New York State's SSBCI program offers over $500M in federal funding through multiple loan programs for small businesses, startups, and disadvantaged entrepreneurs recovering from COVID-19.
Data compiled from public sources · Rating from CreditDoc methodology
S. Department of Treasury under the American Rescue Plan Act, administered in New York State by Empire State Development (ESD). The program was designed to support small business recovery from the economic effects of COVID-19 and help businesses succeed in the post-pandemic economy.
SSBCI is not a traditional lender but rather a state-level capital access program that deploys over $500 million in federal funding through multiple targeted financing vehicles. The program specifically prioritizes socially and economically disadvantaged individual (SEDI) owned businesses and very small businesses (VSBs), addressing historical inequities in capital access. SSBCI distinguishes itself by offering a suite of complementary programs rather than a one-size-fits-all approach.
4M for portfolio insurance), the New York Forward Loan Fund 2 ($150M up to $150K with free support services), and the Surety Bond Assistance Program ($22M for contractors). Many programs require applications through partner organizations such as community lending institutions rather than direct state application. The program is strengths-based for New York businesses seeking affordable capital, with particular advantages for underbanked communities and startups.
However, applicants must navigate multiple programs to find the best fit, and availability depends on business stage, industry, financing type, and organization status. The website includes a filtering tool to help identify eligible programs but provides limited detail on specific approval rates, timeframes, or terms.
Yes. Bad Credit Small Business Loans is a registered company, headquartered in New York, NY.
Results vary by individual situation. Contact the provider to discuss expected timelines for your specific needs.
CreditDoc Diagnosis
SSBCI is best for New York small business owners and startups—particularly those from underrepresented communities—seeking affordable capital from $10,000 to $150,000. The main caveat is that this is a portfolio of state-administered programs, not a direct lender, so applicants must apply through partner community lenders or institutions, and specific terms, rates, and timelines are not clearly published on the website.
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Read guide →New to credit and lending? Here are the key terms used on this page, explained in plain language with real-number examples.
The total yearly cost of borrowing money, including the interest rate plus any fees the lender charges. Think of it as the 'true price tag' on a loan.
Lenders must show APR by law (Truth in Lending Act) because the interest rate alone can hide fees. Comparing APR across lenders is the most reliable way to find the cheapest loan.
Example
You borrow $10,000 at 6% interest for 3 years, but there's a $300 origination fee. The interest rate is 6%, but the APR is 6.9% because it includes that fee. You'd pay $304/month and $946 total in interest.
The percentage a lender charges you for borrowing their money, calculated on the amount you still owe. It's the lender's profit for taking the risk of lending to you.
Even a 1% difference in interest rate can cost you thousands over a loan's life. Lower rates mean less money out of your pocket.
Example
On a $20,000 car loan for 5 years: at 5% you pay $2,645 in interest. At 8% you pay $4,332. That 3% difference costs you $1,687 extra.
A person who agrees to repay your loan if you can't. They're equally responsible for the debt, and their credit is affected by your payment behavior.
Cosigning helps people with thin credit get approved or get better rates. But it's a huge risk for the cosigner — they're on the hook for the full amount if you default.
Example
A parent cosigns their child's $30,000 student loan. The child stops paying after 6 months. The parent is now legally required to make the payments or face collections, lawsuits, and credit damage.
How long you have to repay the loan, measured in months or years. A shorter term means higher monthly payments but less total interest paid.
Longer terms feel more affordable monthly but cost much more overall. A 30-year mortgage costs almost double in interest compared to a 15-year mortgage on the same amount.
Example
Borrowing $200,000 at 6.5%: A 15-year term costs $1,742/month ($113,561 total interest). A 30-year term costs $1,264/month ($255,088 total interest). You save $141,527 with the shorter term.
A one-time fee the lender charges to process and set up your loan. It covers their costs for underwriting, verifying your information, and preparing paperwork.
Origination fees are usually 1-8% of the loan amount and are often deducted from your loan proceeds — so you receive less than you borrowed.
Example
You're approved for a $10,000 personal loan with a 5% origination fee. The lender deducts $500 upfront, so you receive $9,500 in your bank account but owe $10,000 plus interest.
The original amount of money you borrowed, before any interest or fees are added. It's the 'real' amount of your debt.
Your interest is calculated on the principal. Paying extra toward principal (not just interest) is the fastest way to reduce your total cost and pay off a loan early.
Example
You borrow $25,000 for a car. That $25,000 is your principal. Your first payment of $450 might split as $150 toward interest and $300 toward principal, bringing your balance to $24,700.
The process where a lender evaluates your finances — income, debts, credit history, assets — to decide whether to approve your loan and at what rate.
Understanding what underwriters look for helps you prepare a stronger application. They check your DTI ratio, employment stability, credit score, and the asset's value.
Example
You apply for a mortgage. The underwriter reviews your pay stubs (income), bank statements (savings), credit report (history), and orders an appraisal (home value). This takes 2-4 weeks.
Want to learn more? Read our Financial Wellness Guides for in-depth explanations and practical advice.
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