14 Microlenders for Small Businesses and Startups in New York (2022)

August 8th, 2022

Kyle Fawcett

For much of history, New York City has been thought of as home of the American dream. The place where anyone can be anything if you hustle hard enough. While many Americans have opted for a slower pace for their daily life further inland or further down the coast, a large number of immigrant entrepreneurs have chosen New York as their home and many multi generational families remain. 

While New York City is not the only place to live and start a business in New York state, It still features one of the most stark contrasts between the amount of venture capital that flows through to high profile real estate and tech companies versus the thousands of retail shops and bodegas that exist on the streets of each borough. 

Between the costs of living and the costs of operating a business in NYC, growing a business and finding safe/affordable capital can be very difficult through more traditional routes. Microlenders are a fantastic avenue to receive important capital and development resources. While lending programs like SBA microlenders, Community Development Financial Institutions (CDFIs), nonprofit lenders, and community revolving loan funds are not brand new, the are still largely unknown by those who could use them most. Learn more with our guide: SBA Microloans: Ultimate Guide to Secure a Microloan [2022]

This list features 14 microlending organizations throughout New York that are proving responsible and accessible capital to New York startups and small businesses.

Microlender Name City Loan Amounts Technical Assistance Services Startup Loans? Impact Data
Grameen America New York, NY Starting a $2,000 Grameen’s unique loan process includes peer groups and training about credit building to improve repayment rates No Over $2.5 Billion dollars provided to women entrepreneurs
Community Capital New York Elmsford, NY $1,000 to $250,000 N/A Yes 42 M financed since establishment/ 5700+ jobs created
Westminster Economic Development Initiative Buffalo, NY $500 to $20,000 WEDi provides extensive pre loan TA as well as free webinars and workshops for borrowers and entrepreneurs to participate in Yes $1.4 million loaned to 113 different businesses
Harlem Entrepreneurial Fund New York, NY Up to $150,000 No Not disclosed $9,000,000
from 360 loans facilitated/ 650+
local jobs created and retained
Renaissance Economic Development Corporation New York, NY Up to $250,000 Individual counseling & Small business advising Yes 2,500 loans provided, $66M in loan capital deployed, over 10,000 businesses received TA
BOC Capital Corporation Brooklyn, NY $500 to $50,000 Credit evaluation and repair/ Financial statement preparation Yes Minority loan focused organization

Pathstone Enterprise Center Rochester, NY $5,000 to $250,000 pre-loan and post-loan technical assistance programs including workshops and government contract resources Yes 1,800 loan smade totaling $44 million and 3,200 jobs created or retained
Ascendus New York, NY Up to $250,000 No Yes $297 million to 35,000 businesses nationwide
Accompany Capital New York, NY $75,000 to $250,000 Accompany offers credit repair education, workshops & webinars for business owners, and more Yes 436 loans were awarded, totaling $6,840,617/ 64 of those loans were PPP loans
Business Consortium Fund New York, NY Up to $750,000 Business plan preparation/ Capital structure analysis/ Human resource management and administration No 1002 loans totalling over $225 million exclusively to certified minority owned businesses
Pursuit New York, NY $10,000 to $5.5M No Yes 792
Total loans made (2021)/ $292 million
Total dollars lent (2021)/ 2,247
Total jobs created (2021)
Adirondack Economic Development Corporation Saranac, NY $1,000 and up Develop business plans and general TA service Yes AEDC, with our partners, has made over 750 loans, totaling over $19 million dollars
National Development Council (Grow America Fund) New York, NY up to $5M Program Assistance and Alignment, Job Creation No 50,000
JOBS CREATED

TruFund Financial Services New York, NY $25,000 to $750,000 TruAccess® Contractor Lending & Education Program/ RENEW: Disaster Recovery & Resiliency Program No $87 million provided through over 1,000 loans to minority and women owned businesses

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Grameen America, Inc

Grameen America is a long established pioneer in the microlending space. Since 2008, their efforts are focused most on supporting women who live in poverty and by trying to help them improve their livelihood by building businesses. They have helped distribute more than $2.5 billion to over 155,000 women entrepreneurs. Grameen’s lending process is unique in that applicants form a small group of people they trust to grow their business with, and then they will go through trainings to understand loans and credit building. Then applicants receive a small microloan of $2,000 or less. Depending on it’s success, they will be eligible to receive more funding and training. 

Grameen America microlender logo

Community Capital New York, Inc

Community Capital New York focuses on supporting small businesses and creating jobs in the Hudson valley. Offering microloans between $1,000 and $250,000, Community Capital also provided nearly 12,000 hours of free business training during the height of the pandemic with a large focus on underserved business owners. 

Community capital new york microlender ogo

Westminster Economic Development Initiative, Inc

Focused on economic development for western New Yorkers, WEDi began in 2006 and now, among many community programs, they offer microloans to small businesses. Eligible applicants can apply for between $500 and $20,000 who lack access to traditional financing options. WEDi provides free pre loan technical assistance and developmental workshops for borrowers. 

wedi microlender logo

Harlem Entrepreneurial Fund, LLC

Established in 2007 in Harlem, HEF supports low income and minority entrepreneurs with business loans. HEF became a CDFI in 2012 and since inception has helped nearly 400 businesses with over $9 million in microloans up to $150,000 at a very fair rate.

harlem entrepreneurial fund microlender logo

Renaissance Economic Development Corporation

Started in 1997 in New York City, Renaissance focused on low income immigrant residents and tried to support them with small business development resources. As a CDFI and SBA microlender, they aided in the recovery of downtown Manhattan after the 9/11 tragedy. They have continued to be a top SBA microlender in the nation with a modernized process for small business owners in New York City who can apply for loans as a startup and for up to $250,000. 

renaissance microlender logo

BOC Capital Corporation

Located in Brooklyn, BOC Capital Corp offers a host of different small business loan programs and services including SBA microloans and SBA community advantage loans which can range from $500 to $250,000 for new and existing businesses. In addition to several loan products, BOC also provides one on one assistance on credit repair, loan readiness, financial statement preparation and more. 

BOC capital microlender logo

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Pathstone Enterprise Center, Inc

The Enterprise Center at Pathstone was established in 1997 in Rochester, NY and is a certified CDFI and microlender. They work with startups and existing businesses by providing loans from $5,000 to $250,000 as well as technical assistance before and after making the loan. 

The enterprise Center microlender logo

AscendUs Inc

Ascendus is headquartered in New York City, but can actually lend to small businesses in most parts of the country. They offer both local and national loan program offerings in order to support entrepreneurs. AscendUs has a specialized loan product for startup businesses as well as SBA community advantage and SBA microloan to name just a few of their accessible products. 

ascendus microlender logo

Accompany Capital

With offices in both Manhattan and Queens, Accompany is ready to help small businesses in New York city with loan programs that cover a range of loans from $500 up to $250,000 for very affordable rates. Accompany also provides a $2,000 credit builder loan with the intent of helping borrowers clean up credit reports and provide credit repair education. Business owners that wish to apply must be located within the 5 boroughs of NYC.

accompany capital microlender logo

Business Consortium Fund

Started in 1987 and located in New York City, BCF has provided over 1,000 loans totaling more than $225 million exclusively to NMSDC certified businesses. BCF also offers a microloan program with loans between $10,000 and $100,000 but businesses must already be in operation. 

Business consortium Fund microlender logo

Pursuit

Pursuit is one of the longest standing small business development organizations and has gone by a few names over the years. They offer small business loans to founders in New York and a few neighboring states. They offer several loan programs include microloans and community advantage loans but they can lend between $10,000 and $5.5 million for a variety of uses like working capital.

pursuit microlender logo

Adirondack Economic Development Corporation

AEDC is a non profit organization that was started in 1976 that serves 14 counties in northern New York State. They have provided small business loans and technical assistance to underserved entrepreneurs as both startups and existing businesses. A great resource to applicants within their footprint is that they help applicants with free business planning.

AEDC microlender logo

National Development Council (Grow America Fund)

NDC is a nonprofit that has been working for over 50 years on many different economic development fronts. Headquartered in Brooklyn, but their programs are available all over the country. With their small business lending program, they have helped more than 700 small businesses nationwide by providing SBA 7(a) loans up to $5 million. 

National Development Council microlender logo

TruFund Financial Services, Inc

TruFund was established in 2005 and has their headquarters in New York City. Within New York, TruFund has provided more than 1,500 loans totaling over $125 million and has helped retain more than 7,000 jobs and 3,000 created with the borrowed funds. TruFund provides capital through several loan programs but most require businesses to be in operation for at least a years time. Loans range from $25,000 up to $750,000 for a variety of purposes. 

TruFund microlender logo

About the Author

Kyle is the Director of Marketing at ProjectionHub which helps entrepreneurs create financial projections for potential investors, lenders and internal business planning. Since 2012, over 50,000 entrepreneurs from around the world have used ProjectionHub to help create financial projections.

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