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New York State Financing Resources

The New York Loves Small Business website is a comprehensive resource that provides a plethora of financing resources for small business owners. Check out financing opportunities offered by the following entities:

New York State Banking Department
The Banking Department has developed a source book of private, public and non-for-profit small business assistance programs in New York State to be used as a resource tool for financial institutions, as well as a referral source for small business entrepreneurs.

Public/Nonprofit Financing
Federal, State, and Local Government and Non Profit Financial Assistance Programs

Equity Providers
Small Business Investment Companies (SBICs) are privately-owned venture capital firms licensed by the U.S. Small Business Administration (SBA), which use their own funds and those obtained at favorable rates with an SBA guarantee (or by selling their preferred stock to the SBA), to provide equity capital, long-term loans, debt equity investments and management assistance to qualifying small businesses.

New York Business Development Corp.
A privately owned company that pools the resources of various New York financial institutions to share risks, ultimately to help small businesses obtain financing to expand. The site has a Loan Payment Estimator that allows you to choose the purpose of your loan, amount, and number of years to repay it. It will match it with its current interest rates and calculate your payment for you.

New York City Financial Network Action Consortium
The New York City Financial Network Action Consortium (NYCfNAC) was established to address the drastic loss of banking services in New York City’s low-income communities. Its goal is to support the right of every low-income person to be able to save, borrow, invest, accumulate assets, and be knowledgeable consumers of financial services as a means to economic opportunity and community development. Accordingly, NYCfNAC promotes its ability to gain access to affordable, convenient, and comprehensive financial services and credit by building a network of the city’s leading community development credit unions.

Venture Capital
Venture capital funds invest in promising companies that have potential for future profit, but often are not profitable yet. Venture capital funds provide emerging enterprises with capital, in return for debt or partial ownership. A high rate of return over a relatively short time frame is expected. Most venture capital funds assume more risk than banks. Therefore, companies unable to receive more traditional bank loans and other financial help may find venture capital available. Remember, however, that unlike lending institutions, venture capital funds own a part of your business in exchange for the money they invest.

The New York Loves Small Business website lists the following venture capital funds (at the time of writing):

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Return to Financing Your Small Business.

Return to Small Business Resource Center.

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Too many questions? Too much information? Need help?

What kind of attorneys would compile the most comprehensive repository of resources for New York business owners? Ones who care that you have everything you need to properly focus your efforts to ensure the success of your business.

Protect yourself and your business. Call (516) 280-7105 to arrange a free consultation or fill out our contact form.

Blodnick Fazio & Associates
1325 Franklin Ave.
Suite 555
Garden City, New York 11530
Tel: (516) 280-7105
Fax: (516) 280-7102