $25,000 with APRs as low as 2.75% (Bank of America).

The U.S. Small Business Administration offers financial assistance to small businesses with partially guaranteed government loans valued up to $5,000,000. These are awarded by banks and credit unions that can negotiate the interest rate up to a specified maximum set by the SBA.

Bad credit NY borrowers can still take out business loans, e.g., Fundbox, with APRs of 10.10% to 79.80% on loans up to $150,000.

NY businesses with low monthly revenue (minimum: $3,000) can still qualify for business loans up to $250,000 (e.g., Kabbage by American Express).

Some small business lenders like Fundbox can offer New Yorkers funding in as little as one business day.

SuperMoney

Loan Amount:Up to $5,000,000
APR:0% – 36%
Min. Credit Score:0
Approval:Same day
Terms:Up to 25 years
Fees:
  • Loan origination fees range between $100 and $500.
  • Late payment fees range between $5 and $50.
  • Most lenders don’t charge prepayment fees