Best Small Business Loans in New York of September 2024
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: |
|---|---|---|---|---|
| SuperMoney | Up to $5,000,000 | As low as 4.99% | Undisclosed | People who want to compare multiple options |
| U.S. Small Business Administration | Up to $5,000,000 | 9.25% — 11.75% | 720 | Large loans and long repayment terms |
| Fundbox | Up to $150,000 | 10.10% — 79.80% | 600 | Bad credit |
| PNC Bank | $20,000 — $100,000 | 14.49% — 16.49% | 720 | Good credit |
| Bank of America | Starts at $25,000 | As low as 6.75% | Undisclosed | Secured loans |
| Kabbage by American Express | Up to $250,000 | Varies | Undisclosed | Businesses with low revenue (minimum $3,000 monthly) |
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Best Small Business Loans in New York 2022 of September 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
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| Loan Amount: | Up to $5,000,000 |
| APR: | 0% – 36% |
| Min. Credit Score: | 0 |
| Approval: | Same day |
| Terms: | Up to 25 years |
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| Average Borrower Profile: |
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| Best For: | Comparing various lenders |
| Check rates | |
SuperMoney is a legitimate choice for good and bad credit New Yorkers looking for loans up to $5,000,000 with rates as low as 4.99%.
Unlike all of the lenders featured in this guide, SuperMoney works as an intermediary connecting borrowers with a network of lenders, and does not operate as a direct lender. As a result, it presents users with many loan types, including SBA loans starting at $10,000 upwards of $5,000,000 — known for their extra-long repayment period of up to 25 years.
Some lenders on SuperMoney even offer instant approval, a nice-to-have for people looking for fast funding.
Other types of loans featured on SuperMoney include short-term online business loans ($5,000 up to $250,000), long-term online business loans (same loan amount), and business credit lines of up to $500,000 offering cash that can be accessed when needed.
To qualify for a SuperMoney loan, please refer to each lender for its requirements.
Pros:
- Extensive network of lenders
- Includes SBA loans with repayment terms up to 25 years
- Instant approval on some loans
- Rates as low as 4.99%
- Loan amounts as high as $5,000,000
Cons:
- Not a direct lender
- Not all lenders offer excellent APRs
The Impact of Covid-19:
Since SuperMoney is not a direct lender, it does not offer financial hardship or forbearance programs. Please refer to each vendor for their exact terms.
U.S. Small Business Administration
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| Loan Amount: | Up to $5,000,000 |
| APR: | 9.25% — 11.75% |
| Min. Credit Score: | 720 |
| Approval: | Up to 3 months |
| Terms: | Up to 25 years |
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| Best For: | Large loans and long repayment terms |
| Check rates | |
The U.S. Small Business Administration is an excellent choice for New Yorkers looking for a federal government-backed loan with the highest maximum term length (25 years) for all business expenses.
These government-backed small business loans are well diversified. APRs range from 9.25% to 11.75% for loans up to $5,000,000. However, loan size varies depending on the program. For example, SBA microloans offer up to $50,000 to help NY borrowers with working capital, machinery, personnel, and other business expenses. In addition, SBA disaster loans award up to $2,000,000 to cover disaster-related expenses.
To qualify for an SBA loan, you must be a US citizen or permanent resident 18 years of age or older with a minimum credit score of 690, own or co-own a for-profit business defined by the SBA, and pledge collateral for loans over $25,000.
Pros:
- Capped interest rate
- 5 to 10 business days application turnaround time
- Variety of SBA loans (e.g., 7(a), Express, 504) for different purposes
- Higher max loan amount ($5MM) than most banks and online lenders
Cons:
- Not easy to qualify
- For for-profit businesses only
- Funding takes one to three months
- Requires use of collateral (for loans over $25,000)
- Minimum recommended credit score of 720 required
- Guarantee fee from 0.25% to 3.75% (not applicable to veterans with Express SBA loans)
The Impact of Covid-19:
The U.S. Small Business Administration offers debt relief to NY loan borrowers that experience financial hardship. For more information on COVID-19 relief options, visit U.S. Small Business Administration – SBA Debt Relief.
Fundbox
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| Loan Amount: | Up to $150,000 |
| APR: | 10.10% — 79.80% |
| Min. Credit Score: | 600 |
| Approval: | 1 Day |
| Terms: | Up to 24 weeks |
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| Average Borrower Profile: | Fundbox doesn’t disclose average personal loan statistics |
| Best For: | Bad credit borrowers |
| Check rates | |
Fundbox is an excellent choice for New Yorkers with bad credit looking for fast working capital (in as little as one business day) with shorter repayment terms.
Fundbox loans incur APRs between 10.10% to 79.80% on loans up to $150,000. Although its rates are higher than most banks and credit unions, we appreciate its flexible eligibility requirements. For example, you only need to be a US citizen or permanent resident with a minimum credit score of 600, minimum business revenue of $100,000 a year, and be operating as a business for a minimum of six months. We love this flexibility as many other small business lenders require being in business for one year or longer.
Consider Fundbox a good go-to funding source for businesses with cash flow gaps, suitable for a max loan amount of $150,000 with APRs ranging from 10.10% to 79.80%.
Pros:
- No application, origination, or prepayment fees
- Low minimum required credit score
- Instant approval
- Early repayment flexibility
Cons:
- High max APR
- High annual revenue requirement ($100,000)
- Maximum loan amount of $150,000
- Required weekly repayment
- A limited number of products
- No payment history reported to credit bureaus
- Repayment terms only up to 24 weeks
The Impact of Covid-19:
Fundbox does not explicitly state any forbearance or hardship programs on its website. However, you can give him a call to explore your options at 855-572-7707.
PNC Bank
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| Loan Amount: | $20,000 — $100,000 |
| APR: | 14.49% — 16.49% |
| Min. Credit Score: | 720 |
| Approval: | 1 Day |
| Terms: | Up to 25 years |
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| Average Borrower Profile: | PNC Bank doesn’t disclose average personal loan statistics |
| Best For: | Existing PNC Bank customers |
| Check rates | |
We highly recommend PNC Bank for New York small business owners who prefer a bank line of credit on unsecured and secured business loans.
Unsecured loans from PNC Bank go from $20,000 to $100,000 with APRs between 14.49% and 16.49%. Need a higher loan amount? You may also take out a secured business loan of up to $3,000,000, requiring putting up collateral. We like PNC Banks’ wide variety of loans, including lines of credit, small business, and SBA loans with repayment terms between two and seven years, depending on the loan type.
If you are looking for lower unsecured loan minimums ($10,000), competitor Bank of America is a solid bet (reviewed below)
To qualify for a PNC Bank loan, you must be a US citizen or permanent resident with a minimum credit score of 720 and a minimum of three years in business. Regrettably, this minimum credit score is a lot higher than competitors like the US Small Business Administration (min: 650) and Fundbox (min: 600).
Pros:
- Favorable APRs (14.49% and 16.49%)
- Monthly repayment schedule
- Loan amounts up to $25,000,000
- Up to 25-year terms
- Extensive line of banking products, including unsecured and secured loans
Cons:
- $20,000 unsecured loan minimum
- Ridgid eligibility requirements
- Not the most transparent with interest rates and fees
- Must be a PNC Bank Business Checking account holder
The Impact of Covid-19:
PNC Bank allows those experiencing financial difficulty to complete a hardship application, allowing them to pursue loan modification or other assistance options. For more information, call them at 855-288-3974 from Monday to Thursday from 8 am to 9 pm Eastern, Friday from 8 am to 7 pm Eastern, and Saturday from 8 am to 2 pm Eastern.
Bank of America
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| Loan Amount: | $25,000 – $250,000 |
| APR: | As low as 6.75% |
| Min. Credit Score: | Undisclosed |
| Approval: | Up to 3 months, depending on the program |
| Terms: | Up to 5 Years |
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| Best For: | Secured loans |
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One of the largest banks in the country, Bank of America is an excellent choice for New Yorkers looking for secured small business loans up to $250,000.
We like how well-rounded Bank of America’s offerings are. For example, they offer working capital loans starting at $25,000 with interest rates as low as 6.75% on repayment terms up to four years (when using business assets as collateral) or five years (when using CD accounts as collateral). In addition, there are no prepayment or application fees, although there is an origination fee of 0.5%.
To qualify for a Bank of America secured small business loan, you must be a US citizen or permanent resident with a 2+-year-old business and a minimum of $250,000 in annual revenue.
Pros:
- APRs as low as 6.75%
- Loan starting at $25,000
- Secured and unsecured loans
- 25% discount on origination fees for veterans
- Free business credit score by Dun & Bradstreet
Cons:
- 0.5% origination fee
- No same-day approvals
- Must be a Bank of America customer
- Limited loan terms (up to four or five years)
- Strict lending requirements (2+ years in business plus minimum $250,000 in annual revenue)
The Impact of Covid-19:
Bank of America offers several programs for people experiencing COVID-19 hardship. Visit its Appointments page to schedule a visit at a nearby Financial Ce