Small Business Financing
The following is a sample of the wide range of community-based lenders, banks, and crowdfunding sources that the Pace SBDC works with to provide access to small business financing:
-
SBA - The SBA (Small Business Administration) offers two key longer-term financing programs, the 7(a) & 504 loan programs, that encourage banks and other institutions to lend to new or expanding small businesses for permanent working capital and to purchase equipment and/or real estate
-
Banks - Click on this hyperlink to see the list of banks our center has worked with that offer financing among the wide range of their small business financial services.
-
Community-Based Lenders - Click on this hyperlink to see a list of community-based lenders and other alternative financial institutions our center has worked with who are often mission-driven and have more flexible underwriting criteria.
-
Main Street Capital Loan - The Main Street Capital Loan Fund is a state-funded program administered by Pursuit that provides loans of up to $100,000 to New York-based start-ups and businesses up to four years in operation at a 9.9% interest rate. Loan terms are up to 6 years with minimal payments (less than interest-only) in the first year.
-
NYC Future Fund - The NYC Future Fund, managed by the NYC Department of Small Business Services (SBS), offers revenue-based loans from $25,000 to $500000 at a 7.5% annual interest rate, with principal repayment terms designed to adjust based on business revenue. Eligibility includes 12+ months in operation, $50,000+ in historical or projected annual revenue and 1 year of filed tax returns.
-
Grants - Check out our grants hyperlink for a current list of available small business grants including start-up and other funding competitions.
-
Crowdfunding - Click on this hyperlink for information on raising funds in small amounts from your existing community of supporters.
-
Contract Financing loans provide short-term financing for small businesses to ramp up for new contracts and have sufficient working capital for expenses to be incurred in advance of contract payments. Click through link for NYS & NYC programs launched in support of this financing need.
-
Accelerators & Related Funding Support - Click on the hyperlink to learn more about accelerators and other related funding tailored for startups and entrepreneurs.