Choose the Term that Fit Your Business Best
Compare small business loans and apply online. We Offer a Wide Variety of Funding Solutions for All Business types to ensure your business connects with the right financing product and not just the most expensive one. Learn more about each product below and decide what option is best for your business.
There is No Deal We Can’t Handle!
We thrive at funding the hardest of deals. We welcome any business with 6 month operational time and any FICO score. No matter what industry you are in our dedicated account executives provide the sufficient support needed to help all types of businesses.
We work with market leading institutions across North America to provide the best fit possible. Whether you need $5,000 or $5,000,000 we have a product for you.
Short-Term & Receivables-Based Financing
Short-term financing can help you take care of immediate needs in your business, whether you need to stock up on inventory or recognize a new business opportunity. No collateral is required for short-term financing, the paperwork is minimal, and perfect credit is not required. BFNYC accepts every industry and every FICO score.
Short-Term Loans and How They Work
Short-Term loans are utilized as a way to fill immediate, short-term needs or cash flow issues. This type of loan doesn’t require a lot of paperwork, funds quickly, and can be used for almost any business purpose. Short-term loans are perfect for purchasing inventory, filling gaps between accounts payable and receivable, as well as any emergency repair or maintenance expenses that may pop up. While this type of financing does have it’s pros, having a shorter term also means having higher cost involved than traditional secured financing in a shorter term, generally collected via daily or weekly ACH payments. A traditional term loan is one where you borrow money and pay it back within a fixed term at a set interest rate. This type of loan allows you to build your credit and you will have fixed monthly payments. The drawback is that they come with less flexible terms and rates and may charge a penalty if you pay your loan off early.
What’s Needed To Qualify for a Short-Term Loan?
Repayment terms of 3-24 months
- Completed Application
- 4 months of most recent bank statements
- 4 months of most recent processing statements
- Minimum of 2 months in business
- Minimum of $7,500 in monthly revenue
A medium-term loan is a simple interest business loan with a low rate and flexible terms ranging from one to five years, with no prepayment penalties. No collateral is required for term loans.
A medium-term loan is a simple interest business loan with a low rate and flexible terms ranging from one to five years, with no prepayment penalties. No collateral is required for a medium-term loan, but a personal guarantee is needed.
What is a medium-term loan?
Some business needs demand financing with a longer term. Maybe you’re looking to remodel or expand. Maybe you have an opportunity to buy out a competitor. A medium-term loan will enable you to get the capital you need for your growth project, and take up to five years to repay. A medium-term loan offers low rates and flexible terms, and often does not require collateral.
How can I get a medium-term loan?
BFNYC has made it faster and easier for small businesses to get a medium-term loan. You can request from $20,000 to $500,000, with repayment terms of one to five years. The rates on a medium-term loan are based in part on your credit rate, so be sure you have a strong credit history to present. A medium-term loan is repaid through fixed weekly, bi-weekly or monthly payments which can help you get greater clarity on your cash flow.
How can I use a medium-term loan?
You have a great deal of flexibility in how you use a medium-term loan. If you opt for a shorter term, it can be helpful for working capital, new inventory and general cash flow needs. If you take financing for a full term, it can be used for a wide range of growth and expansion purposes.
What’s Needed To Qualify for a Medium-Term Loan?
Repayment Terms of 2-5 years
Minimum of $75,000 in Funding
- FICO score must be 640 or higher
- Annual Business revenue must be $500,000 or higher
- Minimum of 2 years of operating history
- 2 Years of Business Tax Returns
- 1 Year of Personal Tax Returns
- 6 Months of Recent Bank Statements
- Year To Date P&L and Balance Sheet on $200k loan applications
- Completed Business Debt Worksheet
- Completed Shareholder Guarantor Form
Business Lines of Credit
A line of credit is a flexible short-term financial tool that you can use for a variety of business needs, from working capital to purchasing inventory and more. You draw it down as needed and repay weekly or monthly.
Funding Up To $100,000
A Business Line of Credit, also known as a “LOC” is a type of loan that provides business owners with access to working capital needed to fix cash flow issues and other fulfill other short-term business needs. You draw funds from a line of credit when you need them: Whether it’s once a day, but it also could be once a month or even just once a year.
Unlike a loan, which is generally for one specific purpose, you can use a business line of credit for many different things at once.
What’s Needed To Qualify for a Business Line of Credit?
Both Secured and Unsecured Business Lines of Credit will require your business to be in good standing. Here are some basic qualification requirements:
- Completed application
- 6 months of recent business bank statements
- Minimum personal credit score of 620
- Minimum of 1 Year in Business
- Minimum of $15,000 in monthly business revenue
Businesses that struggle with no collateral or no credit find it difficult to qualify for traditional financing. Companies in need of quick capital to expand or improve their operations face limited options because of these roadblocks. Numerous companies report strong sales and solid cash flow statements but do not meet the rigorous standards required by traditional lenders; however, financing programs exist that provide business owners with fast capital along with minimal qualification requirements. The money comes in the form of Split Funding, also known as a Merchant Cash Advance. Split Funding is perfect for retail businesses that accept credit cards, as a set percentage is taken out of every credit card sale in order to pay back the advance, allowing business owners to focus on their business rather than worrying about payments. What is Needed to Qualify for Split Funding?
- At least 2 months of operating history
- $7,500 or more of monthly credit card sales
- Documented gross monthly sales of $10,000 or more
- No open bankruptcies allowed
- Startups are usually ineligible for Split Funding, but can qualify for this product
- For approval, all you need to do is complete an application and send it back with 3 months of bank and credit card statements
What are the Pros Split Funding?
- Their is no set repayment schedule so you pay at the pace of your business without strict penalties for late payments
- No minimum or maximum funding amounts
- Approvals in 24 – 48 hours
- Funding in as little as 48 hours
- No personal guarantee
- No collateral needed
- No strict credit requirements
- Can be used for cash flow, inventory, equipment, expansion or anything else related to the business
- Can be refinanced quickly for quick access to additional capital
An SBA loan is a low-interest, government-backed loan, with the longest terms and lowest rates available. Repaid monthly, it is available to businesses that have been in business for at least two years and has a 640 FICO score or higher. Collateral is required for loans of more than $25,000.
An SBA loan is backed by a guarantee from the U.S. Small Business Administration. The 7(a) program that BFNYC offers, represents the bulk of the SBA-backed lending. Because of their federal guarantee, SBA loans are the lowest cost long-term funding available to small businesses and come with single digit rates. They can be used for helping start-up and existing small businesses and can reach up to $5 million. Approval takes about one week, however the remaining procees can take up to six weeks, therefore business owners should keep in mind that they may not see any money for four to eight weeks.
What’s Needed To Qualify?
To participate in the 7(a) loan program, a business must meet a list of restrictions set by the SBA. For example, the business:
- Must base for-profit operations in the United States
- Must be in business for at least two years
- Must be a U.S. citizen or legal permanent resident
- Must have no bankruptcies in the last three years and no defaults on government-backed loans.
- Must have financial statements that show your cash flow will support the loan’s repayment.
- Must demonstrate an equity investment in the business before requesting government help
- Cannot be delinquent on taxes or any other debts to the federal government
- Cannot be involved in certain financial, political or members-only activities
- Must not have any recent bankruptcies or Liens
SBA Loans have terms reaching up to 25 years and contain fixed and variable interest rates range from 5.5 to 8 percent annually, as of July 2015. Please contact one of our represnatives at 877-969-4569 for more information; as this product requires a heavier set of documentation to apply.
Invoice factoring is based on your outstanding invoices or receivables, and the underwriting process is based on your customer, not your business. Minimal documentation is required and there are no pre-payment penalties.
Invoice Factoring or Factoring is used to finance based on business-to-business transactions. It is a way to turn the money owed to you by your business customers into ready capital for your business. You submit an invoice for consideration and you are advanced a sum of money based on the value of that invoice. Invoice financing gives you quick access to future receivables. BFNYC will factor your business’ customers’ invoices to match your working capital needs. The amount of funding your business may receive is dependent upon the creditworthiness of your customers, volume in sales, the size of your invoices, and turnover time. This funding solution is a great way to solve short-term cash flow problems by providing your business with the funds it needs based on work your business has completed and has billed customers. Funding can occur in as little as 48 hours, and since this funding solution is an advance on payments your business is owed, not a loan, you will not see any debt. The choice is really up to you. Unlike a loan, invoice financing is not capital advanced to you for a specific purpose. Examine your cash flow to see where the proceeds can best be applied.
What’s Needed To Qualify for Invoice Factoring?
- Completed application
- Must invoice business or government customers who have good credit scores and established businesses. No startups. Funding is dependent upon the creditworthiness of your business’ customers
- Invoices must unencumbered by other loans and due and payable within 90 days
- No history of legal or tax issues
Equipment Financing is a loan product used to help business owners purchase any type of equipment needed to run the business. Equipment finance is available with little or no down payment, in both lease and loan options. The approval process is fast, the payment schedule is affordable and there are potential tax advantages.
Most business needs equipment. Some need a new oven or a new tractor; while others may need a new truck; computers, or medical devices. Our Equipment Funding can be used for years or for short-term options as well & we offer both leasing and financing for this equipment.
The loan amount is dependent upon the type of equipment needed, as the repayment term is usually as long as the expected life of the piece of equipment. Equipment Financing usually means a fixed interest rate and fixed term so payments don’t fluctuate
What are the Advantages of Equipment Financing?
- Approval time ranging from a few days to a few weeks
- Equipment leasing is flexible and requires a minimal down payment
- Leased equipment may be returned or purchased at the end of the term
- Equipment loans can be used to update equipment and inventory or for equipment replacements
- Equipment can be written off for tax purposes and is tax deductible
What is Needed to Qualify?
- Great credit for affordable rates
- 1 Page Application
- Bank and credit card statements
- Tax Returns and P & L may be needed
Startup Loans are a great funding option for new business owners and entrepreneurs. No minimum business revenue or collateral requirements!
What’s Needed To Qualify for a Startup Loan?
– No minimum business revenue requirements
– No collateral required
– Credit score must be 700 or higher
After providing us with a detailed credit report from any ,main credit-check website, we will then be able to qualify you for our program or advise you why you are not eligible at this time.