Guaranteed Approval: Startup Business Loans with Bad Credit in New York City

Quick list of 10 Well Known New York City-based Banks and Loan Operators for Guaranteed Startup Loans with Bad Credit

Here are some potential funding options in New York City for startup companies with bad credit looking to secure a guaranteed loan:

1. Accion East – Nonprofit lender that offers loans up to $100K to startups that may not qualify through traditional lenders. They offer credit-building services.
2. Excelsior Growth Fund – NY state-run fund that provides loans between $100K – $5M to tech and science startups. Below market interest rates.
3. Kiva NYC – Crowdfunded microloans up to $15K with 0% interest. Requires endorsing trustees for bad credit applicants.
4. CAN Capital – Offers merchant cash advances from $5K to $150K. Industry veteran since 1998.
5. Fora Financial – Cash advances ranging from $5K-$500K. Focus on restaurants & retail businesses.
6. Kapitus – Approves advances up to $500K in as fast as one business day. Targets many industries.
7. Pearl Capital – Specializes in advances for businesses with revenue over $30K per month.
8. Advance Business Capital – Approves advances up to $500K with fixed daily payments.
9. Quantum Capital Funding – Provides startup funding from $5K-$150K even for high-risk industries. Bad credit clients must inquire.
10. Quickfee – Merchant cash advances from $5K up to $1M. Same-day funding available. Says they can approve startup loan advances even with poor personal credit if business is strong. Requires 3+ months in business.

In addition to startup loans necessitated by cashflow shortages and possible high interest pain, f you have inventory or product shortages, many of these NYC banks will offer startup equipment financing even with bad credit.

5 Lenders offering Startup Equipment Financing – Inquire for Bad Credit – In NYC and Greater New York State Region

• Accion East (Nonprofit lender)
  • 80 Maiden Ln Suite 903, New York, NY 10038
  • (212) 387-0377
  • Offers financing for startups with bad credit histories
• New York Business Development Corp
  • 50 Beaver St, Albany, NY 12207
  • (212) 312-3600
  • Offers equipment financing for startups.
  • Credit requirements not clear.
• Cross River Bank
  • 885 Teaneck Road, Teaneck, NJ 07666
  • (201) 820-5291
  • Online bank that offers startup business loans. May work with bad credit borrowers.
• Spring Bank (Community bank)
  • 395 Main St, Ridgewood, NJ 07450
  • (718) 782-6200
  • Local NYC bank providing business loans and equipment financing. Credit requirements not specified.
• Lower East Side People’s Federal Credit Union
  • 37 Ave B #1, New York, NY 10009
  • (212) 529-8197
  • Credit union offering startup business loans. Unclear if they work with bad credit.

Staten Island, New York City banks offering small business startup loans or merchant cash advance programs for startup owners:

There are 5 boroughs in NYC totaling more than 2.5 million people! Here are a list of the local banks in each Staten Island, New York City area to help startup business owners attain loans even with bad credit.

5 regional banks in Staten Island, New York and the types of small business loans they offer:

1. TD Bank Address: 1205 Forest Ave, Staten Island, NY 10302 TD Bank offers SBA 7(a) and 504 loans to entrepreneurs looking to buy commercial real estate, property and land, finance working capital, or purchase machinery and inventory.
2. Wells Fargo Address: 2791 Richmond Ave, Staten Island, NY 10314 Wells Fargo offers secured and unsecured business term loans and business lines of credit. Their small business loans typically range from $10,000 to $100,000.
3. Chase Bank Address: 1226 Forest Ave, Staten Island, NY 10302 Chase Bank provides SBA Express loans up to $350,000 for general business purposes including working capital, business expansion, equipment purchases, etc. Fast turnaround time.
4. Citizens Bank Address: 1085 Forest Ave, Staten Island, NY 10310 Citizens Bank offers business lines of credit, SBA 7(a) term loans, equipment financing and commercial mortgages. Loan amounts range from $10,000 to $5 million.
5. Capital One Bank Address: 2795 Richmond Ave, Staten Island, NY 10314 Capital One has a variety of business loan and line of credit options including loans for startups, operating expenses, equipment and real estate. Key focus areas are healthcare, retail and professional services.

5 regional banks in Staten Island, New York and the types of small business loans they offer:

1. Quick Capital Funding

• Address: 2171 Hylan Blvd Suite 6G, Staten Island, NY 10306
• Offers merchant cash advances from $5,000 to $1 million
• Approvals in 24-48 hours
• Funds available in as little as 2 business days
• Repaid by a percentage of future credit card sales

2. Interstate Capital

• Address: 1150 Forest Ave, Staten Island, NY 10310
• Provides merchant cash advances up to $500,000
• No collateral required
• Fixed daily payments deducted from credit card receivables
• Rate from 1.10 to 1.60 with 6-12 month payback period

3. Advance Now Capital

• Address: 2455 Richmond Ave #207, Staten Island, NY 10314
• Cash advances up to $250,000
• Quick application process with funding in as little as 24 hours
• Fixed daily payments deducted from credit/debit card sales
• Payments tied to credit card volume to adjust to seasonal businesses

Manhattan, New York City banks offering small business startup loans or merchant cash advance programs for startup owners:

Manhattan is the largest borough – let’s see what small biz startup loans are guaranteed and available despite bad credit;

5 regional banks in Manhattan, New York and the types of small business loans they offer:

1. Signature Bank

• Locations throughout Manhattan
• Offers SBA 7(a) and 504 loans, commercial real estate loans, equipment financing, lines of credit and term loans
• Loan amounts from $1 million to $20 million

2. Metropolitan Commercial Bank

• 99 Park Ave, New York, NY
• Working capital loans, SBA 7(a) loans, commercial mortgages, equipment leasing
• Loans up to $5 million

3. Customers Bank

• 1400 Broadway, New York, NY
• Commercial real estate loans, construction loans, equipment financing, lines of credit
• Typical loan size $3-$30 million

4. First Republic Bank

• Multiple Manhattan locations
• Commercial and industrial loans, SBA 504 and 7(a) loans, credit lines
• Loans up to $30 million

5. Sterling National Bank

• 21 Scarsdale Rd, Yonkers, NY
• Commercial mortgages, business lines of credit, equipment financing
• Loans from $1 million to $100 million+

The main loan types offered are SBA loans, commercial real estate loans, equipment financing, lines of credit and standard term loans – with loan amounts ranging from a few million up to $100 million for the larger regional bank players.

5 merchant cash advance operators in Manhattan, New York City and the types of guaranteed small business loans they offer despite bad credit:

1. Kabbage

• Address: 50 W 23rd St Suite 300, New York, NY 10010
• Offers merchant cash advances up to $250,000
• Approvals in as little as 7 minutes
• Funding in as soon as 1 business day
• Repaid automatically as a % of credit card/debit card sales

2. Credibly

• Address: 31 W 27th St, New York, NY 10001
• Merchant cash advances up to $1 million
• Does not require good business credit score
• Fixed daily repayment amounts
• Quick online application and funding

3. Forward Financing

• Address: 38 W 32nd St Suite 1101, New York, NY 10001
• Provides merchant cash advances from $5,000 to $500,000
• Looks at 12 months of bank statements, not credit score
• Approves 50% of applicants
• Fixed daily payments deducted from credit card receivables

These alternative NYC lenders provide fast cash advances for small businesses even with poor or no credit. They can be easier to qualify for than traditional bank loans.

5 merchant cash advance operators in The Bronx, New York City and the types of guaranteed small business loans they offer despite bad credit:

Here are 5 merchant cash advance companies in the Bronx, NYC that offer guaranteed small business funding despite bad credit:

1. It’s About Time Funding

• Address: 427 E 187th St, Bronx, NY 10458
• Phone: (718) 299-1100
• Provides cash advances up to $500,000
• Approvals in 24 hours based on credit card sales

2. Queens Business Group

• Address: 2501 Grand Concourse #1, Bronx, NY 10458
• Phone: (718) 792-3126
• Merchant cash advances from $5,000 up to $250,000
• Fixed daily repayments deducted from credit cards

3. Bronx Capital Funding

• Address: 597 Fox St Floor 2, Bronx, NY 10455
• Phone: (929) 424-0038
• Guaranteed business funding from $1,000 up to $300,000
• Deposits funds in as little as 24 hours

4. Advance Bronx Credit

• Address: 355 E 161st St, Bronx, NY 10451
• Phone: (917) 810-9675
• Provides merchant cash advances despite poor personal credit
• Looks at bank statements not credit scores

5. Quick Dollar Funding

• Address: 2501 Grand Concourse #1, Bronx, NY 10453
• Phone: (646) 690-0589
• Cash advances for Bronx small businesses up to $500,000
• 90% approval rating within 1 business day

Should your Startup Company Seek a Guaranteed Loan in New York City even with Bad Credit?

Whether your NYC startup should seek a guaranteed loan if you have bad credit involves carefully weighing some unique pros and cons:

Pros of poor credit startup biz loans if you’re based in the Big Apple:

• NYC has many alternative lenders and programs that work with bad credit borrowers. More options than other places.
• Funding can help you quickly scale up operations to serve the large NYC market right away.
• NYC’s entrepreneurial resources like SBS and workforce talent can help you drive revenues to repay debt.
• Strong consumer demand and opportunities like holiday markets in NYC provide fast income.
• Repaying a NYC lender can help build local relationships for future funding needs.

Cons of getting startup loan with bad credit in NYC:

• NYC’s highly competitive business environment makes rapid revenue growth uncertain.
• High NYC operating costs add challenges when repaying short-term high interest debt.
• With high NYC rent and labor costs, the collateral assets you risk may be quite valuable.
• Abundant NYC fundraising opportunities later may provide better terms than current bad credit financing.
• If the business fails, the high cost of living in NYC makes personal debt obligations tougher.

Overall, guaranteed startup loans can provide needed capital to tap into NYC’s huge market. But the competitive, high-cost environment also brings risks when carrying bad credit loan obligations. Evaluate your specific situation carefully before proceeding.

Here are 7 Statistics (and Sources) Related to Bad Credit Startup Loans in New York City:

1. The average credit score in NYC is 680 (Experian, 2022: https://www.experian.com/blogs/ask-experian/credit-education/score-basics/average-credit-scores-by-age-and-location/)
2. 27% of NYC residents have subprime credit scores below 620 (TransUnion, 2020: https://www.tuscore.com/insights/cities-with-the-highest-subprime-credit-population)
3. New Yorkers have an average personal loan debt of $7,245, higher than the national average (Federal Reserve Bank of New York: https://www.newyorkfed.org/microeconomics/hhdc)
4. NYC average interest rates on personal loans for bad credit: 25-35% for online lenders, 15-20% at credit unions (NerdWallet, 2022: https://www.nerdwallet.com/blog/loans/personal-loans/personal-loans-new-york/)
5. In NYC, Black and Hispanic residents are more likely to be credit invisible (26% Black, 21% Hispanic vs 9% White) (NYC Department of Consumer Affairs, 2021: https://www1.nyc.gov/assets/dca/downloads/pdf/partners/Research-UnseenLendingSlideDeck.pdf)
6. New Yorkers with low incomes are more likely to rely on alternative financial services like payday loans (Edmiston, 2011: https://www.newyorkfed.org/medialibrary/media/research/epr/11v17n3/1117edmi.pdf)
7. NYC caps payday loan APR at 16% but illegal online lenders charge up to 500% (NY Policy Perspective, 2020: https://nycpp.org/wp-content/uploads/2020/01/NYCPP_CaseforRateCap.pdf)

Does the New York City Government Have Public Loan Options Available for Startups with Bad Credit?

Here are some New York City government options for startup owners with bad credit looking for guaranteed loans:

1. NYC Small Business Services Loan Guarantee Program – Can guarantee up to 40% of a qualifying loan up to $500,000 made by a lender for startups based in NYC. However if you have bad credit you are fresh out of luck – the NYCCA requires good personal credit.
2. NYC Economic Development Corporation – Provides some loan guarantees for businesses that cannot get full private financing. Also administers some direct lending programs.
3. SBS NYC Capital Access – Can guarantee up to 40% of eligible loans up to $500,000 to help secure financing. Open to startups and existing small businesses.
4. SBS Contract Financing Loan Fund – Can finance up to 95% of an approved NYC contract up to $500,000 through participating lenders.
5. Brooklyn Alliance Capital – Partners with Kiva to offer crowdfunded microloans up to $15,000 to Brooklyn entrepreneurs with credit challenges.
6. NYC Restore NYC Loan Program – Provides loans and grants up to $100k to very small NYC businesses impacted by COVID-19. Uses alternative underwriting.
7. SBS Emergency Loan Fund – Provided loans up to $75k to small NYC businesses impacted by COVID-19. Limited initial funding.
8. SBS LMI Storefront Loan Program – Below market rate financing up to $150k for building improvements to qualified low/mod income storefronts.

Startup owners based in NYC with bad credit should research programs for eligibility criteria, but NYC does offer some options to help guarantee or directly provide loans to those who may not qualify through traditional lenders.

What are Some Successful Startup Companies Founded in NYC?

We chose these 5 successful startup companies that were founded in New York City:

1. Warby Parker – Online eyewear company founded in 2010 in NYC. Now valued at over $3 billion.
2. Etsy – Popular online marketplace for handmade and vintage items. Founded in Brooklyn in 2005, went public in 2015.
3. MongoDB – Open source document database platform founded in NYC in 2007. Valued at over $20 billion.
4. Peloton – Fitness equipment and media company founded in 2012. Known for on-demand exercise classes. Now public.
5. WeWork – Provided shared workspaces for startups and freelancers. Founded in NYC in 2010, valued at $47 billion at its peak. However now it is trading at 25 cents per share!!!

Other big time NYC startups include Birchbox (beauty box subscription), BuzzFeed (viral online content), Gilt Groupe (flash sale site), SeatGeek (online ticket marketplace), and Venmo (mobile payment app). New York City’s mega sexy startup ecosystem, talent pool, and access to bad credit startup loan financing have contributed to the success of many ambitious ventures originating there.

Which Neighborhood in NYC has the Most Successful Startup Companies?

When it comes to startup activity, Manhattan’s Silicon Alley region and Brooklyn are considered the top neighborhoods in New York City. Here’s an overview of the areas with the most startup companies:

• Flatiron District – This Manhattan neighborhood houses a high concentration of tech startups and coworking spaces. It has easy access to universities and investors. Major companies like AppNexus, Birchbox, and Venmo started here.
• SoHo – The downtown Manhattan district is home to many ecommerce, fintech, and consumer product startups. Early companies like Tumblr, Foursquare, and Thrillist began in SoHo.
• Chelsea/Meatpacking – Google, Twitter, and many digital media firms have offices in this Manhattan corridor. Co-working spaces at the Google building have incubated many startups.
• DUMBO – The Brooklyn neighborhood has become a hub for ecommerce, mobile, and hardware startups with supportive coworking communities. Etsy and home furnishings sites launched here.
• Williamsburg – Brooklyn’s hip neighborhood houses digital media, advertising, and consumer app startups. Kickstarter and bootstrap fashion brands have thrived here.

So while startups exist across NYC, Manhattan below 23rd Street and western Brooklyn are definitely the prime startup neighborhoods! Mostly due to high concentrations of tech activity and access to support.

Which Neighborhoods in NYC have the most Banks and Venture Capital Funds?

When it comes to access to banks and venture capital funds, the Financial District in Lower Manhattan is the dominant neighborhood in New York City. Here are some key reasons why Wall Street – home to major banks like Citi, Chase, Bank of America as well as boutique investment loan banks and financial offices dealing with bad credit startups is #1 when it comes to banks and guaranteed startup funding:

• Venture capital firms – Many top VCs like Insight Partners, Primary Venture Partners, and Spring Mountain Capital have offices near Wall Street.
• Proximity – The Financial District is in Lower Manhattan near transit hubs making it easy for VCs and entrepreneurs to connect.
• New York Stock Exchange – The NYSE is on Wall Street along with other equities trading activity. This creates a culture focused on finance.
• Shared spaces – Coworking spaces and incubators nearby like WeWork Wall Street put startups in close contact with investors.
• Financial talent – The density of financial experts, analysts, banks, and firms creates a talent pool for startups seeking specialized expertise.
• Support services – Law firms, accounting services, PR agencies, and business support catering to Wall Street firms also aid funded startups.

While wealth management firms concentrate on Madison Avenue and major banks have presences across NYC, the Financial District remains the historic heart of high finance in the city. The startup funding ecosystem thrives off the concentrations of capital, a huge loan system especially for bad credit startups, and plenty of loan and financial deal-making centered there.