If you’re looking to get a small business loan in Yonkers, NY, here’s what you should do:

1. Know what you need. Before applying for a loan, get a clear idea of how much money your business needs and how you will use the funds. Doing so can help identify the best type of loan for your needs.
2. Check your credit score. Many lenders in Yonkers, NY, will look at your credit score when reviewing your application, so knowing where you stand is important. If your score is less than ideal, consider improving it by making timely payments, keeping old accounts open, and limiting new credit applications.
3. Research lenders. Many different types of lenders offer small business loans in Yonkers, NY, including banks, credit unions, and online lenders. Do your research to find out which ones best fit your needs and qualifications.
4. Prepare your application. Once you’ve identified potential lenders, prepare your loan application carefully. This may include providing financial statements, tax returns, and other documentation demonstrating your ability to repay the loan.
5. Apply for the loan. If you’ve found a lender you’re comfortable with, it’s time to start your application. The process varies from lender to lender, but essentially, you need to submit your loan application along with the required documents. You also need to prepare to answer any additional questions the lender may have.
6. Wait for a decision. The lender will then review your application and decide whether to approve your loan or not. Funding speed depends on the lender and loan type. Banks usually take weeks or months, while online lenders can fund your business in a day.

Yonkers NY

If you are looking for a loan to fund your small business in Yonkers, NY, you could consider applying for the following types of loans:

• SBA loans: These loans provide more flexible terms and lower interest rates than typical commercial financing options and can be used to finance the purchase of inventory, equipment, real estate, and other essential items.
• Business lines of credit: A line of credit gives you access to cash when needed and can be used to finance everyday operations or larger projects.
• Equipment financing: This loan allows you to borrow money specifically for buying new or used equipment.
• Invoice financing: This type of loan provides cash upfront against your unpaid invoices so you can access funds immediately.
• Inventory financing: An inventory loan allows you to use your inventory as collateral for a loan. 
• Purchase order financing: Use a purchase order loan to cover the up-front cost of fulfilling large customer orders.
• Bridge loans: A bridge loan is short-term funding that provides quick access to capital before long-term financing is secured.
• Asset-based loans: These loans use the value of your business assets as collateral and provide fast access to capital.
• Term loans: A term loan offers a lump sum of capital with flexible repayment terms over an extended period.

The amount of time it takes for a small business loan to be approved in Yonkers, NY, depends on the type of loan you are applying for and the lender you choose. Generally, it can take anywhere from 1-2 weeks for an approval decision from banks, but it can take up to a few months, depending on the complexity of the application. On the other hand, online lenders can offer same-day and fast business loans.

Getting a first-time business loan in Yonkers, NY, can be challenging, as many lenders may require collateral and a good credit score. However, there are ways to increase your chances of approval, such as having detailed financial records, a solid business plan, and demonstrating that you can repay the loan. You can always try your luck with an online lender, which is less stringent than banks. 

Generally, the easiest business loans to get approved for in Yonkers, NY, are secured by collateral, such as real estate or equipment. These loans tend to have lower interest rates and more flexible terms than unsecured loans. Lenders may be more willing to overlook any potential credit issues if they can show a consistent track record of repayment with other creditors. It may help your chances to provide a detailed business plan outlining your current financial situation and goals.