Buffalo is the second most populous city in the state of New York, after New York City. It is located in the western part of the state, on the eastern shore of Lake Erie and at the head of the Niagara River. As of 2019, the population of Buffalo was estimated to be 255,284.

The economy of Buffalo is largely based on manufacturing, healthcare, education, and tourism. The city is home to several major corporations, including General Motors, HSBC, and M&T Bank. Buffalo is also a major center for the healthcare and life sciences industries. The University at Buffalo is the largest public university in the state and a major economic engine for the city. Tourism is also a significant contributor to the economy, with attractions such as Niagara Falls, the Buffalo Zoo, and the Albright-Knox Art Gallery.

Small businesses are a vital part of the Buffalo economy, accounting for over half of all private-sector employment in the city. The most popular industries for small businesses in Buffalo are healthcare, retail, and food and beverage. Buffalo has a number of programs and resources to support small businesses, including the Buffalo Small Business Development Center and the Buffalo Niagara Enterprise.

Comparing SBA Loan Types in Buffalo

Our Experts

When it comes to small business loans, the SBA 7(a), SBA 504, and SBA Express programs are some of the best options available. Boasting favorable terms and low rates, these financing vehicles can provide up to $5 million for your business plans.

SBA 7(a) Loans specifically connects small business owners with lenders across the country who are prepared to offer the very best terms to support their businesses. If you're looking to buy commercial real estate or equipment, or if you need access to repair capital, SBA 7(a) loans should definitely be one of your top options.

Our experienced team will provide you with the very best terms from our network of lenders to ensure your business has what it needs to succeed. We offer this service completely free of charge.

Looking for more information about Buffalo? Read on below. Otherwise, click the button below, and we'll get right back to you with your free SBA 7(a) loan quote.

Small Business Loans Available in Buffalo

There are several options for small business loans in Buffalo. The Small Business Administration (SBA) offers several loan programs, including the 7a, 504, and Express programs, that can be used for a variety of purposes, such as working capital, equipment, and real estate. SBA loans are backed by the government and usually have lower interest rates and longer repayment terms than other types of loans.

1. SBA 7(a) Loans

The SBA 7(a) loan program is the Small Business Administration's most popular loan program. It can be used for a variety of different purposes, from working capital to equipment and even real estate. An SBA 7(a) loan's interest rate is generally lower than interest rates on conventional loans. Loan terms are also longer than most conventional loans, which keeps monthly debt service costs low. SBA 7(a) loans are capped at $5 million.

2. SBA 504 Loans

The SBA 504 program is aimed at businesses looking to acquire heavy equipment or fixed assets or for purchasing or developing real estate. Loan terms are typically up to 10 years for equipment purchases and 25 years for real estate, and interest rates are generally lower than most conventional financing options.

3. SBA Express Loans

SBA's Express Loan program are designed for speed: While loans max out at $500,000, the application turnaround time is just a few days. This convenience does not come for free, with interest rates generally higher — and repayment schedules typically shorter — than other SBA loan types, which increases the cost of debt service.

If you are interested in applying for a small business loan in Buffalo, we’ll match you with the best lender: Click here for a free quote.

Getting the Right Insurance for Your Property

If you own the property you operate out of, you'll need adequate insurance in place as part of the SBA financing process. Unfortunately, the cost of property insurance has shot up in recent years — and not just in the disaster-prone areas that may immediately come to mind.

Janover Insurance Group is happy to provide you with a free, zero-obligation quote on insuring the commercial real estate your business owns and occupies. Simply click here to get started.