New York can be an expensive place to run a business—but it’s also one of the best states for business resources. Below, we compiled a list of business loans and grants available only to companies in the Empire State. Peruse these funding options to discover if your business is eligible.
Department or Agency: Empire State Development
Loan or Grant title: Global NY Fund Grant Program
The Global NY Fund Grant Program provides grants of up to $25,000 for profit-making businesses and up to $100,000 for nonprofits. Grant recipients can use the money for product adaptations to meet foreign regulations, export workshops, trade show participation, and market customization. To qualify, companies must be located in New York state, have 500 or fewer employees, work in direct exports, and meet other requirements.
Department or Agency: New York Foundation
Loan or Grant title: New York Foundation Grant
This program provides businesses with $47,500 per year for up to three or five years. Eligible organizations are ones that use community organizing and grassroots advocacy to address oppression. Your business will need to be a New York City-based nonprofit (or sponsored by a nonprofit). Applications are due March 3, 2025.
Department or Agency: Regional Development Corporation (RDC), the lending arm of the Erie County Industrial Development Agency
Loan or Grant title: RDC Loan Program
The RDC provides loans ranging from $50,000 to $2 million to businesses operating in Erie County. Loan recipients can use the funds for working capital, equipment and machinery, property acquisition, and pollution control improvements.
Department or Agency: Job Development Authority
Loan or Grant title: Job Development Authority (JDA) Direct Loan Program
This program provides loans for New York-based businesses looking to buy, build, or renovate buildings, and to purchase machinery and equipment. The loan can finance between 40% and 60% of the cost of a construction project or machinery purchase.
Department or Agency: New York City Economic Development Corporation
Loan or Grant title: NYC Capital Access Loan Guaranty Program
This program expands access to funding for New York State’s small businesses, very small businesses (VSBs), and businesses owned by socially and economically disadvantaged individuals (SEDIs). Loan terms and amounts vary by lender.
Department or Agency: NYC Department of Small Business Services
Loan or Grant title: Contract Licensing Loan Fund
Businesses doing contract work in New York City may be eligible for a low-interest loan for up to $1 million. To be eligible, you must have an operating business that’s applying for financing as a prime contractor or subcontractor to use toward a project with an NYC-affiliated agency or NYC-funded entity.
Department or Agency: New York State Council on the Arts
Loan or grant title: New York State Council on the Arts Support for Artists
This fund provides grants of up to $10,000 to artists who are creating new work through a sponsoring organization. New York state-based artists who work in the following media are eligible: choreography; composition; film, media, and new technology; folk and traditional arts; interdisciplinary; literature; theater commissions; and visual arts.
Department or Agency: Empire State Development
Loan or grant title: Strategic Planning and Feasibility Studies Program
Businesses can apply for working capital grants of up to $100,000 for 1) strategic development plans for a city, county, or municipality within the state and 2) feasibility studies to plan new facilities. Projects should focus on economic development, and preference will be granted to projects located in highly distressed communities.
Department or Agency: Empire State Development
Loan or grant title: Bridge to Success Loan Program
The “Bridge to Success” Loan Program provides short-term bridge loans of $75,000 to $200,000 to qualified minority-owned and women-owned businesses in New York State that need help securing contracting jobs.
Department or Agency: Empire State Development
Loan or grant title: Commercial District Revolving Loan Trust Fund Program
This program offers working capital up to $15,000 and fixed-asset loans up to $20,000 to New York-based retail, professional, and commercial services businesses. Businesses can use the loans to purchase property, secure inventory, upgrade display lighting, cover advertising and promotion costs, cover payroll, and buy equipment and machinery. To be eligible, businesses must have 50 or fewer employees.
Department or Agency: Empire State Development
Loan or grant title: JDA Agriculture Loan Fund
This fund provides capital to small agribusinesses in New York that need help expanding and hiring new employees. Loan amounts vary depending on the project size but generally range from $50,000 to $2 million.
Department or Agency: Empire State Development
Loan or grant title: Small Manufacturers Modernization Grant
This grant funds small legacy manufacturers in New York State to invest in projects that will increase their operational efficiency and improve their competitiveness. The minimum grant amount is $50,000. To be eligible for the grant, small manufacturers need to have between five and 99 full-time employees, have been in operation for at least 10 years, and manufacture a product in one of the state’s targeted industries.
Department or Agency: Empire State Development
Loan or grant title: Better Buffalo Fund Program
Designed to revitalize neighborhood commercial districts, the Better Buffalo Fund Program has two initiatives: 1) Transit Oriented Development, which provides up to $2 million in gap financing, and 2) Buffalo Main Streets Initiative, which provides grants from $50,000 to $500,000.
Department or Agency: Empire State Development
Loan or grant title: Regional Council Capital Fund Program (ESD Grants – REDC)
This fund program provides grants to businesses for economic development projects that create or retain jobs, reduce unemployment, or increase business activity. Grants are at least $100,000 and can be used to acquire land, begin construction projects, and acquire furniture and fixtures.
Department or Agency: Empire State Development
Loan or grant title: Global NY State Trade Expansion Program (STEP)
Through this program, New York companies can get funds to increase their export activities. The maximum grant amount is $10,000, but most grants range between $2,000 and $5,000. Businesses can use the funds for trade show exhibitions, participation in export training workshops, qualified foreign market sales trips, website content, and more.
Department or Agency: Empire State Development
Loan or grant title: Global NY Fund Grant Program
This program gives grants to companies that need help exporting or increasing their global exports. The grant will reimburse up to 50% of total project costs for companies, up to $25,000. To qualify, businesses need to be located in New York and have fewer than 500 employees.
Department or Agency: Capitalize Albany Corporation
Loan or grant title: Capitalize Albany Real Estate Loan Program
Capitalize Albany Corporation offers loans to businesses that undertake qualified real estate development projects in Albany. Businesses can get loans to acquire buildings, buy furniture, purchase equipment, start construction, or expand facilities. The loan amount can’t exceed 40% of the total project costs.
Department or Agency: Capitalize Albany Corporation
Loan or grant title: Capitalize Albany Business Development Loan Program
Capitalize Albany Corporation gives loans to businesses undertaking projects that will stimulate the local Albany economy. Businesses can get loan funds for up to 50% of their total project costs and use the proceeds to acquire property, buy machinery and equipment, undergo construction, or buy fixed assets.
Department or Agency: Capitalize Albany Corporation
Loan or grant title: AI Tech Loan Fund
Capitalize Albany Corporation gives term loans to AI tech businesses ranging from $35,000 to $300,000. Companies can use the funds to buy fixed assets or cover working capital.
Department or Agency: City of Rochester’s Business Development Division
Loan or grant title: Business Development Financial Assistance Program
The City of Rochester provides low-interest loans to businesses to invest in expansion projects that create new jobs within the city. Loans are up to $250,000 with fixed interest rates of 3%. Businesses can use the funds to purchase machinery and equipment, cover working capital costs, and pay for building renovations.
Department or Agency: City of Rochester’s Business Development Division
Loan or grant title: Neighborhood Commercial Assistance Program
This program gives grants to small retail and neighborhood service businesses within Rochester. New businesses are eligible for grants up to $5,000, and existing businesses are eligible for grants up to $8,000. Businesses can use the grant funds on advertising, furniture, equipment, exterior signage, computers, architectural services, and security equipment (alarm systems, exterior lighting, security cameras).
Department or Agency: Kiva
Loan or grant title: Kiva Rochester Crowdfunded Loans
In partnership with the City of Rochester, microlending platform Kiva offers Rochester business owners the opportunity to crowdfund loans up to $15,000 with 0% interest.
Department or Agency: Central New York Regional Planning & Development Board
Loan or grant title: Central New York Enterprise Development Fund
The Central New York Enterprise Development Fund gives loans to small manufacturing companies and producer-service firms in Central New York. Businesses can get loans for up to 50% of their total project costs, not to exceed $100,000.
Department or Agency: Central New York Regional Planning & Development Board
Loan or grant title: Energy Efficiency Loan Program
This loan program gives small businesses capital to improve the energy efficiency of their businesses and facilities. Businesses can get loans for up to 50% of their total project costs, not to exceed $100,000.
Department or Agency: Central New York Regional Planning & Development Board
Loan or grant title: CNY Rural Microenterprise Assistance Program
This program supports rural entrepreneurs in Central New York in investing in sustainable development and generating employment opportunities. Businesses can get loans for up to 75% of their total project costs, not to exceed $50,000. Funds can be used to improve real property, buy equipment, and cover working capital costs.
Department or Agency: Greater Syracuse Business Development Fund (GSBDC)
Loan or grant title: GSBDC Revolving Loan Fund
The GSBDC offers flexible loans to help new businesses in Central New York build and existing businesses expand. Non-retail businesses that manufacture a product and provide a service outside the Greater Syracuse area are eligible.
Department or Agency: Syracuse Economic Development Corporation (SEDCO)
Loan or grant title: Syracuse Economic Development Corporation Business Loans
The Syracuse Economic Development Corporation (SEDCO) offers low-interest business loans to businesses that want to start up, expand within, or relocate to Syracuse. Loan amounts range from $15,000 to $125,000 and can be used to renovate property, acquire furniture and fixtures, or purchase equipment.
Department or Agency: Pursuit
Loan or grant title: New York Forward Loan Fund 2
Pursuit provides affordable loans to businesses in New York State to start or expand their operations. Businesses can get up to $150,000 with interest rates ranging from 9.5 to 12.5%. To be eligible, businesses need to have been operating in New York for at least one year, have fewer than 100 employees, and have less than $5 million in revenues.
