Guide

Best business loans in New York

New York carries extra restrictions on the revenue-based tier here, and the state has a commercial financing disclosure law requiring providers to disclose the finance charge, APR and total repayment before you sign.

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✓ Checking what you qualify for does not affect your credit score.

Funding in New York

Ask for the New York disclosure. If a funder cannot produce one, that tells you something.

The states that are excluded

Merchant Fund Express funds in all 50 US states. We fund businesses in all 50 states. California and New York carry extra restrictions on the revenue-based tier.

Those are the only geographic lines. Everything else is set by the product.

The thresholds a New York file is read against

Tier 1: 650 FICO, 3 years in business, $300,000 a year or $25,000 a month, 8+ monthly deposits.

Tier 2: 600 FICO, 6 months in business, $60,000 revenue, $800 minimum daily balance.

Renewal: 550 FICO, 2 years in business, once 50% of the original balance is repaid.

The minimum FICO is 500. The 650/600/550 tiers are product criteria that decide which product a file is read against, not a floor on the business. Scores in the 500s are placed routinely and are read on revenue, deposit consistency and time in business rather than on the score alone.

Average daily balance of $5,000, or 10% of monthly revenue, whichever is greater. Up to 3 negative days a month, 9 per six months and up to 6 NSFs a month, 24 per six months.

What to send

Application plus three months of business bank statements. Same-day decision, next business day funding.

Restricted regardless of the numbers: new residential construction, residential remodelling, long-distance (TL or LTL) trucking, used car dealers, and real estate agents, brokers, managers or lessors. Sole proprietors are eligible; non-profits are not; 50%% or more ownership is required.

Questions

Do you fund businesses in New York?

Yes. Ask for the New York disclosure. If a funder cannot produce one, that tells you something.

What credit score is needed?

Which states do you fund?

All 50 states. California and New York carry extra restrictions on the revenue-based tier.

How fast is a decision?

Same day on a complete file.