|Written by Tetiana Sitiugina-Babiuk - Independent writer and content strategist, updated on 10/20/2021|
|At a glance — With around 2 million small businesses in New York State, it’s no surprise that it’s one of the top states for business loan applications. However, how does New York fare when it comes to financial support in the form of loans? How supportive is the state of New York in relation to small businesses and startup businesses? Keep reading to find out how to get a small business loan in New York.|
Top 4 New York Small Business Loan Options
Here we’ll look at financial and non-financial support and training.
Credit unions usually have a strong contingent of residents, so they have a specific interest in helping local firms. Already being a member of the community can improve your chances of having your loan approved.
Bethpage Federal Credit Union has 30 branches across the state, but you must be a member to access its services. It’s quick and easy to join – you just need to open a savings account with a minimum deposit of $5.
Bethpage offers loans for increasing your capital, including buying or refinancing equipment and expanding your business.
BFCU doesn’t publicize loan amounts or interest rates, although it claims rates are low – without giving any figures. Lenders realize that every applicant’s case is different, so these factors are typically negotiated between the applicant and the credit union.
Pursuit is a Community Development Financial Institution (CDFI,) meaning that it’s a non-profit organization.
As a community-focused institution, Pursuit predominantly services small businesses in low-income and impoverished communities. It aims to free up the entrepreneurial opportunities within its precincts.
More than 15 loans or loan programs are available, so it’s important to choose the most suitable one for your needs. One of those options is the SBA loan.
Unlike more specific loan options, the SBA loan can be used for virtually any business use. The maximum loan amount is $5 million, with repayment periods of up to 10 years for general funding and 25 years for real estate purchases. Approval typically takes between 30 and 45 days.
KeyBank has 19 branches spread through New York State and is one of the top SBA lenders; it has approved more than $4.5 billion in loans to date. Naturally, one of the biggest advantages of applying for a loan with an institution with physical premises is face-to-face consultation. You can schedule a meeting with one of KeyBank’s advisors, who will review your business plan and offer expertise to help improve it.
KeyBank’s business term loans range from $10,000 to $500,000, and repayment periods are from 12 to 84 months. For SBA loans, up to $12 million can be borrowed, depending upon the loan type.
As usual, general interest rates are unspecified.
Hudson Valley Credit Union is a community-based financial cooperative serving the New York counties of Orange, Dutchess, Putnam, Ulster, Rockland, Greene, Westchester, Albany, Columbia, Schenectady, Rensselaer, and Saratoga.
Hudson Valley Credit Union offers a variety of secured business and commercial loans with terms ranging up to 60 months to help small businesses within the Hudson Valley purchase equipment, increase inventory, or expand operating space.
As such, the following types of loans are available:
- Equipment loans. Hudson Valley Credit Union provides equipment loans to help finance the purchase of commercial vehicles, machinery, or equipment.
- Term loans. Term loans are available to help finance equipment purchases, capital improvements, or to replenish working capital from a previous expenditure or expansion.
Keep in mind that these loans require collateral, - either qualified securities (stock) or qualified savings (shares) can be used for this purpose.
Summary of the New York Small Business Loan Options
Maximum Loan Amount
Maximum Repayment Period
Bethpage Federal Credit Union
Excelsior Growth Fund
Hudson Valley Credit Union