SmartBiz Loans
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National Business Capital & Services
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Currency
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SEFCU
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M&T Bank
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Buffalo Business Loans
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Five Star Bank
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Blue Bridge Financial
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Buffalo residents looking to start, expand, or relocate their businesses in the city often turn to business loans to help them purchase property, materials, office supplies and equipment and to use as working capital. The most common business loans available to Buffalo residents are the following:
Getting a loan in Buffalo can look different for business owners depending on how much they’re asking for, their industry, their credit history, their work experience and their financial status. However, there are a few things that stay consistent across the board when it comes to applying for a business loan in Buffalo:
Do Buffalo banks give loans to start a business?
Yes, many financial institutions, including banks and credit unions, offer loans for Buffalo business owners.
What is a good business loan interest rate?
Interest rates depend on how much you are borrowing, your payment terms, your credit score and other factors. The average interest rate for an SBA loan is between 6% and 10%. Traditional bank loans can carry an annual percentage rate between 4% and 14%.
What qualifies you for a small business loan?
Different lenders have different requirements to qualify for a small business loan. Most lenders look at credit scores, the age of the business, cash flow and income, your amount of debt, what you can offer as collateral and the type of business it is.
What business development resources exist in Buffalo?
For resources in starting and running a business, check out SCORE Buffalo Niagara and the New York Small Business Development Center. Both organizations provide informational resources for local business owners.
SmartBiz Loans |
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SmartBiz Loans is an online network that provides SBA and business term loans. Business owners are connected with a loan advisor who will match them with banks and other lenders that are most likely to approve a loan. Repayment terms range from six months to 25 years, and you can apply and pre-qualify on the website in minutes. SmartBiz Loans offers loan amounts from $30,000 to $5 million. |
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National Business Capital & Services |
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National Business Capital & Services is an online marketplace for small business services and loans. The marketplace is made up of over 75 lenders. The company offers equipment financing, term loans with fixed payments and business lines of credit. There is no minimum credit score requirement, annual revenue requirement or required time in business to qualify for a startup business loan. National Business Capital & Services provides loans up to $5 million. |
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Currency |
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Currency provides loans that a business owner can use toward specialized equipment, vehicles and heavy machinery. The company offers flexible terms up to 72 months and does not penalize you for paying a loan off early. Currency provides loans up to $500,000 and has flexible funding options. |
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SEFCU |
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SEFCU offers commercial real estate mortgages, equipment financing, business term loans and business lines of credit. The company also offers SBA Loans and loans focused on minority- and women-owned businesses. MWBE loan amounts range from $75,000 to $250,000. SEFCU has dozens of locations in and around Buffalo, including one at 598 Main St., Buffalo, NY 14202. |
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M&T Bank |
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M&T Bank offers a variety of services for business owners, including business credit cards, business checking and business financing. The unsecured business installment loan does not require collateral, is easy to apply for and has no fees for prepayment. There are other available loans, such as secured term loans, owner-occupied commercial real estate loans and investment real estate loans. M&T Bank has multiple locations in the Buffalo area, including one at 2310 Delaware Ave., Buffalo, NY 14216. |
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Buffalo Business Loans |
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Buffalo Business Loans is focused on financing small businesses across the city. The application process is easy, and the qualification requirements are broad and simple. You receive an approval decision within two days, and you can borrow between $5,000 and $2 million. Buffalo Business Loans offers lines of credit, equipment loans and SBA Loans. |
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Five Star Bank |
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Five Star Bank offers fixed and variable term loans to use for facility improvements or equipment. You can also qualify for a business line of credit and get money the same day. Five Star Bank is an SBA Preferred Lender. It serves Buffalo from its location at 40-50 Fountain Plaza, Buffalo, NY 14202. |
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Blue Bridge Financial |
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Blue Bridge Financial provides the funding for new technology, facility upgrades and equipment for small businesses in the Buffalo area. The application process takes less than three minutes, and funding is often available within 24 hours. Financing is available from $5,000 to $500,000, and there are no application fees or hidden fees. Repayment plans range from 36 to 60 months. Blue Bridge Financial is located at 535 Washington St., Ste. 201, Buffalo, NY 14203. |
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