How to Get Small Business Loans in NYC
Because there are so many businesses in New York City, rent costs can be high, and competition is stiff. In fact, there are more than 200,000 small businesses in NYC, with 98 percent being classified as “small” and 89 percent as “very small.”
Due to these notable challenges, many New York small businesses opt to pursue business lending options. Applying for small business loans in NYC can help your company pay bills, expand to multiple locations, purchase new equipment, and make other necessary advancements. By having access to this business financing, you can afford these expenses without having to cut down on other costs.
If you’re interested in learning more about the numerous benefits of acquiring business loans in New York, and challenges you should be ready to face, keep reading! We’ll detail everything you need to know, so that you can be prepared to begin the application process.
Three Reasons to Consider Pursuing Small Business Loans in NYC
1. Find Business Funding Nearby
If your business is located in NYC, applying for small business loans in New York can offer you convenience and peace of mind.
Fora Financial is a business lender located in the heart of Midtown Manhattan, and we too enjoy the fast-paced environment that NYC has to offer. As a financial institution in New York, we love communicating with our valued customers, many of whom are also accustomed to the NYC lifestyle. Small business owners in NYC have the advantage of being able to visit our office and get face-to-face interaction with our Capital Specialists.
Once your business qualifies, we can provide you with financing just 72 hours later! That quick processing time enables businesses to have access to the capital they need, so that they can get back to focusing on their companies.
2. Afford Pricy Rent Costs
With NYC rent being amongst the highest rates in the country, receiving a small business loan, merchant cash advance, lines of credit, or other type of financing can help your business pay for these monthly costs.
Rent expenses are a major burden for small businesses in NYC, so having the necessary funding will help you feel less stressed when the end of the month rolls around. It can be pretty difficult to find an affordable space in NYC, so use your working capital to pay your rent!
3. Stand Out from Your Competition
Being a small business based in NYC certainly has its share of challenges, with the large amount of competition for business. As the song says, “If you can make it here, you can make it anywhere.” Small businesses that are succeeding in NYC should be especially proud; they are standing out amongst a myriad of other businesses in their industries.
Due to the amount of competition, you’ll need to make sure that your business is the one that people want to visit. With competitors around the corner, you’ll stand out by making improvements to your business. Using small business loans in New York to purchase new equipment, pay for marketing collateral, offer new services or update your interior will help your business stand out. By applying for small business loans in NYC, you’ll be giving your company the opportunity to thrive in the Big Apple.
Although the hustle and bustle of NYC may seem intimidating, applying for a small business loan program in NYC can be a stress-free experience.
Follow our tips for tackling the application process, and you’ll have the personalized funding your business needs in no time!
Of course, if you aren’t based in NYC, but are another United States-based business, you can receive financing, too! We work with small businesses nationwide!
Editor’s Note: This post was updated for accuracy and comprehensiveness in June 2019.
Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved, or otherwise endorsed by any of these entities.