New York small business grants and loans for 2025

What to consider before applying

If you’re beginning to explore business funding and support in New York, here’s what to consider before you apply.

How hard is it to get a business loan in New York?

As long as you meet the criteria and have good credit, it is not too difficult to get a business loan in New York. You'll need to gather the required documents and confirm you meet the guidelines before you apply.

Are there free funding programs for New York small businesses?

Yes, New York offers several types of grants to small businesses in New York that don't have to be repaid. These include statewide grants through Empire State Development as well as local opportunities through cities and counties. However, most come with specific requirements and can be competitive. You may need to show how the funds will be used, demonstrate a community impact, or match a portion of the funding.

Does New York have a debt relief program?

While New York doesn’t offer a traditional debt relief program that forgives loans, there are resources to help small businesses manage debt and improve their financial footing. For example, the Empire State Development funding hub connects business owners to grants, low-interest loans, and technical assistance programs. These resources can help your business refinance higher-interest debt, cover operating costs, and stabilize cash flow.

5 New York small business grants

You can take advantage of a variety of different types of small business grants in New York, including those offered by the state, others offered by cities, and grants offered by organizations. Here are some options to consider:

1. Global NY Fund Grant Program

The Global NY Fund Grant Program offers grants up to $25,000 to companies that want to begin exporting or increase exports. It reimburses businesses 50% of their total export project costs up to $25,000. The available grants for nonprofits include up to $100,000 to organizations that offer export assistance or trade education to New York companies. The nonprofit program reimburses 75% of a nonprofit's project costs.

2. The Creative Opportunity Fund

The Creative Opportunity Fund is offered by the Alliance of Resident Theatres (A.R.T.)| New York to small theaters throughout the state. Applicants are not required to be members of A.R.T.|New York to qualify. This program provides grants of $2,000 to $5,000 to small theaters with annual operating budgets under $500,000. Nonmembers awarded grants will also receive free one-year memberships in A.R.T.|New York.

3. City of Troy’s Community Business Investment Grant 

The Community Business Investment Grant was created in 2021 by Troy’s mayor and city council. The city authorized $1 million from the city's American Recovery Program Act funds to be used to create a business improvement grant. The grant is meant to help existing businesses and those involved in the redevelopment or revitalization of vacant properties, with grants ranging from $5,000 to $50,000. The grants require at least a 50% match from the business or property owner.

4. City of Rochester Small Business Grant Programs

The City of Rochester offers multiple small business grant programs, including: 

• Business assistance grants to help businesses purchase materials, supplies, or property
• Business development financial assistance grants to help businesses expand and create new jobs
• Neighborhood commercial assistance program reimbursement grants of $5,000 (new startup businesses) to $8,000 (existing businesses) that need capital for advertising, signage, security, or equipment.

5. Market New York Tourism Grant

The Market New York Tourism Grant Program from Empire State Development offers up to $15 million in grants for marketing projects to attract tourism to the state. The program requires a 50% match for projects with a minimum grant request of $50,000 or an 80% match for those with a minimum grant request of $150,000.

Other grant opportunities are available to small businesses in New York. You can find additional options by researching what your city or county might have to offer, checking the Empire State Development website, and researching organizations that offer grants within your industry.

Eligibility requirements for grants in New York

Grant requirements in New York vary depending on the program, but most look at a few common factors to determine if your business qualifies:

• Business size: Grants typically target small businesses, usually defined by employee count or annual revenue thresholds.
• Location: Your business must be located in New York State. Some programs focus on specific counties, neighborhoods, or areas impacted by economic hardship.
• Financial need: Many grant programs require applicants to show financial need or a negative impact from events.
• Industry focus: Certain grants are reserved for businesses in key industries like tourism, the arts, manufacturing, retail, and clean energy.
• Operational history: Some programs require your business to have been operating for at least 12 months before applying.
• Business goals: Priority may be given to businesses contributing to job creation, neighborhood revitalization, or innovation in their field.
• Matching funds: Some grants ask businesses to contribute a portion of the funding themselves—often a 50% match or more.
• Ownership status: Programs may give preference to minority-, women-, veteran-, or immigrant-owned businesses, especially those in historically underserved communities.
• Required documentation: You’ll typically need to provide financial statements, a business plan, proof of New York residency, and details about how you’ll use the grant funds.

4 federal small business grants

Federal grants, such as the following, are also available and may be a potential funding source for your business.

1. Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) Programs

The SBIR and STTR programs support small businesses engaged in research and technological innovation. These grants provide funding to help businesses develop and commercialize new technologies in industries such as healthcare, defense, and energy. Eligible businesses must meet federal guidelines and work with government agencies like the National Science Foundation or the Department of Defense.

2. USDA Rural Business Development Grants

The U.S. Department of Agriculture (USDA) provides Rural Business Development Grants (RBDG) to help small businesses in rural communities grow and thrive. These funds support projects such as training, technical assistance, and infrastructure improvements. To qualify, businesses must operate in areas with a population of fewer than 50,000 people.

3. Minority Business Development Agency (MBDA) Grants

The MBDA, a division of the U.S. Department of Commerce, offers grants to support minority-owned businesses. These grants fund programs providing business training, access to capital, and expansion opportunities. MBDA grants are typically awarded to nonprofit organizations and business development centers that assist minority entrepreneurs.

4. Economic Injury Disaster Loans and Grants

During economic downturns and natural disasters, federal grants and low-interest loans become available through agencies like the SBA and the Federal Emergency Management Agency (FEMA). 

Additional grant resources for New York businesses

Beyond state-level programs and federal grants, you can find funding through local governments, nonprofit foundations, and private corporations. Here are a few additional places to look:

• Local government grants: Many cities and counties across New York—like Rochester, Troy, and New York City—offer grant programs to support small business growth, community revitalization, and job creation.
• Private foundation grants: Nonprofits and foundations (e.g., Robin Hood Foundation) often provide funding to businesses that align with their missions, especially in areas like the arts, environmental sustainability, and economic inclusion.
• Corporate grants: Some major companies and organizations offer grant programs aimed at supporting small businesses, particularly those in underserved neighborhoods or fast-growing industries like tech or clean energy.

How to get a business grant in New York: Application process

Whether you're applying for a grant from a state agency, city program, private foundation, or corporate initiative, the key to success is preparation and attention to detail. Here's a step-by-step guide to help you through the grant application process in New York.

Applying for New York-sponsored grants

Follow these steps to apply for state-sponsored grants:

1. Explore New York grant opportunities

Browse available grants through Empire State Development and your city or county’s local development agency. Look for programs that align with your business goals, location, and industry.

2. Register your business with the state

Ensure your business is properly registered with New York State and in good standing with the Department of State’s Division of Corporations. You may also need a NY.gov ID to access some applications.

3. Review eligibility criteria

Carefully read the eligibility requirements listed in the grant’s program guidelines or Notice of Funding Opportunity (NOFO). Some grants may require your business to be at least 12 months old or located in a specific area.

4. Gather required documentation

Most grants will ask for documentation such as a business plan, tax returns, financial statements, Articles of Organization or Incorporation, proof of business location, and a valid government-issued ID.

5. Complete the application and write a proposal

Fill out the grant application using the online portal provided by the funding agency. Many programs require a written proposal explaining how you’ll use the funds, your project’s goals, and how it aligns with the grant’s purpose.

6. Submit your application and monitor updates

Submit all required documents by the listed deadline. Be sure to keep an eye on your email or grant portal account for any follow-up requests or updates from the grant provider.

Applying for federal grants

1. Identify federal funding opportunities

Search for available grants on Grants.gov and specific federal agency websites. Review eligibility criteria, funding priorities, and application deadlines.

2. Obtain a Unique Entity Identifier (UEI)

Register in the System for Award Management (SAM.gov) to obtain a UEI, which is required for federal grants. Maintain an active SAM.gov registration to stay eligible.

3. Review the Funding Opportunity Announcement (FOA)

Carefully read the FOA to understand grant objectives, requirements, and evaluation criteria. Note key deadlines and required documents.

4. Prepare the application package

Write a detailed project narrative explaining your goals, impact, and execution plan. Develop a comprehensive budget and justification for requested funding. Be sure to also gather supporting documents, such as letters of support, resumes, and compliance certifications.

5. Submit your application

Use the designated platform to submit your application. For federal grants, this is typically Grants.gov. Ensure all components are properly formatted and submitted before the deadline.

6. Follow up and await feedback

Monitor your application status through the submission portal. Respond promptly to any requests for additional information or clarifications.

Applying for local, private, or corporate grants

1. Find grant opportunities

Check local government websites, private foundations, and corporate grant programs for available funding. Review eligibility and application requirements.

2. Prepare required documents 

Gather business details, financial statements, and a strong proposal outlining your project, goals, and impact.

3. Submit your application 

Follow the specific submission process for each grant, ensuring all required documents are included.

4. Monitor and follow up 

Track your application status and respond to any follow-up requests for additional information.

Are there repayment requirements for small business grants in New York?

Small business grants do not require repayment. Instead, you'll need to thoroughly document how the funds were spent and provide reports to the granting organization to show that you adhered to the program's requirements. Your documentation should include careful accounting of the grant funds separate from your business's other capital sources.

4 New York small business loans

Several types of business loans are available to New York business owners. These include federal SBA-guaranteed loans and state loans you can use for a variety of purposes.

1. New York Forward Loan Fund 2

The New York Forward Loan Fund 2 provides loans of up to $150,000 to small businesses and nonprofits in New York with 100 or fewer employees and gross annual revenues of $5 million or less. Businesses must have been in business for at least 12 months. The loans offer competitive rates of 8.5% to 11.5% based on the loan's term with terms ranging from 36 to 72 months. The loan proceeds can be used for supplies, payroll, rent, utilities, equipment, and other expenses.

2. New York State Small Business Revolving Loan Fund Round 2 (SBRLF2)

SBRLF2 is backed by $55.5 million from the State Small Business Credit Initiative (SSBCI) and is specifically designed to support new businesses, minority-owned businesses, and entrepreneurs who’ve historically faced barriers to funding. It offers two types of funding: microloans ranging from $500 to $25,000, and larger loans that can go all the way up to $20 million.

3. Pursuit

Pursuit is a mission-driven lender that helps small businesses get the funding and support they need to grow—especially if traditional loans have been hard to access. Pursuit offers flexible financing options—wiht loan amounts ranging from $10,000 to $5.5 million—along with hands-on guidance to help you succeed.

4. SBA 7(a) Loan Program

In addition to state-sponsored loan programs, the SBA 7(a) Loan Program is a federally backed option that offers New York small businesses funding for working capital, equipment, real estate, and debt refinancing. Loans are issued through banks, credit unions, and alternative lenders, with the U.S. Small Business Administration guaranteeing a portion of the loan to reduce lender risk. Eligibility typically requires strong credit, sufficient revenue, and a solid business plan.

New York small business loan eligibility

To qualify for most state-sponsored small business loan programs in New York, your business will typically need to meet the following criteria:

• Size standard: Have 100 or fewer employees, and earn less than $5 million in gross revenue.
• Location: Be located and operating in New York State.
• Good standing: Be in good standing with state and local regulations, and Not have any outstanding tax liens or legal judgments

Your business must also meet any other requirements specified by the lender.

Do you have to pay back loans in New York as a small business?

Yes, small businesses must repay loans they take out according to the lender's repayment terms. Repayment terms will vary depending on the lender and the loan program. That includes factors like the interest rate, loan length, repayment schedule, and any fees or penalties for paying late—or paying off your loan early. Talk with a financial advisor or accountant who can help you choose the best loan for your business and manage repayment effectively.

How to get a business loan in New York: Application process

Whether you're applying through a state-backed program or a community lender, getting a business loan in New York takes preparation. Here’s a step-by-step guide to help you go through the process:

1. Assess your funding needs

Figure out how much money your business needs, what you'll use it for (like inventory, payroll, or expansion), and which loan type best fits your needs.

2. Check your credit and financial health

Review both your personal and business credit scores. Lenders will want to see that your business has steady cash flow, positive net income, and a manageable level of debt. Organize financial statements to show that you can repay the loan.

3. Write or update your business plan

Most lenders will ask for a detailed business plan. Make sure yours includes a breakdown of your operations, revenue forecasts, how you plan to use the loan, and how you’ll repay it.

4. Research lenders

Explore options from local banks, credit unions, CDFIs (Community Development Financial Institutions), and state-supported lenders. Each may have different requirements, loan terms, and application processes.

5. Gather your documents

Common documentation includes:

• Tax returns (business and personal)
• Profit and loss (P&L) statements
• Balance sheets and bank statements
• Employer Identification Number (EIN)
• Articles of Organization or Incorporation
• Proof of business address
• A government-issued ID
• Your business plan and use-of-funds breakdown

6. Apply for the loan

Complete the application with your chosen lender. Submit all requested documents and double-check that everything is accurate and complete.

7. Await review and funding

Once submitted, your lender will review your application, perform underwriting, and may ask for additional details.

New York small business funding resources

New York offers a wide range of programs to help entrepreneurs succeed. Here are a few key resources available across the state, From mentorship and training to access to capital and state-backed support:

Empire State Development – Division of Small Business

Empire State Development (ESD) is the state’s lead agency for economic growth. Its Division of Small Business offers a wide range of support for entrepreneurs, including access to funding programs, technical assistance, and guidance for minority- and women-owned businesses.

Minority- and Women-Owned Business Enterprise (MWBE) Program

New York’s MWBE program is one of the largest and most inclusive in the country. If you're a minority- or woman-owned business, getting certified through this program opens doors to government contracts, financing opportunities, and workshops that can help you grow and scale your business.

New York Small Business Development Centers (NYSBDC)

With locations across the state, NYSBDC centers offer free, one-on-one business advice and affordable training. Whether you need help writing a business plan, finding funding, building your marketing strategy, or understanding state regulations, these centers are a great resource for entrepreneurs at any stage.

Ways to fund your small business in New York

Grants and loans are common funding options for businesses, but they aren’t the only ways to secure financial support. New York small businesses can explore a variety of alternative funding methods to fuel growth and operations. Here’s a look at some of the most popular options:

Alternative loans

Non-traditional financing options such as online lenders, peer-to-peer lending, or merchant cash advances, often with more flexible requirements than bank loans.

Angel investors

Established entrepreneurs (angel investors) who invest their personal money into startups, often at an early stage, in exchange for equity.

Bootstrapping 

Using personal savings and revenues to fund business operations without external financing.

Contests

Competitions where businesses pitch ideas to win funding or resources.

Corporate programs

Initiatives by large companies offering funding, mentorship, or resources to small businesses.

Crowdfunding 

Raising small amounts of money from a large number of people, typically via online platforms.

Friends and family 

Obtaining funds from personal networks to support business ventures.

Incubators 

Organizations that support startups with resources, mentorship, and sometimes funding.

Microloans

Small, short-term loans from nonprofit lenders, government programs, or alternative lenders, often designed for startups and businesses that may not qualify for traditional bank loans.

Product presales

Selling products before they are produced to generate upfront capital.

Purchase order financing

Obtaining funding based on purchase orders to pay suppliers and fulfill customer orders.

Vendor financing

Suppliers provide goods or services with deferred payment terms to support business cash flow.

Venture capitalists 

Professional firms that invest in startups with high growth potential in exchange for equity.

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