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10 Small Business Loans in New York
Our list results from an in-depth research on small business lending in New York, based on solid, reliable data. We’ve sorted these lenders by the amount of small business loans they’ve issued throughout the current year.
In essence, our list highlights those financial institutions and lenders that are genuinely active in providing loans to small businesses in New York.
(This is quite different from many other sites, which tend to concentrate on nonprofits with limited lending activities or government programs that are often inaccessible to a large number of businesses.)
Takeaway: Large, national banks do most of the small business lending in New York, but this also includes a couple of banks you may not have heard of.
Methodology: Our study is based on data from SBA 7a loans, ensuring that all the lenders we’ve listed offer these loans. Additionally, we’ve compiled details about various other small business loan options available from these lenders, as advertised on their websites.
Unfortunately, traditional banks usually set high criteria, including the need for good credit scores and at least two years of business experience.
As a result, we’ve started our list with two alternative financing options, catering to small business owners who may be dealing with credit challenges or those who are newcomers to the business arena.
1. Credit Suite
Credit Suite stands out in the realm of business credit advice and software solutions, offering a pair of unique financial products.
For business owners facing credit challenges, they offer a Cash Flow Financing solution. This allows you to leverage your business’s cash flow for flexible financial assistance. Instead of standard monthly payments, the repayment plan is tied to a portion of your ongoing cash flow.
Furthermore, their Credit Line Hybrid is dedicated to financing based on individual credit quality, bypassing the requirement for comprehensive financial records, banking history, or business plans.
It’s suited for a wide range of businesses, from startups to established, offering financial support ranging from $5,000 to $150,000.
Business financing options offered:
- Credit Suite Cash Flow Financing
- Credit Suite Credit Line Hybrid
2. TD Bank
TD Bank, a significant financial institution, operates in every East Coast state, with the exception of Georgia. Boasting numerous retail locations, they provide a comprehensive selection of financing products tailored for small businesses. Notably, TD Bank holds the designation of an SBA Preferred Lender.
Business loan applications at TD Bank can be conveniently submitted either online or through direct interactions at their branches.
Business financing options offered:
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Term Loans
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Business Lines of Credit
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Commercial Real Estate Loans & Mortgages
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SBA Loans
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Revolving Lines of Credit
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Equipment Financing
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Asset Based Lending
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Supply Chain Financing
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TD Business Solutions Credit Card
3. Manufacturers and Traders Trust Company
M&T Bank, based in Buffalo, New York, boasts a substantial portfolio of business loans. Additionally, they provide several loan products specifically tailored to meet the needs of various industries.
Business financing options offered:
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Business Lines of Credit
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Business Credit Cards
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Term Loans
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Equipment Financing
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Small Business Administration (SBA) Loans
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Farm & Rural Business Loans
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Restaurant Business Loans
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Medical Practice Loans
4. JP Morgan Chase Bank
Chase Bank, renowned as one of the largest banks in the U.S., naturally plays a significant role in small business lending in New York.
It’s a familiar name among small business owners, largely thanks to their well-regarded business credit cards. These cards come with attractive rewards programs. Notably, for several of their credit cards, Chase has collaborations with major airlines and hotels, enhancing the perks and rewards they offer.
Business financing options offered:
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2 Business lines of credit
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3 Business loans
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Commercial real estate financing
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4 business credit cards, plus 6 co-branded airline/hotel cards
5. BayFirst National Bank
BayFirst National focuses mainly on SBA loans, as evident from their website which features slogans such as “Lightning Fast Business Loans!” and “In-house team, quick funding,” emphasizing their service ethos.
The major advantage they possess is their in-house underwriting team, which contributes to both swift processing and specialized knowledge in loan handling.
Considering the usual extended timeframe required to fund SBA loans, this aspect of their operation offers them a significant competitive advantage.
Business financing options offered:
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SBA Loans
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Commercial Real Estate Loans
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Commercial Term Loans
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Commercial Lines of Credit
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Construction Loans
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Heavy Equipment Financing
6. KeyBank National Association
KeyBank, a moderately-sized financial institution, operates across 15 states and offers a solid range of small business loans.
On their website, you can find a dedicated section showcasing their commitment to diversity and inclusion, along with the accolades they’ve received for their efforts in this field. They make it a point to highlight this information, especially if these values resonate with you.
Business financing options offered:
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Business Term Loans
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Business Real Estate Borrowing
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Small Business Lines of Credit
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SBA Loans
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Key Equipment Financing
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3 Business Credit Cards
7. Newtek Small Business Finance
Newtek might not be as well-known as conventional banks with physical branches, but it’s a significant, publicly traded corporation heavily involved in small business lending.
While their website features just a few small business financing solutions, their range of offerings extends much further. They provide a variety of financial services and products specifically tailored for small businesses, including payment processing, insurance, employee benefits, and payroll management services, among others.
Business financing options offered:
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Term Loans
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Asset Based Financing
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Inventory Based Financing
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SBA Loans
8. Cadence Bank
Cadence bank is a small regional bank with limited small business loan offerings.
Business financing options offered:
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Small Business Administration Loans
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Business Loans & Lines of Credit
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1 Business Credit Card
9. FinWise Bank
FinWise has a small offering of business loans, but they do a high volume. They also offer banking services to FinTech companies that need partner banks.
Business financing options offered:
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Equipment Leasing
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Commercial Real Estate Lending
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SBA 7a Loans
10. Bank of America
Bank of America ranks as another major national bank on our list. They are particularly active in issuing small business loans throughout New York, with numerous branches across the state.
The range of small business financing options they offer is commendable. But what stands out even more is their clarity in detailing the requirements for their business loans. This level of transparency is not often seen among lenders, and it’s something we highly value. If you’re considering a small business loan from Bank of America, it’s wise to first ensure you meet their criteria for the specific loan you’re interested in.
Business financing options offered:
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Business Advantage Credit Line
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Business Advantage Term Loan
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Commercial real estate
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Equipment loans
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SBA loans
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Healthcare practice loans
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Secured Business Line of Credit
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Secured Business Term Loan
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NYC
Financing Assistance
Get the Help You Need to Secure the Financing That's Right for You
Businesses can access free assistance to apply to available loan and grant resources, including federal, state, local, and private funds. We help businesses:
- Understand which financial product is best suited for their needs
- Review and put together documents
- Calculate loan repayment terms
- Connect with multiple lenders – including banks, credit unions, non-profit lenders and the U.S. Small Business Administration (SBA)
- Prepare SBA loan forgiveness documents
- Understand loan payment deferment options
Note: This is not a loan application. Lenders will require a formal application and may request additional documents.
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Looking for money for your business? NYC Funds Finder has you covered.
NYC Funds Finder is the City’s first online capital marketplace for small business owners.
Developed by the NYC Department of Small Business Services (SBS) in conjunction with Next Street, NYC Funds Finder connects entrepreneurs with financing assistance through the City’s Community Development Financial Institution (CDFI) partners and other lenders.
Businesses can navigate the site independently to find available loan and grant resources, or request free one-on-one assistance.
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