Ascendus loans in New York City: rates, fees and the referral rule

By Solomon Wiesen, editor. Updated October 2026. Editorial standards | How this site is funded

Ascendus is a nonprofit community lender headquartered at 260 Madison Avenue in Manhattan that makes business term loans of up to $100,000 at 7.75% to 15.99%, with terms of up to 60 months. It lends to owners whose businesses have been registered and earning revenue for at least six months, with a FICO score of 575 or higher, and it takes applications only from people referred by a partner such as a bank or a Small Business Development Center (SBDC). Those terms come from its term loan page as of October 2026. Its Candid profile lists its former names as Accion USA and Accion East.

You need a referral before you apply

Every new applicant needs one, including people who found Ascendus online, according to its loan requirements FAQ. The referral can come from an SBDC, a SCORE chapter, a bank or a community organization. On the online application, where it asks how you heard about Ascendus, you enter the partner’s name.

The partner page lists partners across its regions, among them SBDC Brooklyn, Ponce Bank, Popular Bank, M&T Bank, Pace University, Pursuit, Accompany Capital, NYC Small Business Services and Empire State Development. It also says Ascendus does not work with brokers. So the practical route is to sit down with an SBDC adviser, a SCORE mentor or the banker who turned you down, and ask them to refer you. I’d start with the SBDC, since the file you build there can go to other lenders too.

Products and pricing

Ascendus says the fees are built into the loan and charged only if it funds, so nothing is due when you apply. It does not say whether they are added to the balance or taken out of the proceeds. Prepayment terms are not published.

Who qualifies

Beyond the score and time-in-business floors in the table, the term loan requires:

• no more than $3,000 in unpaid or past-due debt;
• any bankruptcy discharged more than 1 year ago for loans up to $25,000, or more than 2 years ago for loans up to $50,000 (larger amounts: ask);
• any foreclosure completed more than 2 years ago;
• a personal guarantee on every loan, and possibly a cosigner or collateral such as a vehicle or equipment. Ascendus says it never takes your home.

The FAQ lists ineligible industries, including real estate, transportation, firearms, gambling, pawn shops and nonprofits. That shuts out cab, livery and trucking businesses. Restaurants, retail, construction and professional services are named as eligible. The FAQ does not list required documents; it says a lending team member helps you put the file together.

How fast it moves

Ascendus says it tells you within 2 business days if you look like a fit, after which a loan officer works through the application with you. No published timeline covers the rest. If you are declined, you can usually reapply in three to six months. Payments are reported to personal credit bureaus.

SBA and public programs

The FAQ refers to SBA 7(a) Community Advantage loans. Our analysis of SBA loan data found 2 such loans by Ascendus, Inc. in the five boroughs between October 2019 and June 2026, both in the Bronx, with a median of $130,000, and none since October 2023. Ascendus’s own pages do not describe a current SBA product, and I could not confirm that it delivers any city or state loan program in New York. NYC Small Business Services and Empire State Development appear only as names on its partner list.

Where it is and whom it serves

The contact page lists one office, at 260 Madison Avenue, 8th floor, and a phone line, (866) 245-0783. The site runs in English, Spanish and Portuguese. The term loan is open in every state except Vermont, and the Get Ready program runs in 48 counties across New York, New Jersey, Massachusetts, Georgia and Florida; the page does not list the counties.

When it fits

Ascendus fits when you need $100,000 or less, have at least six months of steady revenue, a score of 575 or better and $3,000 or less of past-due debt, and can get a referral. The Get Ready line suits an owner with a year in business whose credit score is the problem. Another route fits better when you need more than $100,000, run a transportation or real estate business, have past-due debt above $3,000, or hold a city contract, where the city’s Contract Financing Loan Fund lends up to $1,000,000 at up to 3%. BOC Capital also lends against city contracts. The NYC lender table compares 19 options.

The cost next to a cash advance

A $50,000 merchant cash advance at a 1.40 factor rate costs $20,000, about 71% APR if daily debits run twelve months. Take the same $50,000 from Ascendus at the top rate of 15.99%, and assume the $2,810 in fees are added to the balance. Over 12 months the payment is about $4,791 a month and the total cost about $7,495, roughly 27% APR. Over 60 months the payment falls to about $1,284, but the total cost rises to about $27,000, roughly 18.5% APR. A longer term cuts the monthly bill by more than two-thirds and costs more in dollars, so pay it down early if the terms allow. The MCA vs. loan calculator runs your own numbers.