Best Small Business Loans in New York in 2026
LendingTree closed over 1,300 business loans in New York in 2024, lending more than $57,000,000 to local business owners.
Who are the best lenders for business loans in New York right now?
We’re highlighting these six lenders as the best small business lenders in New York State because they offer affordable interest rates, generous loan terms and, in some cases, additional business support.
| Lender | Best for | APR | Amount | Term | |
|---|---|---|---|---|---|
|
Business expansion loans | Varies by loan type | Up to $40M | Up to 318 months | |
|
First-time business owners | 8.25% (interest rate) | Up to $150k | 36 – 72 months | |
|
|
Startups | 9.90% (APR) | Up to $100k | Up to 72 months | |
|
Microloans | 7.50% (interest rate) |
$500 – $50k |
Not specified | |
|
Flexible funding | 4.66% | Up to $250k | 3 – 12 months | |
|
Same-day funding | 7.80% (interest rate) |
$1k – $250k |
Up to 12 months |
Best New York business loan lenders: More details
Best for: Business expansion loans – Bank of America
- Starting rate
- Varies by loan type
Maximum rates for variable-rate SBA 7(a) loans using the current 6.75% prime rate are: 13.25% for loans $50,000 or less; 12.75% for loans $50,001 to $250,000; 11.25% for loans $250,001 to $350,000; 9.75% for loans above $350,000. Rates for 504 loans are based on the current market rate for 10-year U.S. Treasury notes.
- Large loan amounts available
- SBA preferred lender, which may help you get funding faster
- Interest rates capped by the SBA
- Doesn’t disclose interest rates or eligibility requirements for some loan types
- May need to apply over the phone or in person
- Doesn’t offer the SBA CAPLine line of credit
If you’re thinking of expanding your business, you may want to consider getting an SBA loan from Bank of America. Loans backed by the U.S. Small Business Administration (SBA) come with longer repayment timelines and higher loan amounts, making them a solid choice for business expansion loans.
Bank of America offers a variety of SBA loan products, including SBA 7(a) loans, SBA 504 loans and SBA Express loans. Plus, as a Preferred Lender for some products, it may also be able to help you shorten the SBA’s notoriously long funding times. And with over 300 locations in New York state, there are a lot of branches for borrowers who prefer in-person help.
Yet, Bank of America doesn’t clearly disclose rate or eligibility information — though it does have to comply with the maximum rate caps set by the SBA. It also may require you to visit a branch or call a representative to apply for a loan.
Read our full Bank of America review.
Bank of America doesn’t disclose its eligibility requirements, but all its loans are subject to SBA requirements.
Best for: First-time business owners – New York Forward Loan Fund
- Starting rate (interest rate)
- 8.25%
Rates range from 8.25% to 11.25%, depending on length of the loan
- Provides added business support
- Offers competitive, fixed interest rates
- Long repayment periods (up to 6 years)
- Relatively low maximum loan amount
- Personal guarantee required for for-profit businesses
- May require collateral
First-time business owners who want additional support alongside funding can access assistance such as mentorship, help refining their business plan and education on how to hire and manage staff through the New York Forward Loan Fund, a program under New York’s State Small Business Credit Initiative (SSBCI). Loans of up to $150,000 are available and you can access support through New York’s Entrepreneurship Assistance Centers at any point during the borrowing period.
These loans come with low, fixed interest rates and long repayment periods, but a personal guarantee is required for for-profit businesses. Plus, if the lender deems it necessary, they may file a UCC lien or ask for another form of collateral.
Learn more about the New York Forward Loan Fund.
In order to qualify, you’ll need to meet the New York Forward Loan Fund’s criteria of:
- Minimum credit score: Not disclosed
- Minimum time in business: 12 months
- Maximum annual revenue: Less than $5,000,000
Eligible businesses must also have 100 or fewer full-time employees.
Best for: Startups – Main Street Capital Loan Fund
- Starting rate (APR)
- 9.90%
- Provides guaranteed interest rate
- Allows for interest-only payments for up to the first two years
- Long repayment window (up to 6 years)
- Must apply through Pursuit, a partner lender
- Personal guarantee required
- Imposes some restrictions on loan use
Through the Main Street Capital Loan Fund, another program by SSBCI, early-stage businesses can get a startup business loan to help cover typical startup costs, such as franchise fees, inventory costs or other working capital expenses. Funding of up to $100,000 is provided at an annual percentage rate of 9.90% and interest-only payments are permitted for up to the first two years.
However, this funding does come with a few strings attached. Borrowers must be New York State residents and a personal guarantee is required. In addition, you can’t use these loan funds to purchase real estate or refinance debt.
Learn more about the Main Street Capital Loan Fund.
In order to qualify, you’ll need to meet Main Street Capital Loan Fund’s criteria of:
- Minimum credit score: 640
- Maximum time in business: Fewer than four years
- Maximum annual revenue: Less than $5,000,000
Eligible businesses must also be owned by a New York State resident and operate in New York State with fewer than 100 full-time employees.
Best for: Microloans – Ascendus
- Starting rate (interest rate)
- 7.50%
Rates range from 7.50% to 15.99%
- Lienient time in business and credit score requirements
- Allows for cosigners
- Affordable interest rate range, especially compared to some other lenders on this list.
- Doesn’t disclose any loan term or annual revenue requirement information
- Imposes limits on the amount of business debt you can have
- Personal guarantee required
Businesses that only need to borrow a small amount may want to consider Ascendus. The Community Development Financial Institution (CDFI) offers microloans of up to $50,000. As an added bonus, Ascendus has fairly lenient qualification criteria, requiring only six months in business and a minimum credit score of 575. What’s more, if you can’t meet those requirements on your own, the company allows for cosigners.
Still, Ascendus doesn’t disclose any loan term or annual revenue requirement information, which can make it hard to tell if this funding will fit in your business budget. Plus, it imposes limits on the amount of debt your business can carry, as well as on foreclosures and bankruptcies.
Learn more about Ascendus.
In order to qualify, you’ll need to meet Ascendus’s criteria of:
- Minimum credit score: 575
- Minimum time in business: 6 months
- Minimum annual revenue: Not disclosed
Best for: Flexible Funding – Fundbox
- Starting rate
- 4.66%
12- to 52-week terms, or up to 104 weeks in certain limited situations
- Ability to apply in minutes
- Lienient eligibility requirements
- Relatively quick funding time (within 2 business days)
- Shortest repayment period on this list
- Personal guarantee required
- Weekly payments may be required
Those who need flexible funding may want to consider Fundbox. The company offers a business line of credit that lets you borrow money as needed up to a pre-set limit, and you’ll only pay interest on the amount that you’ve borrowed. Among other lines of credit, Fundbox stands out because of its affordable starting rates, lenient eligibility criteria and quick funding time.
However, weekly payments may be required.
Read our full Fundbox review.
In order to qualify, you’ll need to meet Fundbox’s criteria of:
- Minimum credit score: 600
- Minimum time in business: 3 months
- Minimum annual revenue: $30,000
Best for: Same-day Funding – Bluevine
- Starting rate (interest rate)
- 7.80%
- Same-day funding available
- Affordable starting rate
- Also offers term loans, worth up to $500,000
- Automatic payments required
- Doesn’t allow sole proprietors to apply
- Highest annual revenue requirement on this list
For business owners who need same-day funding, Bluevine’s line of credit promises to have funds in your account within 24 hours — or instantly if you also have a Bluevine checking account. The line of credit offers up to $250,000 at a competitive starting interest rate of 7.80%. However, if you need to borrow more, Bluevine also offers term loans of up to $500,000.
Unfortunately, your business entity formation matters, as sole proprietors are not permitted to apply for funding with the company. Plus, at $120,000, Bluevine’s annual revenue requirement may be challenging for some business owners to meet.
Read our full Bluevine review.
In order to qualify, you’ll need to meet Bluevine’s criteria of:
- Minimum credit score: 625
- Minimum time in business: 12 months
- Minimum annual revenue: $120,000
Learn more about how we chose our picks.
Types of small business loans available in New York
When it comes to small business financing, businesses in New York can typically can choose from:
Business term loans deliver money through a one-time, lump-sum payment. Then, you repay what you’ve borrowed by making fixed payments on both the principal loan amount and interest. Short-term business loans typically have repayment windows of up to two years, while the terms for long-term business loans extend over a longer period.
In some respects, lines of credit work similarly to credit cards. You can borrow money as needed, up to a predetermined limit, and you’ll only pay interest on the amount that you’ve spent. Lines of credit are a good choice for covering unexpected expenses or seasonal fluctuations in revenue.
A portion of SBA loans are guaranteed by the U.S. Small Business Administration, protecting the lender from a loss if you default on the loan. This added protection allows lenders to offer more favorable terms than traditional business loans, such as long repayment terms and capped interest rates.
As the name suggests, microloans come with smaller loan amounts, usually up to $50,000. They are typically geared towards early-stage businesses and minority entrepreneurs, who may have a more difficult time qualifying for traditional bank financing.
How to qualify for a business loan in New York
While each lender has its own unique business loan requirements, they tend to consider similar metrics when making lending decisions. Here’s what you need to know.
Common requirements
The vast majority of lenders will consider these three criteria when evaluating your business loan application:
Credit score
The lender may consider both your personal and business credit scores. As a rule of thumb, the higher your scores, the more likely you are to be approved and the better interest rate you will receive. However, if you have a lower score, bad credit business loans are available, although they are often more expensive forms of borrowing.
Time in business
Lenders look at how long your business has been running to determine if it has enough longevity to repay its debts. Most lenders require at least two years in operation. As a result, newer businesses may have to pursue startup business loans or other alternative forms of financing.
Annual revenue
Most lenders also want to ensure your business is bringing in enough money to keep up with your monthly payments. As a result, they may set a minimum annual revenue threshold. On the other hand, some nonprofit lenders may want to make sure that they are actually serving small businesses rather than large corporations. So, they may set a maximum revenue threshold instead.
Documents to provide
Once you apply for a business loan, your lender may ask you to provide some supporting documentation, including:
- Government-issued IDs for yourself and anyone with an ownership interest in the business
- Business and personal tax returns from the past three years
- Financial statements, including:
- Copies of your Articles of Incorporation, Bylaws or Operating Agreement
- Copies of your business licenses and permits
- Copies of your business plan
- Information on your collateral, such as a valuation of real estate or equipment
- Information on your real estate lease or purchase agreements
NY-State-specific criteria
As noted above, New York State offers many small business funding programs through its State Small Business Credit Initiative (SSBCI), including two of the lenders highlighted on this list. While every fund that the initiative assists has its own qualification criteria, there are some common threads.
For example, both the New York Forward Loan Fund and the Main Street Capital Loan Fund require borrowers to make less than $5 million in annual revenue and have fewer than 100 full-time employees. If that sounds like your business, you may fit the bill for some of SSBCI’s other funding programs as well.
- New York City: Renaissance Economic Development Corporation
- Capital Region: Community Loan Fund of the Capital Region
- Central New York: Syracuse Cooperative Federal Credit Union
- Finger Lakes: Pathstone Enterprise Development Initiative
How LendingTree works
LendingTree takes the hard work out of shopping around for a loan. Fill out one form and watch lenders from the country’s largest networks compete for your business.
Tell us what you need
It takes an average of two minutes to tell us who you are and how much money you need. Plus, the process is free, simple and secure.
Compare your offers
Depending on your revenue and business needs, you can compare quotes on your own or you may qualify for LendingTree’s concierge service, which gives you a single point of contact to help you find the best deal.
Get your money
Pick a lender and sign your loan agreement. You could receive your money in as little as 24 hours.
Alternatives to traditional business loans
If a traditional business loan is not the right choice for you, there are plenty of alternative options, including:
- Crowdfunding: Crowdfunding involves using an online platform to encourage people to contribute money toward your financial goals. Platform users can invest cash in your business in exchange for rewards, like products or even equity.
- Venture capital: Often facilitated by angel investors, venture capital financing involves having investors fund your business needs in exchange for a stake in the company.
- Small business grants: Small business grants give you money that you don’t have to repay. However, you won’t be awarded the money until after you apply and are approved, and the application process can be quite cumbersome and competitive.
- Business credit cards: Business credit cards are often used instead of business loans for everyday expenses. However, if you have to finance a big purchase that you can’t pay off right away, a business credit card will likely have a higher interest rate than a traditional loan.
How we chose the best New York business loans
We reviewed more than 20 lenders to determine the overall best six New York business loans. To make our list, lenders must meet the following criteria:
- Offered in New York: We only highlighted loan products that are available to residents of New York State.
- Affordable starting interest rates: We prioritized lenders who offer competitive rates to small business owners.
- Generous loan terms: We tended to pick lenders who offered longer loan terms in order to give borrowers ample time to repay what they’ve borrowed.
- Added business support: We looked for lenders who could provide additional support, like training or mentorship, to their applicants.