Business Loans on Long Island
A business powerhouse that feels like home
Long Island, NY, is a great place to establish your business, no matter what industry you’re in or whether you’re launching or expanding your business. Along with its location as part of the New York metropolitan area, it’s also home to nearly three million people. Areas such as Garden City, Northport, and Rockville Center are homes to many families. And there are diverse businesses that include advanced manufacturing, fishing charters, and everything in between. There’s also many options for business loans on Long Island to help fund your ambition.
There’s truly something for every entrepreneur here:
- A high standard of living: Long Island includes Nassau and Suffolk counties and the median household income here exceeds $100,000 annually, far above the US average, so potential customers have more to spend on necessities, amenities and luxuries.
- Educated and skilled labor: About 40% of Long Island residents hold at least a bachelor’s degree, including thousands who graduate from Long Island’s post-secondary schools every year. These schools include prestigious Stony Brook University and other notable State University of New York schools, Hofstra University and the US Merchant Marines.
- Easy access: Businesses have convenient roadway access across the island via the I-495 (the Long Island Expressway) and NY-27 (Sunrise Highway) and on to New York, New Jersey, the East Coast and national highways. In addition, national and international transport is easy via new and established rail lines, plentiful shipping ports and airports at MacArthur in Islip, JFK and LaGuardia in Queens and Newark in nearby New Jersey.
Industry specialties on Long Island
Long Island is particularly attractive for businesses that benefit from its skilled workforce and natural amenities:
- Science and engineering: It’s the home of Grumman Aircraft factories, Sperry Gyroscope, Brookhaven National Laboratories, US Department of Energy research and many defense- and aerospace-component manufacturers and distributors. Long Island is also home to Hauppauge Industrial Park, the East Coast’s largest complex.
- Tourism: More than nine million visitors spend $5 billion+ here annually. Many come for the renowned parks and beaches, from casual day trips to Long Beach and Jones Beach to vacations on Fire Island, Amagansett, the Hamptons and Montauk.
- Restaurants and retail: Long Island’s wineries, craft breweries, U-Pick farms and acclaimed restaurants attract millions of locals and visitors each year.
Funding that fits for your Long Island business
Pursuit’s business loans on Long Island fuel business success every day and we can help you, wherever your business is on Long Island and whatever industry you’re in. Among our most popular loan products are:
- SBA 504 loans that offer up to $5.5 million for commercial real estate purchases, renovations and construction, as well as equipment and machinery and related debt refinancing. They’re a great option for advanced manufacturing, wholesaling, research and development and other businesses that need commercial space and equipment.
Additional benefits include:
- Up to 90% financing
- Fixed interest rates
- Repayment terms up to 25 years
- SBA 7(a) loans are the most popular SBA option for general business financing up to $5 million. They’re available for most business needs and are great for businesses like tech startups, food-and-beverage businesses and service businesses.
- The Pursuit SmartLoan provides funding from $10,000 to $100,000. Applying is online and easy, approvals take just two business days and funding is typically received within five days of approval. They’re a great option for businesses with lower overall costs or when you need funding quickly for expenses like working capital, marketing, inventory, office equipment and staffing.