If you’re a small business looking for capital to spur growth or cover working capital, check out these top small business lenders in New York.
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Biglaw Investor connects you with small business lenders who can help you expand your business, whether through working capital or via acquisition. A small business loan loan is a great way to grow your business—but it can be hard to know where to start. Our small business lenders offer an experience specially tailored to your goals.
Offered exclusively through Biglaw Investor, we make it incredibly simple to find the best loan for your business needs.
I’m an associate at a firm in Houston and used JD Mortgage thanks to your advice! The experience was great—they were super fast and responsive.” —Mary Kate Raffetto Beck Redden LLP
For a JD Mortgage, I had good luck with IBERIABank. [They] made this process very smooth.” —Clint Cowan Lynn Pinker Hurst & Schwegmann
Fundera has access to SBA Loan programs that are partially guaranteed by the U.S. Small Business Administration.
With low interest rates, long repayment terms, and high borrowing limits, get the capital for nearly any business purpose with an SBA loan via Fundera.
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New York is perhaps one of the most notable big states when it comes to population as well as business. The state is home to 20.2 million people, and about 44% of people live in New York City. Other large cities include Queens, Brooklyn, Buffalo, Yonkers, Syracuse, Rochester, and Albany. Each area of the state is quite unique, with much of the north being dense forests and the area of New York City offering a more urban vibe. The state is beautiful, too, with Lake Champlain and the Adirondack Mountains. It’s home to Niagara Falls, the Finger Lakes area, and the Catskill Mountains. All of this aside, New York is a thriving place to live and build a business.
One of the most visited tourist attractions in the world, New York City is also home to a large number of businesses. Many large companies make their headquarters here, too, thanks to the overall economic and business center it offers. The state’s economy extends beyond tourism. It also includes the Wall Street area, high tech, media, and entertainment businesses, as well as agriculture and energy, especially in the Upstate area. While it is such a large business-focused state, New York is also home to many small businesses. According to the U.S. Small Business Administration, there are 2.3 million small businesses in the state that create 4.1 million jobs for residents. Those businesses contribute a payroll of $230,143,579 to the economy.
To support this type of business development, there’s a big need for capital. There are ample opportunities for this in the state from numerous small business lenders. The U.S. Small Business Administration’s latest data shows that, over the last three years, there have been 7,241 small business loans in the state, with a total loan volume of $4,112,962,444. In New York, the average small business loan is $581,821. These loans come from multiple types of lenders, many of which help support the growth and development of companies in all sectors.
New York small business lenders offer capital to companies who have a need for it if they are eligible based on the terms these lenders set. Small business loans work like most other loans. They are typically available for those companies with under 100 employees. Business owners can borrow funds from these lenders and then repay the loan over time with interest tacked on. Without a doubt, this is one of the best overall ways for qualified companies to obtain a loan affordably.
A small business loan can be used for many things. Most often, business lenders offer these loans to companies that are established, with at least one or two years of solid operations. They also often provide these funds for a variety of purposes, such as purchasing new equipment, modernizing operations, expanding with new products or services, or even hiring new talent. The use of these loans is often very flexible as long as it contributes to the success and growth of the company.
Some of the types of small business loans in New York commonly used include:
Each loan style is a bit different from the next, and most borrowers will not qualify for all of them. Yet, many borrowers will find availability in these loans to meet their needs.
The hard part for some borrowers is qualifying. Just like with a traditional personal loan, small business lenders in New York need to consider the amount of risk present if they lend to the borrower. To do that, they will require a significant amount of information about the company, including bank statements, profit and loss statements, and balance sheets. All of this information is highly beneficial at showing that the company has the means to repay the debt over time as agreed.
For any business owner that is considering New York small business loans, it is critical to compare several options to determine which lender and loan style is best for their specific needs. Each lender’s terms and conditions will range widely as well. The good news is there are some excellent options available to most borrowers.
Specific funds may be available to you based on your business demographics, such as if you’re a minority-owned company, a women-owned business, or a nonprofit. Small business owners should always do their research to see what kinds of funds they meet eligibility criteria for, which might include microloans, grants from a small business development center, assistance programs, business lines of credit, support from community development or economic development organizations, or loans from financial institutions.
Most entrepreneurs in New York state startup with personal funds, especially since most loans require some revenue track record. Working capital loans, business funding through financial institutions, and other loan options are very helpful for owners of existing businesses because of the many benefits they provide when you have a current revenue stream.
If you’re already doing business in the state of New York but your business needs more than what is available through grants or credit cards, loan business financing may be the only way to tap into more cash flow. Each of the funding options mentioning below may be worth exploring.
| Rank | Bank Name | # of New York Loans | Avergage Interest Rate | Average Loan Size |
|---|---|---|---|---|
| 1 | M&T Bank | 440 | 6.72% | $173,703 |
| 2 | TD Bank | 349 | 7.47% | $244,704 |
| 3 | KeyBank | 174 | 5.76% | $429,715 |
| 4 | Newtek Small Business Finance | 96 | 6.08% | $870,535 |
| 5 | FinWise Bank | 78 | 5.69% | $1,561,078 |
| 6 | Five Star Bank | 61 | 5.24% | $177,572 |
| 7 | JPMorgan Chase Bank | 58 | 6.15% | $258,043 |
| 8 | Live Oak Bank | 53 | 5.14% | $1,572,972 |
| 9 | NewBank | 50 | 4.78% | $1,518,000 |
| 10 | Dime Community Bank | 46 | 6.20% | $1,061,598 |
Manufacturers and Traders Trust Company has been in business for 165 years and is also known as M&T Bank operating in 8 states and Washington, DC, with 780 branches. Manufacturers and Traders Trust Company provide a number of banking services through loans, grants, and personal banking.
We reached out to M&T Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
TD Bank was founded in 1852 in Portland, Maine, as a bank to help the community. Since that time, TD Bank has grown to be able to provide all types of services and products to meet the needs of its customers on a broad level all across the country.
We reached out to TD Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
KeyBank is headquartered in Cleveland, Ohio, and offers a wide range of banking and investment products to meet the needs of its members. KeyBank provides services for businesses and individuals with products such as small business loans and personal and business checking and savings to meet all of its customers’ needs.
We reached out to KeyBank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
Newtek offers a number of services for businesses to help them to meet their financial needs. Products such as loans, cloud solutions, IT security, payment processing, payroll, and options when it comes to disaster recovery are available to protect and help a business to thrive and grow.
We reached out to Newtek to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
FinWise Bank was founded in 2000 in Sandy, Utah, to meet the banking needs of the community. FinWise Bank offers a number of services to help businesses and individuals with all of their banking needs, including equipment leasing, small business loans, real estate lending and checking and savings accounts.
We reached out to FinWise Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
Building a strong financial foundation is one of the most important steps for borrowers to take if they hope to obtain a loan now or in the future. There are a number of resources available to help with this.
The Small Business Administration in New York is perhaps the best place to get information on opening a business, legal formations, hiring strategies, and paying taxes. This organization provides no-cost help on its website and may offer local support services in local regions. It’s a simple way to get guidance and support whether you want to secure government contractors or obtain a loan.
SCORE is another resource available to many of today’s small businesses. It is an organization built by successful professionals that work to help new companies to do well. There is no cost to use this service, including its webinars, training programs, and workshops. It’s even possible to find a mentor here.
If you want to find the best small business loans in other states, click on your state below.
Joshua Holt is a lawyer and founder of Biglaw Investor. He spent 10 years practicing private equity mergers & acquisition law for one of the largest law firms in the country. As part of his practice, he advised small and medium sized businesses on matters ranging from business loans to the acquisitions and divestitures of stocks and assets.
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