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.
