New York City is quite the hot spot when it comes to thriving businesses, a busy workforce, and new opportunities, and is therefore very expensive to start or operate a small business in.
Originally, choosing the location in which your business would live and grow was a no-brainer. From the first look, NYC is a bustling city, filled with sociable communities and thriving small businesses. Although after planting your business, you probably experienced high rent costs.
Knowing exactly what you need to do to allow your business to be successful, yet not having the ability to do so without a certain amount of funds can be a difficult spot to be in.
Meet reason number one for business loans in NYC: costs.
Luckily, we understand the location, the expenses involved, and the best options for loans in NYC for small businesses to consider when in need.
Here Are the Most Common Small Business Loan Options from Lenders in NYC:
Small Business Loan
With long terms and low-interest rates, getting an SBA loan is a great way to grow your business, increase working capital, purchase equipment, or refinance existing debt. A lot of the time, this will be your best and quickest choice of funding; we like to call ours Small Business Express Loans for that very reason.
Term Loan
The ability to have long-term repayments supports business expansion. Whether it’s to cover costs or pay for your next project, short-term business loans are designed to cover immediate business needs and provide great benefits. For example: bridging the cash flow gap, covering operational costs, or handling emergencies like equipment malfunction.
Revolving Line of Credit
The best part about a line of credit is the flexibility that comes along with it. Businesses can borrow up to a certain limit, and only pay interest on the amount borrowed; reuse and repay as often as necessary. Any surprise expenses or must-have immediate purchases? This option has you covered.
Equipment Financing
This way of financing allows you to purchase new equipment by putting up 100% of the purchase price or to place a lien against your company’s already owned equipment so that you can recoup up to 100% of the purchase price. Equipment financing is the easiest option for quick purchases of expensive equipment, especially given the low rates and great terms.
So, if you are considering starting a business in NYC and are facing start-up costs, or are currently operating one and in need of working capital to grow, reach out to us here at REIL Capital.
With too many options out there in busy New York City. We can help to guide and support you in choosing the best funding option for your small business.
We can help to get you on your feet or keep you there.
