NYC Business Financing: Local Entrepreneurs Seek Local Solutions
New York City is a major center for commerce, in part because of all the local entrepreneurs who diversify the marketplace to provide goods and services to an equally diverse population. For these reasons and more, NYC business financing is provided by local lenders instead of traditional channels.
The NYC Business Financing Conundrum
Businesses throughout the city range from niche to large international corporations. But for small business owners, there’s a bit of a conundrum. If small businesses are what moves the city’s economy, then why is it so difficult to get business financing through traditional lending channels? The truth is that many small businesses are considered high-risk territory by traditional lenders, so they have increased the requirements and processing times, which results in only a small portion of applicants getting approved for loans. On the other side of the coin, not all entrepreneurs in NYC want to take on extra debt through traditional loans. They want funding solutions that provide what they need without unnecessary red tape or delays. They want financing that’s tailored for their businesses.
Local Business Financing Solutions
By using a private local lender, NYC entrepreneurs get a much wider selection of business financing solutions. A local lender can provide unsecured lines of credit to new and small local businesses so entrepreneurs don’t have to put up collateral. There are merchant cash advances for NYC businesses that need a debt-free infusion of capital with flexible payments methods. A local lender can even process SBA loans much faster than traditional channels, and with competitive terms and rates. Local businesses can even take advantage of factoring to boost cash flow, equipment financing, franchise loans, and commercial real estate financing to get their establishments up and running.
NYC Business Financing for Local Entrepreneurs
First Crescent Capital is based in Brooklyn and committed to providing business financing solutions to NYC entrepreneurs. Whether your business needs working capital, equipment, commercial real estate financing, or funding for growth solutions, we can help. We will work with you directly to create a solution tailored to your needs so you can reach your next big milestone. Contact our offices today to get started.