31 Ways To Find Funding For Your New York Business


Detailed article on the 31 ways to get funding for your New York business

What is Funding?

Funding is a crucial aspect of any business, no matter its industry. Funding is the money to start or expand a business. This money can come from various sources, such as loans, grants, investors, or personal assets.

Acquiring funding can be challenging and overwhelming for many entrepreneurs and small business owners. There are various factors to consider, such as eligibility requirements, loan options, and interest rates. However, with the proper knowledge and preparation, obtaining funding can significantly help a business achieve its goals and grow.

One standard method of funding for small businesses is through loans. You can get loans through banks, credit unions, or other financial institutions. They can be secured, meaning the borrower uses collateral to guarantee repayment, or unsecured, meaning no collateral is required. Loans can also have different terms, such as interest rates, repayment periods, and loan amounts.

Another option for funding is through grants. Grants usually go to businesses or organizations whose goals align with the mission of the grant provider. These can include government agencies, nonprofit organizations, and private foundations. Receiving a grant can provide a significant financial boost to a business but often requires meeting specific criteria or developing a detailed proposal.

Investors are another option for funding, typically for businesses seeking to grow or expand their operations. Investors can provide various financial support for startup funding, from seed funding to venture capital and angel investors. In exchange for their investment, investors typically receive some ownership stake in the company and the potential for future profits.

Overall, funding is an essential part of starting and growing a business. While acquiring funding may seem daunting, various resources and options are available for entrepreneurs and small business owners. By understanding the different funding options and developing a solid business plan, entrepreneurs can position themselves for success and achieve their goals.


Why Look For Funding?

There are many reasons why entrepreneurs and small business owners may need to look for funding. Whether it’s to start a new business, expand an existing one, purchase equipment, or hire additional staff, obtaining financing can provide the necessary resources to achieve these goals.

First and foremost, funding can help with cash flow. Many businesses experience fluctuations in revenue, and having a cushion of funds can help cover expenses during slow periods or unexpected expenses.

Funding can also be crucial for innovation. Investing in research and development can be expensive, but it can also lead to new products or services that can set a business apart from its competitors. With funding, companies may have the resources to pursue these growth opportunities.

Additionally, funding can be necessary for businesses in specific industries. For example, the healthcare industry requires expensive equipment and technology, while the construction industry often requires upfront payments for materials and labor. With funding, businesses in these industries can get off the ground or grow.

In some cases, seeking funding can also be a strategic move. For example, securing funding from an investor or venture capitalist can provide financial support, valuable connections, and expertise. Searching for capital can lead to partnerships and collaborations that propel a business forward.

Lastly, obtaining funding can help businesses build their credit and reputation. Demonstrating that a company can repay loans or grants can open future opportunities and partnerships and establish the enterprise as a reliable and trustworthy entity.

In conclusion, seeking funding may seem daunting, but it can be critical to achieving business goals and growth. Whether through loans, grants, or investors, obtaining financing can provide the resources and support needed to succeed in today’s competitive marketplace.


Access to Capital

Whether a company is just starting or is already well established, having ready access to finance is essential to its survival and expansion. However, accessing capital can be challenging for many companies, particularly starting out. Various funding options are available, including small business loans, grants, and investments, but securing funding can be complex and time-consuming.

One of the most common funding options for businesses is capital loans. Banks, credit unions, and online or alternative lenders are all potential providers for this type of loan. Capital loans can range from small, short-term loans to larger, long-term loans and SBA loans. These loans have varying eligibility restrictions based on the lender and the nature of the loan. Some lenders may require strong credit history, collateral, or a certain number of months in business. In contrast, others may focus on the potential profitability of the company and its future growth prospects.

In addition to traditional capital loans, various grants and assistance programs are available for businesses. These can be particularly helpful for early-stage small companies, cultural organizations, and independent arts contractors. Government agencies, such as the Economic Development Administration and the Empire State Development Agency, offer some programs. Nonprofit organizations and foundations provide other options.

Obtaining access to capital can be even more challenging for businesses in specific industries, such as retail or healthcare. These businesses may require specialized funding options, such as business lines of credit or merchant cash advances. Business owners need to research and understand the various funding options available and seek the proper funding for their specific needs.

Access to capital is also vital for increasing diversity and equity in the business world. People of color and women entrepreneurs often face additional barriers to accessing capital, and efforts are underway to provide more significant support and resources for these entrepreneurs. Grant programs and economic development assistance for women and minority-owned businesses are becoming increasingly common.

In conclusion, access to capital is essential to building and growing a successful business. Business owners should be aware of the various funding options available and seek out suitable types of funding for their specific needs. By doing so, they can help ensure their business has the necessary resources to thrive and succeed over the long term.



Micro-businesses are vital to the economy, providing goods and services often overlooked by larger businesses. These businesses, defined as having five or fewer employees, are typically run by individuals or families and operate on a small scale. Despite their size, micro-businesses play an outsized role in the economy, creating jobs and generating income for their owners.

Access to capital can be a significant challenge for micro-businesses, as they may not have the credit history or collateral required to secure traditional loans. However, there are a variety of funding options available specifically for micro-businesses.

One popular option is the microloan. These are small, short-term loans typically ranging from a few hundred to a few thousand dollars. A nonprofit organization or a community development financial institution (CDFIs) often provides microloans. In addition to funding, many CDFIs offer business development services and mentorship to help micro-business owners succeed.

Another funding option for micro-businesses is the small business grant. These grants, typically awarded by government agencies or nonprofit organizations, do not need to be repaid and can provide much-needed working capital. Eligibility requirements for small business grants vary, but many are aimed explicitly at supporting micro-business owners from underrepresented communities.

Despite the challenges they face, micro-businesses have proven to be remarkably resilient. Many of today’s most prominent corporations began as micro-businesses and are now tremendous success stories. By supporting and investing in these small-scale operations, we can help them grow and contribute to the thriving economy of tomorrow.

In addition to funding, various resources are available to micro-business owners. Small business development centers and other business assistance programs can provide entrepreneurs with the training, mentorship, and support they need to succeed. For example, these programs may offer accounting advice, assistance with the internal revenue service and tax filings, or help to secure insurance or utility costs.

Ultimately, micro-businesses are the lifeblood of many communities, providing unique and valuable products and services. Investing in these businesses and supporting their growth can help create a more vibrant and equitable economy.


Cultural Organizations

Cultural organizations play a vital role in enriching our communities. From museums and theater companies to music festivals and dance troupes, these organizations help us connect and the world around us. However, cultural organizations also need funding, like any other business, to survive and thrive.

One option for cultural organizations seeking funding is the grant program. Many government agencies and foundations offer grants specifically aimed at supporting cultural organizations. These grants can fund everything from staffing and programming to building renovations and equipment purchases. However, the grant application process can be competitive, with strict eligibility requirements and high scrutiny of applicants’ financial and organizational plans.

Another funding option for cultural organizations is sponsorships and donations. Many large and small businesses are eager to support the arts and culture in their communities. By partnering with cultural organizations through sponsorships or donations, companies can contribute to their area’s artistic vitality and benefit from increased visibility and brand recognition. For cultural organizations, sponsorships and donations can provide much-needed financial support and the opportunity to build relationships with local businesses and their customers.

In addition to seeking funding, cultural organizations must also work to build and maintain relationships with their communities. This work can involve collaborating with local schools, offering free or discounted admission to low-income residents, and providing education and outreach programs.

By demonstrating their value to the community and cultivating solid relationships with their audiences, cultural organizations can help to ensure their long-term sustainability and success.

Ultimately, funding for cultural organizations is not just a matter of financial support. It also speaks to the value we as a society place on the arts and culture. By investing in cultural organizations and supporting their work, we can ensure that our communities are vibrant, diverse, and enriched with the beauty and creativity of human expression.


Eligibility Requirements

Eligibility requirements are an essential aspect of any business funding program. These requirements ensure that funds are allocated only to those businesses that meet the criteria for the program. Funding for small businesses is subject to a wide range of approval and eligibility criteria, which shift from program to program and organization to organization.

Working capital loans, business lines of credit (LOC), and business cash advances are some of the small businesses’ most commonly used funding options, and to be eligible for these types of funding, small businesses must meet specific criteria.

Typically, businesses must have been operating for at least six months, have a minimum credit score of 600, and generate a minimum monthly revenue of $10,000 for a small business loan. In addition, some loan providers may demand collateral or a personal guarantee from the firm seeking funding.

Grants are another popular small business funding option. Unlike business loans, grants do not need to be repaid and can provide a significant financial boost to eligible businesses. However, the eligibility requirements for grants can be much more rigorous than those for loans or lines of credit.

Most grant programs have specific eligibility requirements to ensure that only the businesses that meet particular criteria receive the funding. For example, grant programs for women entrepreneurs may require that the company is majority-owned by women. Grant programs for businesses in underserved communities may require evidence of financial need or a plan for community development. Additionally, grant programs may have strict deadlines and require extensive documentation to prove eligibility.

Overall, eligibility requirements are an integral part of small business funding programs. While they may seem restrictive, they help to ensure that the money is distributed fairly and that businesses that are most in need receive the support they require to grow and succeed. Small business owners need to research and understand the eligibility requirements of the funding programs they apply for to increase their chances of success in obtaining funding.


Capital Loans

Capital loans are a popular funding option for small businesses that must invest in their operations or expand their offerings. A capital loan is specifically designed for business purposes, often used to acquire equipment, machinery, or inventory or to hire more staff. Depending on the lender’s requirements, these loans can be secured or unsecured.

Capital loans are only available to small enterprises that meet specific requirements. Generally, lenders will require that companies have been operating for at least six months, have a steady revenue stream, and have a minimum credit score of 600. Some lenders may also require collateral, such as real estate or inventory, to secure the loan.

Capital loan amounts are a function of the creditworthiness of the firm borrowing the funds and the lending institutions’ creditworthiness, capital, and surplus. Generally, lenders will offer amounts ranging from a few thousand to several million dollars. Interest rates for capital loans will also vary depending on the lender and the borrower’s ability to meet the underwriting criteria.

One advantage of capital loans is that they give small businesses access to the funds they need relatively quickly. Most lenders offer quick approval processes and funding within a few business hours to days, which can be especially helpful for businesses facing time-sensitive situations.

Capital loans can also help small businesses establish and build their credit scores. Consistently making on-time payments on a capital loan can help improve a small business’s creditworthiness, making it easier to access other types of funding in the future.

Capital loans can be a valuable financing option for small businesses looking to grow and invest in their operations. However, it’s essential to carefully consider any loan agreement’s terms and conditions and ensure the loan is a feasible option for your business’s financial situation.


Business Leaders

Business leaders play a crucial role in the growth and success of a business, especially in funding new businesses. These individuals must make critical decisions regarding the company’s direction and how to allocate resources to achieve their goals. They are typically responsible for setting the tone and establishing the culture of the business.

One of the most important responsibilities of a business leader is securing funding for the business. This task can be challenging, especially for early-stage small businesses with limited revenue and no established credit history. Access to various business loans and lines of credit can be essential to the survival of a new business, and it is up to the business leader to explore all funding options and make the best decisions for their business.

Aside from funding, business leaders must also deeply understand their industry and target market. This inside knowledge will help them make informed decisions regarding product development, marketing, and overall business strategy. They must stay up-to-date on industry trends and changes in their market to ensure they can anticipate and respond to the shifting needs of their customers.

Effective communication is another crucial skill for a business leader. They must be able to communicate their vision for the business to their team and stakeholders. They should also be able to actively listen to feedback and concerns from others and use that information to make informed decisions.

Ultimately, a successful business leader must balance multiple responsibilities and make strategic decisions to benefit the company in the long run. Their ability to identify growth opportunities and navigate challenges will determine the success of the business and its ability to secure funding and continue to thrive in the competitive market.


Business Lines

Business lines, also known as lines of credit, provide a flexible financing solution for businesses of all sizes. A business line allows a company to access a predetermined amount of funds for any business expense. Unlike a traditional business loan, where you receive a lump sum of money upfront, a business line provides ongoing access to funding.

One of the most significant benefits of a business line is the ability to pay interest on the funds drawn from the line. You will only pay interest if you need to use the funds immediately. Additionally, if you pay back the funds you’ve used, you will replenish the line and have access to the funds again.

Another advantage of a business line is its flexibility. You can use the funds for various business expenses, such as inventory, equipment, payroll, or unexpected expenses. The funds can also bridge the gap between accounts receivable and accounts payable, allowing businesses to manage their cash flow more effectively.

When applying for a business line, lenders typically require that you have been in business for a certain amount of time and have a strong credit history. Depending on the lender, you may also have to provide collateral to secure the line. It’s critical to carefully review the eligibility requirements and terms of the line before applying.

In conclusion, business lines are a valuable financing option for businesses looking for flexibility and ongoing access to funds. Business leaders should carefully evaluate the eligibility requirements and terms of the line before deciding to apply and ensure they have a solid plan to manage the funds effectively. A business line can help companies achieve their growth and expansion goals with the right strategy.


Early-Stage Small Businesses

Starting a small business is a major accomplishment, but navigating the early stages of growth can be overwhelming. While these early stages are full of exciting opportunities, they can also have challenges and obstacles that require a lot of thought and careful planning.

One of the key challenges facing early-stage small businesses is access to capital. Many small businesses need help to secure the necessary funding to get off the ground, build their team, and invest in resources and infrastructure. Surviving your business’s early years can be challenging without a solid funding stream.

Fortunately, various resources are available to help early-stage small businesses secure the financing they need to succeed. Small-business loans, capital loans, and lines of credit are all viable options to consider, and working with an economic development agency or applying for grant programs can also help access financial resources.

Another critical priority for early-stage small businesses is creating a solid business plan that outlines key milestones and strategies. A clear and compelling business plan can demonstrate your business’s viability and potential and attract investors and partners.

For early-stage small businesses, it’s also essential to prioritize building a strong team and developing a supportive network. Business leaders and accounting advisors can offer support and guidance throughout the growth process, and securing partnerships with organizations and other small businesses can help to establish credibility and provide access to additional resources.

Ultimately, the key to successfully navigating the early stages of growth as a small business is staying adaptable and flexible. Be willing to pivot as needed and focus on developing and refining your strategies and processes to ensure sustainable success. Early-stage small businesses can overcome growth challenges and achieve their goals with hard work and perseverance.


Retail Businesses

Retail businesses are a crucial component of the economy and significantly impact local communities. Retail businesses provide consumers various products and services, from small independent boutiques to large chain department stores.

The competitive online marketplace is one of the retail businesses’ biggest challenges. E-commerce platforms have made it easier than ever for consumers to shop from the comfort of their own homes, leading to a decline in foot traffic and sales at brick-and-mortar stores. However, brick-and-mortar stores still have a shot at success by differentiating themselves from their online counterparts by providing individualized customer service and developing a distinctive brand identity.

Businesses must prioritize sustainable and ethical practices to be successful in today’s retail landscape. More and more shoppers are concerned about their purchases’ influence on the planet. As a result, they are more willing to patronize companies that take environmentally responsible measures. In addition, prioritizing ethical labor practices and transparency in supply chains can help build customer trust and loyalty.

Another significant factor in the success of retail businesses is effective inventory management. Retailers must strike a delicate balance between ensuring they have enough inventory to meet their customer’s demands and avoiding excess inventory that can lead to waste and financial losses. Utilizing data-driven insights and implementing automated inventory systems can help businesses make informed decisions about stock levels and maximize profits.

Ultimately, the success of a retail business often comes down to the quality of its customer experience. From friendly and knowledgeable staff to visually appealing store displays, companies prioritizing creating an enjoyable shopping experience for their customers are more likely to see repeat business and positive word-of-mouth referrals.

While retail businesses face challenges in today’s market, there are still opportunities for growth and success. By focusing on sustainability, ethical practices, effective inventory management, and creating excellent customer experiences, retail businesses can thrive and contribute to the economic health of their communities.


Small-Business Grants & Loans

Small-business grants and loans can be a lifeline for new and emerging businesses, providing access to capital that can help fuel growth and drive success. But with so many different funding options available, knowing where to start or which programs best fit your business can take time and effort.

One popular option for small-business funding was the Paycheck Protection Program (PPP), which was established in response to the COVID-19 pandemic to help businesses cover payroll and other eligible expenses. While the program has been subject to scrutiny and criticism, it has provided crucial support for many small businesses during a difficult time.

Employers who obtained loans through the Paycheck Protection Program (PPP) and those who did not are eligible for ERC funding thanks to the Consolidated Appropriations (CARES) Act, 2021. You may be eligible for an ERC credit at this time.

If your company’s revenue dropped in 2020 and/or 2021 but kept the same number of employees on staff, you may be eligible for a payroll tax refund.

Businesses that have been in operation for at least two years have at least two (2) employees, and either experienced a significant drop in gross receipts in 2020 or the first three (3) quarters of 2021 as a result of orders from a governmental authority or qualified as a recovery startup business for the third and fourth quarters of 2021, are eligible.

Another option for small businesses is to take advantage of the New York City Small Business Recovery Program. This program provides grants and zero-interest loans to businesses affected by the pandemic. Applications are accepted on a rolling basis, and approved funds can be for inventory, equipment, rent, and other essential expenses.

Beyond the PPP, there are a variety of other small-business grants and loans available at the state and federal levels. The Economic Development Administration, for example, offers grants for businesses in certain designated areas. At the same time, the Empire State Development Agency in New York provides loans and other forms of support for small businesses throughout the state.

Eligibility requirements for small-business grants and loans can vary widely. The loans or grants may include factors such as the number of months a business has been in operation, its revenue and profitability, or its involvement in a specific industry or sector. For enterprises led by women, people of color, or other historically underrepresented groups, there may also be additional programs and resources available specifically designed to support diversity and inclusion in entrepreneurship.

While small-business grants and loans can be a valuable source of funding, it’s essential to approach them cautiously and do your due diligence before accepting any offers. Always read the fine print to ensure you completely understand the interest rate, repayment schedule, and any other fees associated with a loan or grant.

Ultimately, small-business grants and loans can be a powerful tool for entrepreneurs looking to take their businesses to the next level. Companies can access the capital and resources needed to grow and thrive by carefully researching and applying for available programs.


Accounting Advice & Advisors

As a small business owner in New York, you must have a solid grasp of your financials. Bean counting may not be the most exciting aspect of running a business, but it’s crucial to success. That’s where accounting advice and advisors come in.

Whether you’re struggling to understand basic financial concepts or need help preparing your taxes, a good accounting advisor can provide valuable guidance and support to help you navigate the complexities of the financial world.

One of the key benefits of working with an accounting advisor is that they can help you make informed money decisions based on your unique financial situation. A great bookkeeper or accountant can help you understand the financial implications of different business decisions, such as taking out a loan or investing in a new project.

In addition to offering advice, accounting advisors can provide hands-on support with tasks such as bookkeeping, payroll, and tax preparation. This assistance can free up your time and allow you to focus on growing your business.

When choosing an accounting advisor, it’s essential to do your research. Look for someone with experience working with small businesses in New York, as they will best understand your business’s unique financial challenges. You may also seek recommendations from other small business owners or industry organizations.

Also, it is essential to find an advisor who is transparent about their fees and billing practices. Avoid advisors who charge excessive fees or make promises that sound too good to be true.

In conclusion, accounting advice and advisors can be invaluable for small business owners in New York. They can support and guide everything from basic financial concepts to complex tax issues, helping you make informed decisions and grow your business confidently.


Economic Development Agency & Government Agencies

Small businesses are the lifeblood of any economy, and the government recognizes this fact. That’s why there are numerous economic development agencies and government agencies that exist with the primary aim of helping small businesses gain access to capital and funding.

One of the most well-known government agencies is the Economic Development Administration (EDA). The EDA is a federal agency that provides grants, technical assistance, and other resources to support economic development in communities across the United States. These resources aim to foster job creation and encourage private investment in businesses.

Another government agency that plays a crucial role in developing small businesses is the Small Business Administration (SBA). The SBA offers various programs and services, including loans, counseling, and training to help small businesses succeed and grow. It also provides access to capital loans, business lines of credit, and many other financial resources.

Aside from the EDA and SBA, numerous state and local economic development agencies are dedicated to helping businesses within their jurisdictions. For example, the Empire State Development (ESD) in New York offers a wide range of programs and resources designed to support small businesses in the state. These programs include economic recovery and revitalization assistance, grants, tax benefits, and other incentives.

What’s interesting about many of these government agencies is that they also prioritize funding for small businesses owned by women, people of color, and other marginalized communities. This prioritization helps break down the barriers and systemic disadvantages that these groups often face when trying to obtain funding on their own.

Businesses must meet specific eligibility requirements to access the resources available through these economic development and government agencies. For example, they may need to have been in business for a certain number of months, demonstrate profitability, or present complete tax forms and filings.

In conclusion, if you’re a small business owner in New York, these economic development agencies and government agencies are excellent resources to help you access funding and other types of assistance. With the right help and guidance, you can overcome the challenges associated with funding and build a robust and successful business.


Other Considerations for Funding Sources in New York State

While government agencies can be a valuable source of funding for businesses in New York State, they are not the only ones. Many other funding options are available that companies can explore as they look for ways to grow and expand.

One option is to seek loans from traditional lenders, such as banks or credit unions. These institutions can offer various loan products, including lines of credit, term loans, and more. However, it’s important to note that traditional lenders may have stricter eligibility requirements than government agencies and charge higher interest rates. Businesses must carefully consider whether this type of funding is right for them.

Another potential source of funding is alternative lenders. These lenders operate differently than traditional lenders, and they may be more willing to take on higher-risk borrowers or offer more flexible terms. Some examples of alternative lenders include merchant cash advance providers, crowdfunding platforms, and peer-to-peer lending networks. However, businesses should be cautious when working with alternative lenders, as some may charge very high-interest rates or fees.

In addition to lenders, businesses can also explore grant programs. Typically, grants are non-repayable funds businesses can use for specific purposes, such as hiring new employees, purchasing equipment, or expanding their operations. While many different grant programs are available in New York State, the application process can be very competitive. Businesses need a well-developed business plan and compelling reasons for grant funding.

Finally, businesses can consider seeking out investors. The small business owner may give up a portion of ownership in the company in exchange for funding. Investors can bring capital, valuable expertise, and connections to the table. However, finding the right investors and negotiating favorable terms can be challenging.

Ultimately, there is no one-size-fits-all answer for funding a business in New York State. Each company must carefully consider its needs, goals, and resources when choosing a funding source. By exploring all the options available, businesses can increase their chances of finding the right funding solution to support their growth and success.




Mark J. Kane is a successful entrepreneur spending the last 16 years lending money to business owners. Beginning his career as a psychologist, at the age of 23 he became the youngest Hospital Admin running a 100+ bed facility. He built two businesses to over 500 employees and a business from scratch to over $18M in revenue in 18 months before selling. This experience led him to begin Sunwise Capital.

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