The NYC Department of Small Business Services (SBS) can increase your chances of getting financing for your business.
Our team will assess your needs and identify financing options that are the right fit for you. Our staff will help you build your loan application and position you for success. We work with all business types providing one-on-one guidance with Financing experts, and connecting you to our network of 40+ lenders in NYC.
Financing comes in many forms:
- Term Loan: Borrow a lump sum of money upfront. Repay in regular monthly payments with interest over a set period of time. Usually lasting between one and ten years.
- Line of Credit: An amount of money that you are able to borrow at any given time. You can draw on this sum whenever you need it, like a business credit card. Yet, you can access cash at much lower rates.
- Invoice Financing: Get a cash advance from a lender using outstanding invoices.
- Equity: Sell company stock to investors. In return, shareholders receive ownership interests in the company. You share a percentage of profits with your investors.
- Crowdfunding: Create a profile on an online platform. Then raise money from friends, family, and others interested in your business. Depending on the platform, you can exchange rewards for financing, or raise 0% interest.
- Grants: Money that does not need to be repaid. But there may be other obligations to receive payment. For example, hire employees or take part in a training program.
To learn more about financing, attend an upcoming Financing Roadmap course
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