Best Small Business Loans in New York of April 2024

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:
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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ElitePersonalFinance allows you to compare quotes from multiple lenders. Make a well-informed decision with insights from our top finance experts from ElitePersonalFinance.

Why Trust ElitePersonalFinance Guides?

ElitePersonalFinance guides use some of the most intensive research processes in the industry. All of our small business lenders are scrutinized from everything from APRs to repayment terms to all of the fine print, allowing us to provide you with the most reliable options.

If you would like to recommend a lender not listed here, the team at ElitePersonalFinance would love to hear from you. Send an email to info!@elitepersonalfinance.com and we will get back to you as soon as possible.

Best Small Business Loans in New York 2022 of April 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. Ongoing maintenance fees vary by each lender.
Qualification Criteria:	Be at least 18 years of age. A maximum D-T-I ratio of 50%. An annual income of not less than $24,000. Has less than 5 credit inquiries in the last 6 months. No bankruptcies reported in the last 12 months. Has three open credit lines. Fill out your information through SuperMoney’s online portal.
Average Borrower Profile:	SuperMoney connects borrowers with personalized financial product offers from banks and other lenders. Financing options are available if you have bad, fair, good, or excellent credit.
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


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
Fees:	Guarantee fee from 0.25% to 3.75% Late payment fees apply There are no prepayment fees
Qualification Criteria:	Be at least 18 years of age Have a credit score of at least 690 Have a for-profit business defined by the SBA Collateral for loans over $25,000
Average Borrower Profile:	SBA doesn’t disclose average business loan statistics
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


Loan Amount:	Up to $150,000
APR:	10.10% — 79.80%
Min. Credit Score:	600
Approval:	1 Day
Terms:	Up to 24 weeks
Fees:	No application fees No inactivity fees No origination or prepayment penalties
Qualification Criteria:	Minimum business revenue of $100,000 a year Operating business for a minimum of six months Must have a business checking account Fill out your information through Fundbox
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


Loan Amount:	$20,000 — $100,000
APR:	14.49% — 16.49%
Min. Credit Score:	720
Approval:	1 Day
Terms:	Up to 25 years
Fees:	No origination fees No prepayment fees Late payment fees apply No early termination penalties Annual fee of $175 for unsecured business line of credit Annual fee of 0.25% of secured business line of credit amount
Qualification Criteria:	US citizen or permanent resident Minimum credit score of 720 Minimum three years in business Fill out your information through PNC Bank’s online portal.
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


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
Fees:	Loan origination fee of 0.5% Late payment/insufficient funds fees There are no prepayment or origination fees 25% origination fee discounts for veterans
Qualification Criteria:	Be at least 18 years of age US citizen or permanent resident Business more than two years old Minimum of $250,000 in annual revenue.
Average Borrower Profile:	Bank of America doesn’t disclose average personal loan statistics
Best For:	Secured loans
Check rates

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 Center or by phone appointment.

Kabbage by American Express


Loan Amount:	Up to $250,000
APR:	Monthly fees of 2% to 9% for 6-month loans, 7.5% to 18% for 12-month loans, and 15.75% to 27% for 18-month loans
Min. Credit Score:	640
Approval:	1 Day
Terms:	Up to 18 months
Fees:	No origination, prepayment, or application fees Late payment/insufficient fees
Qualification Criteria:	US citizen or permanent resident Minimum 640 credit score In business for at least 12 months Average monthly revenue of $3,000
Average Borrower Profile:	Kabbage doesn’t disclose average personal loan statistics
Best For:	Businesses with low revenue (minimum $3,000 monthly)
Check rates

Kabbage by American Express is a solid choice for fair credit NY small business owners looking for fast access to working capital with more straightforward fees than traditional lenders like banks and credit unions.

Kabbage offers business lines of credit up to $250,000 and charges monthly fees instead of Interest. These are assessed only on loan amounts used in months where you incur an outstanding balance. Total monthly fees equal 2% to 9% for 6-month loans, 7.5% to 18% for 12-month loans, and 15.75% to 27% for 18-month loans. Once your application is approved, funds are deposited into your account in as little as three business days.

There are also no origination, prepayment, or application fees, although there are late and insufficient funds fees.

To qualify for a Kabbage small business loan, you must be a US citizen or permanent resident at least 18 years of age with a 640+ credit score and a 1+-year-old business generating an average monthly revenue of $3,000.

Pros:

Solid monthly fee structure
6-, 12-, or 18-month loan terms
As little as three business days for funding
Minimum 640 credit score
Average monthly revenue of $3,000 required

Cons:

Hard inquiry
Requires a personal guarantee
Fee structure makes it hard to compare with other lenders
Must be in business for at least 12 months

The Impact of Covid-19:

Kabbage’s website does not mention forbearance options. However, Kabbage has a strong customer support team that can be reached at 889-868-2638 from 8 am to 9 pm ET Monday through Friday and Saturday from 10 am to 6 pm ET.

Best Small Business Loans in New York 2022

The best small business loans in New York 2022 offer up to $5,000,000 with rates as low as 5.99%. They comprise multiple types of loans, including banks, credit unions, SBA, business lines of credit, and fast business loans.

Here are our picks for the best small business loans in New York:

SuperMoney
PNC Bank
Bank of America
U.S. Small Business Administration
Fundbox

To see a complete list of our recommended small business loans, please visit our Marketplace.

Best Bank Business Loans in New York 2022

The best bank business loans in New York offer low interest rates and flexible terms. For example, PNC Bank offers up to $100,000 with APRs as low as 3.69%. The flip side is that bank application processes typically take upwards of a month — a good trade-off if your credit score, minimum monthly business revenue, and other factors qualify.

Here are our picks for the best bank business loans in New York:

PNC Bank
Wells Fargo
BBVA
Chase
Bank of America

To see a complete list of our recommended bank business loans, please visit our Marketplace.

Best Credit Union Business Loans in New York 2022

The best credit union business loans in New York are from non-profit financial institutions that offer excellent rates and terms, often more generous than traditional banks. One is Navy Federal Credit Union which provides loans up to $25,000 with respectable ~11% APRs.

Here are our picks for the best credit union business loans in New York:

Navy Federal Credit Union
Consumers Credit Union

To see a complete list of our recommended credit union business loans, please visit our Marketplace.

Best SBA Loans in New York 2022

The best SBA loans in New York offer some of the cheapest rates out there, partially government guaranteed up to 85% off loans up to $150,000 or 75% of loans greater than $150,000. In addition, institutions offering SBA loans often specialize in other SBA loans, such as micro-loans and the 504 loan program, focusing on small businesses and equipment/machinery financing.

Here are our picks for the best SBA loans in New York:

Chase
TD Bank
Citibank
Santander Bank
Wells Fargo
Capital One
Bank of America

To see a complete list of our recommended SBA loans, please visit our Marketplace.

Best Business Line of Credit in New York 2022

The best business line of credit in New York offers loans up to $100,000, where interest is paid only on the portion of money borrowed. APRs generally straddle the 11% to 78% range, with reputable banks like TD Bank offering up to $100,000 with APRs up to 25% to good credit NY borrowers who meet all other eligibility criteria.

Here are our picks for the best business lines of credit in New York:

PNC Bank
FundBox
TD Bank
US Bank
Bluevine

To see a complete list of our recommended business lines of credit, please visit our Marketplace.

Best Small Business Loans for Startups, Companies, and New Businesses in New York 2022

The best small business loans for startups, companies, and new businesses in New York emphasize speed, with funding available in as little as one business day. Most of these are online lenders with higher APRs than banks and credit unions. Think 24% to 79.80%.

Here are our picks for the best small business loans for startup companies and new businesses in New York:

Kabbage by American Express
Fundbox

To see a complete list of our recommended small business loans for startup companies and new businesses, please visit our Marketplace.

Best Small Business Loans for Startups, Companies, and New Businesses in New York 2022

The best small business loans for debt consolidation in NY offer loans up to $5,000,000 with excellent APRs as low as 4.99%.

Here are our picks for the best small business loans for debt consolidation in New York:

SuperMoney
Funding Circle
SBA 7(a)
OnDeck

To see a complete list of our recommended small business loans for debt consolidation, please visit our Marketplace.

Best Small Business Loans for Bad Credit in New York 2022

The best small business loans for bad credit in New York are usually offered by online lenders, not banks and credit unions. They often charge higher interest but are available to borrowers with credit scores as low as 300.

Here are our picks for the best small business loans for bad credit in New York:

Fundbox
OnDeck
SBA Microloan
Bluevine

To see a complete list of our recommended small business loans for bad credit, please visit our Marketplace.

Best Small Business Loans with No Cosigner and No Securities in New York 2022

The best small business loans with no cosigner and no securities offer excellent APRs as low as 6.75% for loans starting at $25,000, like what Bank of America offers.

Here are our picks for the best small business loans with no cosigners and no securities in New York:

Chase
TD Bank
Citibank
Santander Bank
Wells Fargo
Capital One
Bank of America

To see a complete list of our recommended small business loans with no cosigners and no securities, please visit our Marketplace.

Best Small Business Loans for Women in New York 2022

The best small business loans for women in New York are meant to address the gender funding gap, with the Federal Reserve suggesting that women are less likely to be approved for a small business loan than men. They can offer up to $5,000,000 if you meet monthly/annual revenue criteria, own a business bank account, meet time-in-business requirements, and have a minimum 650 credit score.

Here are our picks for the best small business loans for women in New York:

SBA 7(a) loan
SBA Express loan
Blueline
Fundbox
OnDeck

To see a complete list of our recommended small business loans for women, please visit our Marketplace.

Best Business Loans for Refinance in New York 2022

The best business loans for refinancing in New York assist NY borrowers with securing lower interest rates/monthly payments and longer repayment terms. Like most loans, they can also issues by banks, credit unions, and online lenders.

Here are our picks for the best business loans for refinance in New York:

Lending Tree
PNC Bank
Wells Fargo
BBVA
Chase
Bank of America

To see a complete list of our recommended business loans for refinancing, please visit our Marketplace.

Best Small Business Loans for Veterans and Disabled Veterans in New York 2022

The best small business loans for veterans and disabled veterans in New York usually come from the US Small Business Administration, which waives upfront fees for veterans and their families. Loan amounts go up to $5,000,000 on 9.25-11.75% APRs with a minimum credit score of 650.

Here are our picks for the best small business loans for veterans and disabled veterans in New York:

- PNC Bank
- SBA 7(a) Loan
- SBA Express Loan
- Fundbox
- Blueline

To see a complete list of our recommended small business loans for veterans and disabled veterans, please visit our Marketplace.

Best Hard Money Loans in New York 2022

The best hard money loans in New York are preferable for people looking for fast funding. Unlike traditional loans, hard money loans usually use property as collateral. Because of this, expect shorter repayment terms and higher interest rates. Consider hard money loans a go-to resource for investors and “fix and flip” investors in the real estate industry.

Here are our picks for the best hard money loans in New York:

Lending Tree
Leave
We Lend
Alpha Funding
Easy Street Capital

To see a complete list of our recommended hard money loans, please visit our Marketplace.

Best Loans for Buying a Business in New York 2022

The best loans for buying a business in New York offer excellent APRs and flexible repayment terms. One of the more popular options is an SBA 7(a) Business Acquisition loan, which has strict qualification requirements, including minimum 10% down payments, no history of bankruptcy, 690+ credit scores, and no federal debt.

Here are our picks for the best loans for buying a business in New York:

SBA 7(a)
SBA 504
SBA Express

To see a complete list of our recommended loans for buying a business, please visit our Marketplace.

Best Business Loans for Fast Funding in New York 2022

The best loan for fast funding in New York offers funding in as little as 24 hours, better suited for bad credit borrowers. However, they generally come with shorter repayment terms and much higher interest rates than traditional lenders. APRs in a similar range to 29.90% — 97.30% (OnDeck) are standard.

Here are our picks for the best business loans for fast funding in New York:

OnDeck
Blueline
Fundbox
Kabbage by American Express

To see a complete list of our recommended loans for fast funding, please visit our Marketplace.

How to Choose The Best Business Loans in New York 2022

Here are all the steps needed to choose the best business loans in New York 2022.

Understand Your Business. Before taking out a business loan, it is essential to understand what type of financing your business needs.

Look to term loans if you are an established business requiring intense working capital of up to $500,000. These loans are typically repaid over 2 to 10 years and require minimum credit scores of around 680 and an annual revenue of $100,000.

Look to SBA loans if you are a smaller business with difficulty with traditional small business financing. SBA loans have term limits as high as 25 years and a loan amount ranging from $10,000 upwards of $500,000.Be mindful -— collateral may be required (e.g. real estate, equipment, and vehicles) and loan processing times takes as long as three months.

Look at short-term and long-term loans from lenders like Fundbox if you have a credit score in the 500 to 620 range with a business less than one year old. Your annual revenue should also match or exceed $100,000. Many reputable online lenders offer loans as high as $250,000. Just be careful as some have APRs as high as 35.99%, although we do not recommend them in our guIde with rare exceptions.

How to Qualify For A Business Loan in New York 2022

Here are all the steps you need to take to apply for business loans in New York 2022.

Learn Your Profile. Many lenders require minimum credit score and annual revenue requirements to qualify for small business loans. Expect top lenders to require minimum credit scores of 650. For example, Fundbox requires a minimum annual revenue of $100,000 versus $250,000 for Bank of America. However, low revenue businesses are still eligible for financing through alternative financing options like SBA microloans, business credit cards, invoice factoring, and merchant cash advances.

For example, Kabbage by American Express is an excellent alternative for businesses with low revenue.

For business owners with bad credit, online lenders are your best bet.

Determine The Type of Funding Needed. There are several types of business loans, including but not limited to SBA loans, business lines of credit, business credit cards, equipment loans, invoice factoring, merchant cash advances, and even personal loans.

For example, strong credit borrowers can benefit from SBA loans offered by banks, credit unions, and online lenders. Loan amounts go up to $5,000,000 with repayment terms of up to 25 years, an excellent choice for small businesses looking to refinance existing debt as strong credit borrowers.

Smaller businesses, such as nonprofit organizations, can benefit from microloans. In addition, microloans are popular with startups and new companies, known for their low cost and small loans of $50,000 or less. One of our favorite microloan lenders is Kabbage by American Express.

Be sure to note how fast you need funding as well. SBA 7(a) loans are known for their lengthy application process (up to three months!), whereas SBA microloans and SBA Express loans take as little as a week to process.

Shop Around. Shop around and compare rates from a minimum of three small business lending companies. Pay attention to their APRs, repayment terms, annual revenue/minimum credit score requirement, and other factors that will help determine your loan eligibility.

Gather All Documentation. Once you have determined the funding needed, it is time to gather your essential business documents. These documents include your business plan, financial statements, and information about your collateral. Lenders will also ask that you provide a personal guarantee, a statement that you make accepting responsibility for paying off the loan using collateral in case of default.

Apply With Your Business Lender. Once you have your documentation and place, it’s time to complete a lender application. Be mindful that not all lenders will respond with same-day approvals. Some will take as many as ten days to verify your loan.

Best Local NYC Business Lenders 2022

Outside of going the traditional route with banks, credit unions, and online lenders, small business owners in New York can obtain funds from unconventional sources, such as local government guarantee programs. These local funding options come from organizations like the NYC Economic Development Corporation, NYC Department of Small Business Services, and the New York Business Development Corporation

One of the more popular local programs is the NYC Capital Access Loan Guaranty Program, which offers eligible businesses business lines of credit of up to $250,000 with a partial guarantee of up to 40%. To qualify, you must have less than 100 employees with a New York City-based business in eligible roles, including distributor or manufacturer.

Another highly recommended program is the Brooklyn Fund. Administered by the New York Business Development Corporation, the Brooklyn Fund offers APRs of 6% to 8% for small business loans from $25,000 to $350,000. However, your business must be for-profit and operating in Brooklyn. If you can stomach application fees up to $1,300, consider giving them a shot.

WE Fund Credit, Excelsior Growth Fund, and the Business Center for New Americans are our best local New York City business lending opportunities.

Average Business Loan Rates in New York 2022

Average business loan rates in New York wildly depend on the loan type and who is funding it.

SBA 7(a) loan interest rates in New York on loans $25,000 or less is 11.25% (paid off in under seven years) and 11.75% if paid off over seven years. Interest rates decline with larger loan amounts, with $25,000 — $50,000 loans enjoying 10.25%/10.75% rates and loans greater than $50,000 enjoying a 9.25%—9.75% rate.

Be mindful that these interest rates include outside fees, most notably guaranty and annual service fees. No guaranty fees are paid if your SBA loan is less than $350,000. However, loans in excess of $350,000 will see guarantee fees anywhere from 2.77% to 3.5%, on top of an annual service fee of up to 2.55% of the outstanding balance.

If working with a non-government for business loans in New York 2022, note that private lenders set their own rates and terms. Please refer to each lender for their latest rate information.

What is SBA EIDL?

Short for COVID-19 Economic Injury Disaster Loan, SBA EIDLs are small business funding programs to provide an economic boost for covid-19 pandemic recovery. These loan funds could be used for all types of business expenses, including equipment, personnel, and working capital for projects.

The EIDL program is not accepting new applications, as it stopped entirely on January 1st, 2022. So instead, we encourage you to review all the different financing opportunities using our guide, where you can find the most reputable lenders, regardless of loan amount or type of business.

All About PPP Loans in New York

As of May 31st, 2021, PPP small business loans in New York 2022 have been suspended in New York and throughout the nation. However, there continue to be excellent financing options for small and large businesses, including SBA loans from the Small Business Administration, banks, credit unions, and online lenders.

How Do We Pick These Lenders?

To pick the best small business loans in New York 2022, the team at ElitePersonalFinance did a careful analysis of more than 50 banks, credit unions, and online lenders. We evaluated them based on several criteria, including but not limited to APRs, interest rates, repayment terms, bees, and loan amount range.

We are also big fans of reviewing third-party review sites such as the Better Business Bureau and Trustpilot to understand how customers perceive them. Small business lending companies in New York are not considered for our guide if they have an unhealthy ratio of negative to positive feedback online.

We take pride in regularly studying and updating our reviews as new information comes along. As a result, the fine print on our recommended lenders’ applications is constantly changing, and we want to be the first to keep you well informed.

If you have any feedback regarding our website or our business loans in New York 2022 guide, we would love to hear from you. Feel free to email info@elitepersonalfinance.com, and we will get back to you within the next several business days.

Frequently Asked Questions

Are PPP loans still available in 2022 in NY?

Applications are no longer being accepted for the Paycheck Protection Program, as it ended on May 31st, 2021.

What size loan can I get to start a business in NY?

New Yorkers can take out business loans for as little as $500 with alternative lenders like LifeFund offering upwards of $5,000,000 through the SBA program. Of course, the higher the credit score/ business profile, the higher the loan amount you are eligible to receive.

What loans can I get to start my own business in NY?

There are several business small business loans in New York 2022 businesses can take out to secure working capital for personnel, equipment, and other expenses.

The most popular option is the US SBA program, good for up to $5,000,000. In turn, microloans are on the opposite end of the spectrum, offering loan amounts of as little as $500. Small startups or under-represented business owners in far-out communities generally take out these small business loans in New York 2022. Expect much more favorable terms than private lenders.

We are also big fans of online business lenders, suitable for all types of companies from startups to established brands. They offer short-term loans, long-term loans, business lines of credit, and other types of financing with loan amounts of up to $250,000. Repayment terms usually go up to 60 months with APRs in the 5.99% to 78% range depending on the type of lender, your credit score, annual revenue, and other business credentials.

Do not forget personal business loans. Although they have APRs of as high as 35.99%, it may be a worthwhile option for credit-strapped businesses that cannot qualify for more competitive lending options such as government-backed loans from banks and credit unions.

What are the loan approval rates by loan type in New York?

According to the Biz2Credit’s Small Business Lending Index, alternative lenders have the highest approval rate of 24.3%, institutional lenders at 23.6%, credit Unions at 20.4%, small banks at 18.7% ,and big banks at 13.5%. All of these represent modest increases over 2020.

What is the easiest SBA loan to get approved for in NY?

The SBA microloan is the easiest SBA loan to get approved for in New York. Alternative online lenders usually issue them, offering loans up to $50,000 on 6% to 9% APRs. They are very popular with small businesses that do not qualify for other SBA loans requiring higher credit scores and annual revenue figures.

Non-SBA microloans that New Yorkers also want to consider are the Accion Opportunity Fund and LiftFund. Smaller microloan companies offer loans of as little as $500 with 9% interest rates—a good deal for the average startup e-commerce business.

What is a 7a loan and 504 loan in NY?

A 7a loan is the Small Business Administration’s most popular loan program, allowing small and large businesses to obtain partially government-guaranteed, fixed-rate working capital to pay for employees, equipment, supplies, and even to refinance current business debt. Max loan amounts for 7a loans is $5,000,000.

In turn, 504 loans (also partially guaranteed by the U.S. government) specializes in commercial real estate financing. Most 504 loans offer variable interest rates with few fixed-rate options.

Conclusion

All in all, there is no shortage of small business lending companies that can offer you excellent small business loans in New York 2022 terms, rates, fee structures, and other parts regardless of your business type or size. Whether it’s a bank, credit union, or online lender offering government or non-government-backed loans, funding opportunities are available for everyone. Thanks for trusting in ElitePersonalFinance for helping you make an informed decision that will guide your financial future for the better.

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Ray Prince

Ray Prince is a finance writer for Elite Personal Finance. He specializes in writing long-form content and product descriptions for websites across multiple industries, including automotive and consumer technology. His work appears on sites such as Freeway Insurance, Auto Guide, Turn5, and Compare.com, with past and current roles as a digital operations manager at Pandora Media and iHeartMedia.

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