When New York is mentioned, it is associated with the terms as high life, dreams, opportunities etc. However, with the condition of the economy, people in New York too faced the hit. A lot of people were laid off. This led to new innovative business idea that people came up with to generate their income using small business loans or/and other means. These are not only going to help the economic situation of the State but will provide employment opportunities to a number of people as well.
How to qualify for Small Business loans in New York
To ensure that one is able to get the business loan, the following main pointers need to be ensured. Other than these the lenders may add a few others but that depends on the individual company.
- No criminal record associated with the applicant
- No financial issues
- All payments of insurance and any other installments on time
- An assert that will be used to invest in the business along with the loan
- No history of defaulting on previous loans
How to apply for Business loans in New York
The application process, just like the qualification criteria has some main pointers and others depend on the company that one is dealing with. The main pointers include:
- Proper and detailed financial projections for the business
- Properly planned business plan
- Personal financial records
- Identity proof that the applicant is a resident of New York
- Documents of the insurance company of the applicant showing that installments are being paid on time
- Documents from the bank showing that there are no personal financial issues
- Reference letters whose number depend on the company’s demand
List of Business Loan Organizations in New York
There are a number of companies in New York that are dealing with business loans, here some of the main ones are mentioned:
- New York Business Development Corporation
- Medallion Financial Group
All these organizations have an online presence making it much easier to gather detailed information.