Business Loans in Syracuse, NY
At the Center of Business in New York State
The Central New York region is where innovation and history converge in New York State. Syracuse is one of New York State’s largest cities and at just about the midpoint between Albany and Buffalo, its Central New York location has made it a commerce hub for nearly two centuries. You’ll find many options for small business loans in Syracuse to help you establish and expand your roots.
The region reflects its manufacturing and transportation-hub roots and its history as a leader in engineering and technology, including defense contracting. Today’s leading industries include these fields, infused with all the energy and excitement of 21st-century innovation.
It’s also home to many colleges and universities that provide both research partnerships and talented graduates. You’ll find the region’s students and faculty feeding the growing pipeline of intellectual and technological business opportunities at Syracuse University, Le Moyne and the State University of New York College of Environmental Science and Forestry and nearly a dozen other area schools.
The future looks bright in Syracuse and Central New York, thanks to several specialized industries taking off as well as support from local and statewide comprehensive economic-development plans and incentives. Industry specialties here include:
- Service-based businesses that support the needs of the area’s colleges and universities – including facilities as well as their students, faculty and staff. These include retail, restaurants and bars, craft breweries and distilleries, music and performance venues and sports-and-leisure businesses.
- Health care. This is a major industry with opportunities for professionals in medical and wellness fields, as well as for those who conduct research in partnership with colleges and universities.
- Unmanned aerial system (aka, “drone”) technology, with creative uses that range from defense to agriculture. In addition, professional services that use and support these technologies, such as commercial photography and mapping and specialized repair services, are growing, too.
- Distribution and logistics, as savvy business leaders leverage the region’s geographic advantages and low costs for real estate and construction, as well as Syracuse’s location between two major interstate routes, I81 and I90.
New York State’s Upstate Revitalization Initiative, facilitated by Empire State Development, continues to bring development funds to support economic growth throughout the region, including in:
- Liverpool: In 2019, a new, $280 million, 3.8 million square-foot distribution center was announced for construction here. It will be the second-largest distribution center in the world, creating an estimated 1,000 jobs. Businesses that service these employees and the larger company or companies that will use the distribution center can leverage this opportunity.
- Utica/Rome: Development is also accelerating around the Utica/Rome area. An incubator space is under development in downtown Utica, and a new, $548 million hospital is expected to bring substantial benefits to the area. Rome is home to Griffis Business and Technology Park, which includes nearly 60 businesses and provides numerous incentives to new tenants including tax benefits, business assistance and access to rail systems and the Erie Canal.
- Watertown and the North Country: Agriculture and small business opportunities dominate here, with industrial parks scattered throughout the market. Many family-owned businesses are passed on through generations, while entrepreneurs relocate to the area for its affordability, great location and access to outdoor sports and leisure.
Funding options for your business
With our small business loans in Syracuse, Pursuit supports entrepreneurs working in everything from craft breweries, retail shops and year-round and seasonal sports-and-leisure venues to advanced manufacturing and agriculture. We have funding options available for just about every opportunity in Central New York, including:
- SBA 504 loans: If your business needs funding to buy, build or renovate commercial real estate, this is the loan for you. It’s also an outstanding option when you want to purchase major equipment or other fixed assets. SBA 504s offer:
- Fixed rates
- Repayment terms up to 25 years
- Financing up to 90% and loans up to $5 million
- SBA 7(a) loans: with funding up to $5 million for industries such as retail, hospitality, professional services and food-and-beverage businesses. They can be used for a broad range of business-related expenses and come with affordable monthly payments, so that you have more money available each month to reinvest in your business’s success.
- Pursuit SmartLoans: These quick, easy and online loans range from $10,000 to $100,000, with approvals in just two business days and money in your business account in five business days. They’re a terrific option when you need capital for staffing, inventory purchases, marketing, small equipment and day-to-day needs.