With its passionate residents, eclectic neighborhoods, and 24-hour vibe, NYC can arguably be called the best city in the world. And just like any small town, NYC’s small businesses are the heart of all 145+ of its neighborhoods, giving each its own unique feel and flavor. Despite the invaluable contribution that small businesses make to the fabric of NYC, being a business owner in NYC is no easy feat. With some of the highest overhead costs in the U.S. (oh, the prices of rent!), maintaining a healthy, steady cashflow can seem impossible. But, it doesn’t have to be when you have Kapitus as your partner for small business loans!
Benefits of the NYC Small Business Loans Program
Run My Business
NYC’s recent mandates for paid sick and family leave. Yet another wage increase requirement.
Exorbitant Rents. Sometimes, it feels like there are just too many obstacles to fight when running your NYC business. But you can make all of these new operational costs manageable. Kapitus can help you get the right small business loan, quickly, to help you manage operations.
Grow My Business
You just signed a new commercial lease for that great space on 72
and Broadway. It’s a bigger location that will better help you meet demand. Only now you need to hire a few more employees, cover some build out costs, purchase additional equipment and decorate the new place. You don’t need to use the last penny in your business account. Get a cushion and manage costs with small business loans from Kapitus.
Secure My Business
New York City Business Loans Approval Process
Complete our simple online application
Get a Decision
You’ll know within hours if you’re approved for financing
Go renovate. Go buy equipment. Get that job posting listed. Pay those taxes. Purchase that inventory. Get your business on track for growth!
Top small business loans for NYC business owners
If your business needs new equipment, but you don’t have enough available cash to make the purchase then this is a great option for you. Our equipment financing product allows you to choose between purchasing your new equipment or leasing it with rights to renew. Equipment loans involve regular payments that include both the principal and interest. Equipment leasing is similar to leasing a car where you pay “rent” for use of the equipment over a specified amount of time.
Available for both short- and long-term needs. Our business loans provide you with an agreed upon sum of money that you will pay back over a specified amount of time, with interest. The amount of interest paid and the total overall cost will depend on whether you opt for a short-term loan, which typically has a higher interest rate but a lower overall cost or a long-term loan, which tends to have a lower interest rate but a higher overall cost.
Revenue Based Financing
Revenue Based Financing is an up-front sum of cash that is based on a business’s future sales. Though not technically a loan, this is a great option for businesses that need access to cash quickly. Because this is not a loan, there is no APR or compounded interest associated with this product. Instead, borrowers agree to pay a fixed percentage in addition to the amount provided.
Line of Credit
Similar to a personal credit card, a business line of credit provides you with a line of credit that is accessible for you to use at any time. You only pay interest on the portion of the line that you use, and once paid, funds become available for you to use again. This is a great option for businesses who want to stabilize their cash flow or those who are in need of short-term working capital.
A small business loan that is partially guaranteed by the U.S. Government’s Small Business Administration, this option is great for businesses with stellar financial and operating histories. Because the government has agreed to back a portion of the loan, the application process is very thorough and can take anywhere from 3 weeks to 3+ months. The qualifying requirements are very restrictive, but this is an excellent option with favorable terms if you are able to qualify.
Helix is a financing product exclusively for the healthcare industry. The economics of running an independent practice have changed extensively over the past couple of years, making it difficult to manage cash flow. The Helix underwriting process, financing length and repayment terms all take into account the new reality of lower insurance premiums and longer wait times for insurance payouts being faced by independent healthcare practices.
What are the Features & Benefits of New York City Business Loans?
Boost Cash Flow
Business loans are a great way to boost your cash flow on both a short- and long-term basis. Short-term loans can be used to help you quickly cover unexpected expenses, while traditional term loans allow you to take on larger projects without having a negative impact on your cash flow.
Favorable Rates & Terms
If you’ve got great credit, stable revenue and a good business plan, then a business loan is a great option for you. With these credentials, it is fairly easy to be approved with favorable rates and flexible payback terms. Business loans are available in both small and large amounts.
Convenient Repayment Options
With many business loans, borrowers can have a say in the frequency and flexibility of payment deadlines. Payment frequency can be based on existing cash flow, where the installment fluctuates based on revenue. Or you can pay back larger amounts without prepayment penalties.
How do I qualify for the NYC Small Business Loans Program?
Because Kapitus is able to provide NYC business owners with a variety of lending options, qualifications will vary for each product. However, a good baseline of minimum qualifications is:
- Your business is located in one of the 5 boroughs of NYC
- You have been in business for at least one year
- You have personal credit score of 550+
- You have a minimum annual revenue of $100,000
How do I Apply for the NYC Small Business Loans Program?
The Kapitus NYC Small Business Loans program allows you to apply for every product we offer through one simple application. Once we have the needed information, we can present you with all of the financing options available to you based on your current situation.
Join over 5,000 New York City small businesses that have gotten financing through the Kapitus Local Lending Small Business Loans Program
Ready to Apply?
Think the Kapitus NYC Small Business Loans Program is a good fit for you? Let’s get you ready to apply. To begin the application, you will need to be able to provide your 3 most recent bank statements, last year’s tax statements and contact information for 3 business references. Additional documentation required as you move through the underwriting process, depending on the type of loan you choose. If you’re still not sure if our New York City Business Loans Program is right for you or if you have any questions about the Kapitus Local Lending Program give us a call at (800) 780-7133 to speak with one of our financing specialists.