New York has about 2.3 million small business owners statewide who can apply for small business grants. Submitting an application and competing for New York small business grants can help you grow your small or medium-sized enterprise in the Empire State.
New York’s statewide economy has a gross domestic product of $2.05 trillion as of 2022. That’s the third largest GDP in the United States out of the 50 states and the District of Columbia. Small businesses contribute to the nation’s economy.
Small and medium-sized firms exported about $25.7 billion worth of goods from New York in 2020, third behind California ($58.3 billion) and Texas ($95.4 billion), according to the most recent U.S. Census Bureau export data.Below we highlight some of the top small business grants in New York that you can explore.
Grants for Small Businesses in New York
If you’re looking for small business grants in New York, here are some potential options to consider:
Global NY Fund Grant Program
- Program description: The Global NY Fund Grant Program can help you export your goods or your services from the Empire State to foreign markets.
- Incentive: Eligible businesses can receive up to $25,000 in reimbursement for expenses related to market customization, participation in trade shows, export workshops, or product adaptations to meet foreign regulatory requirements.
- General requirements: Here are some of the general requirements for this grant:
- Be a New York small business owner
- Have 500 or fewer employees statewide
- Be new to export or expand your exports to new markets abroad
- Have at least 51% of the value of your goods or services originate in New York, or be certified as a local producer
- Your business is at least 12 months old
- You have a demonstrated need for grant assistance
- You understand how exporting works and the cost of doing business with foreign buyers
- How to apply: You can submit your application and supporting documents to the Empire State Development (ESD) agency. Contact your ESD Global NY regional representative for more information and guidance.
New York State Council on the Arts Theatre Regrant Program
- Program description: The New York State Council on the Arts (NYSCA) in partnership with the Alliance of Resident Theatres/New York offers a Creative Opportunity Fund regrant to small professional theatres.
- Incentive: Small professional theatres with budgets under $500K can receive general operating support grants of $2,000 to $5,000.
- General requirements: Here are some of the general requirements for this grant:
- Be a New York-based theatre company with at least two years of public programming experience
- Operate as a 501(c) nonprofit, fiscally sponsored, or unincorporated artist collective organization
- Have a business structure that’s not a limited liability company (LLC) or domestic business corporation
- Host live performances in New York
- Your annual spending budget doesn’t exceed $500K
- You agree to use at least 50% of the regrant to pay artists if you’re not already providing compensation to artists
- How to apply: Apply online through the A.R.T./New York grant application portal.
City of Troy’s Community Business Investment Grant
- Program description: The City of Troy’s Community Business Investment Grant can provide reimbursement funds to eligible commercial and mixed-use projects. Such projects can include interior or exterior renovations to a commercial space, among other capital improvements.
- Incentive: Business owners in Troy can receive between $5,000 and $50K in reimbursement for expenses related to a capital improvement project.
- General requirements: Here are some of the general requirements for this grant:
- Be a property owner or business owner in the City of Troy
- Be current on all taxes
- Propose a capital improvement project, such as making energy efficiency upgrades to your commercial property or rehabbing an industrial building
- Certify a minimum 50% match requirement
- Have proof of available financing for your project
- Begin project within six months of grant approval
- Complete the project within one year of project commencement, unless granted an extension
- How to apply: Complete a short-form eligibility questionnaire on the City of Troy’s website if you wish to apply for the grant.
City of Rochester Small Business Grant Programs
- Program description: The City of Rochester offers small business reimbursement grants to eligible retail and neighborhood service establishments that buy new computers, security equipment, furniture, or signage.
- Incentive: Receive $8K maximum reimbursement across the following business needs:
- Up to $5,000 for advertising expenses or computer system upgrades
- Up to $2,000 for buying and installing security camera and alarm systems
- Up to $2,000 for buying furniture, fixtures, and equipment
- Up to $1,000 for buying new signage or repairing an existing sign
- General requirements: Here are some of the general requirements for this grant:
- Be a retail establishment or consumer services business owner with annual gross revenues of $5 million or less
- Operate your Rochester-based business in accordance with local zoning regulations
- Meet the U.S. Department of Housing and Urban Development (HUD) eligibility guidelines of providing an essential product or service in low-to-moderate-income areas (or meet other HUD guidelines)
- Be current on your sales and property taxes
- Have no outstanding code violations or nuisance points on your commercial property
- Operate an eligible business or enterprise (adult entertainment businesses, check-cashing facilities, gambling facilities, gun shops, home-based businesses, payday loan operations, and vape shops are not eligible)
- How to apply: You can download an application on the City of Rochester’s website. Contact the city’s Neighborhood and Business Development Department for guidance.
Market New York Tourism Grant
- Program description: The Market New York grant program can help small businesses and other eligible applicants pay for tourism marketing initiatives in the Empire State.
- Incentive: Receive potential $50K minimum reimbursement for tourism marketing projects and potential $150K minimum reimbursement for capital projects.
- General requirements: Here are some of the general requirements for this grant if you’re a small business owner:
- Be a for-profit business certified in the state of New York
- Propose a marketing or capital project that will promote tourism in the region or state
- Complete and submit a Consolidated Funding Application (CFA)
- Applicant pays at least 50% total marketing project costs after reimbursement (requires $50K minimum grant request for minimum $100K project)
- Applicant pays at least 80% total capital project costs after reimbursement (requires $150K minimum grant request for minimum $750K project)
- How to apply: Contact New York State Division of Tourism staff for information about the next round of funding.
Who Provides Small Business Grants in New York?
Local and state government agencies, including the Empire State Development (ESD) agency, offer a variety of small business grants in New York.You can compare small business grants in New York with similar programs in other states, such as:
- California small business grants
- Colorado small business grants
- Florida small business grants
- Wisconsin small business grants
- Indiana small business grants
- Texas small business grants
Do You Have to Pay Back a Small Business Grant?
A small business grant typically comes with terms and conditions, and you may be responsible for paying back the grant if you violate those terms. In general, small and midsized business owners are not required to pay back an SMB grant absent any violations.
You typically have to sign a funding agreement to accept a small business grant. As mentioned above, the grant may come with certain conditions. Using the grant for an illegitimate purpose may violate the agreement and require business owners to pay back the grant.
Small business grants may require you to spend the money by a certain date. You may also have to provide proof of payment and a written statement detailing how you’ve spent the grant.
Who Is Eligible for Small Business Grants in New York?
Local business owners or operators of an enterprise with fewer than 500 employees may be eligible for small business grants in New York.The U.S. Small Business Administration’s Office of Advocacy generally defines a small business as an independent business having fewer than 500 employees. A small business, including individuals with freelancing business ideas, may be eligible for small business grants.
What Industries Does New York Support With Grants?
New York offers a variety of grants supporting the following industries:
- Manufacturing
- Performing arts companies
- Retail trade (store and nonstore retailers)
New York Resources for SMB Owners Looking for Funding
Here are some resources for small and medium-sized businesses looking for funding in the Empire State:
New York Small Business Development Center (NYSBDC)
The NYSBDC is a statewide program that can provide New York’s small business owners with the following services:
- Business training courses, seminars, and workshops
- Library and research services
- Confidential business counseling at no cost
SBA District Offices in New York
The U.S. Small Business Administration (SBA) is a federal agency that provides resources and support to small business owners. The SBA has three district offices in New York:
- SBA Buffalo District Office. This SBA district serves 14 of the westernmost counties of New York. Depending on where you’re based, you can contact the main office in Buffalo or the satellite office in Rochester.
- SBA Metro New York District Office. This SBA district serves 14 counties in New York City, Long Island, and the surrounding area. Depending on where you’re based, you can contact the main office in New York City or the satellite office in Hauppauge.
- SBA Syracuse District Office. This SBA district serves 34 counties in upstate New York. Depending on where you’re based, you can contact the main office in Syracuse, branch office in Albany, or the satellite office in Elmira.
Alternative Funding Sources for Small Businesses in New York
Here are some alternative funding sources for small businesses in New York:
New York State Small Business Credit Initiative (SSBCI)
New York’s SSBCI is a federally funded program for small business owners in the Empire State. Federal law — the American Rescue Plan Act of 2021 — allocates more than $500 million to New York’s State Small Business Credit Initiative program.Here’s how New York plans to use the SSBCI funding:
- New York State Contractor Financing Program — $154 million. This program has two components: The $102 million Emerging and Regional Partner Program Fund and the $52 million Community and Regional Partner Program Fund. This equity capital program will provide funding to eligible New York businesses and entrepreneurs.
- Capital Project Loan Fund — $106 million. This program will provide small business loans to eligible businesses in New York that need the financing to acquire and renovate existing buildings, construct new buildings, or purchase machinery and equipment.
- New York State Small Business Revolving Loan Fund Round 2 — $55.6 million. This program will provide microloans and larger loans typically under $250K to eligible new companies and startups in New York.
- New York Forward Loan Fund 2 — $47 million. This state-sponsored program will allow eligible small businesses to access loans of up to $150K with competitive, fixed interest rates.
- New York State Innovation Venture Capital Fund — $35.3 million. This program will help eligible startups access venture capital.
- Pre-seed and Seed Matching Fund Program — $30 million. This program will provide eligible startups with $50K to $250K of direct SSBCI equity capital and matching private sector investment.
- Capital Access Program — $29.4 million. This program uses SSBCI matching funds to support portfolio insurance on small business loans.
- New York State Contractor Financing Program — $22 million. This SSBCI program helps eligible businesses access lines of credit typically up to $500K for financing project-related expenses when working on a government contract.
- New York State Surety Bond Assistance Program — $22 million. This program will provide technical and financial assistance to help eligible businesses secure government contracts and surety bonding on publicly funded projects.
NY Microloan Lenders
Community-based nonprofits may offer microloans of up to $50,000 to small business owners in New York, including microloans for women-owned small businesses. In general, microloans can range from $500 to $50K and may be available to startups.
New York SMB Loans from Private Lenders
Banks, credit unions, and private lenders may offer different types of small business loans to New York business owners.Here are some of the funding products you may consider depending on your needs:
This article originally appeared on SoFi.com and was syndicated by MediaFeed.org.
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18 loans for Hispanic-owned businesses
There are nearly 5 million Hispanic-owned businesses in the U.S., making this the fastest-growing segment of U.S. small businesses, according to the U.S. Small Business Administration (SBA). Yet, despite these big numbers, Hispanic and Latinx business owners frequently face challenges accessing capital and, as a result, often can’t successfully scale their businesses.
Fortunately, a number of organizations and government agencies in the U.S. are stepping up to address this unmet need, offering loans, grants, and other financing options to Hispanic and other minority entrepreneurs. These minority business loans may have lower interest rates and be easier to qualify for than some traditional loans. Here are 18 financing options that are worth checking out.
(Learn more: Personal Loan Calculator)
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To qualify as a Hispanic-owned business, more than 50% of the company must be owned by people of Mexican, Puerto Rican, Cuban, or other Hispanic origin. Currently, nearly one in four businesses are Hispanic-owned.
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A minority business loan is a small business loan designed to provide financing options for underserved communities. While minorities are free to apply for any business loan, minority business loans may offer more competitive rates and have less stringent qualification requirements.
Groups that are considered minorities in the U.S. include African Americans, Asian Americans, Hispanic Americans, and Native Americans. Women are also considered minorities for many types of loans, as well.
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The following lenders offer different types of small business loans to Hispanic and minority entrepreneurs and were chosen based on our analysis of search volume.
1. Accion
Accion is a nonprofit financial institution that invests in underserved communities and offers low-cost lending opportunities to Hispanic- and minority-owned businesses. The Accion Opportunity Fund provides loan amounts from $5,000 to $100,000, and is quick and easy to apply for online.
Accion offers two types of small business loans — the Southern Opportunity and Resilience (SOAR) Fund and the Small Business Progress Loan. SOAR is geared toward those in the south and southeast who experienced economic hardship from the COVID-19 pandemic and have been in business since September 2019 or earlier. The Small Business Progress Loan, on the other hand, is open to all minority-owned businesses and women entrepreneurs, and is partnered with American Express.
Accion also offers online resources, events, and networking opportunities (in Spanish and English) to help minority business owners learn and grow their companies.
(Learn more at: Home Affordability Calculator)
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The Community Development Financial Institutions Fund (CDFI Fund), which is part of the U.S. Treasury, gives funds to companies and organizations that help underserved people and communities. Minority business owners can reach out to local banks and nonprofit groups that have received CDFI funds to discuss and apply for low-cost business loans.
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The owners of Camino Financial were inspired to start their lending business in order to help people like their mother, who lost her Mexican restaurant business when they were children. To that end, they offer simple and affordable loans to small businesses who find it difficult to borrow through banks. They offer bad credit loans, secured and unsecured loans, microloans, and working capital loans up to $35,000. To qualify, your business must have been in operation for at least nine months and generate annual sales of $30,000 or $2,500 a month.
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The U.S. Small Business Administration (SBA) offers several financing programs that can help minority-owned businesses get access to the funding they need. Here are two programs you may want to check out to find a Hispanic small business loan:
Microloans
The SBA microloan program is administered by an intermediary network of nonprofit community-based lenders, rather than traditional banks. Through these lenders, the SBA aims to reach lower-income communities and minority-owned businesses that are often overlooked by traditional lenders. These loans come with low interest rates, six-year terms. and loan amounts up to $50,000.
Community Advantage Loans
The SBA’s Community Advantage loan program provides up to $350,000 in capital and is specifically designed to meet the needs of business owners in underserved communities. To qualify for an SBA community advantage loan, business owners need to have good credit and a strong business plan. However, the business’s balance sheet and amount of collateral will not affect eligibility.
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By offering crowdfunded loans with 0% interest, nonprofit Kiva is working to lift barriers to capital often faced by entrepreneurs from underserved communities. To apply, you need to market your Hispanic business to the community of 1.9 million individual lenders. These lenders can then choose to lend your company as much as $15,000 and you’ll have up to three years to repay them.
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CDC Small Business Finance is a nonprofit whose mission is to provide access to affordable and responsible capital to underserved entrepreneurs, including minority, veteran, and hispanic business owners. CDC offers loan amounts of $20,000 to $350,000 with five- to 10-year terms. They also offer SBA 504 commercial real estate loans of $250,000 to $40 million.If you are looking for advice to rebuild your credit, develop your business strategy, or manage financial reports, you’ll appreciate having access to small business advisors through CDC.
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Grameen America strives to achieve racial and gender equity by providing microloans of up to $2,000 to female and minority business owners. As part of their program, borrowers can open free savings accounts with commercial banks and build personal credit as they pay off their microloans. Grameen also offers training and support to women who want to start businesses and rise out of poverty.
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The Latino Economic Development Center (LEDC) offers Hispanic small business loans of $500 to $250,000 that can be used to purchase equipment, expand a business, hire staff, or purchase inventory. The three types of loans offered by the LEDC are as follows:
- LEDC Growth Loan: Loan amounts up to $250,000 for established small businesses that have been in operation for a minimum of two years.
- LEDC Startup Loan: Loan amounts up to $20,000 for new businesses with less than two years of business history.
- LEDC Seed Loan: Loan amounts up to $5,000 for businesses with less than one year of experience and with plans to launch a company within three months of funding.
LEDC also offers free business advice and credit-building services, as well as a directory of latino-owned small businesses.
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The National Association of Latino and Community Asset Builders (NALCAB) provides funding to a network of over 200 nonprofit organizations that serve diverse Latino communities throughout the U.S. With NALCAB support, these partner organizations offer Hispanic loans, grants, professional training, and support.
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Hispanic small business loans aren’t the only way for your business to get funding. There are also minority business grants that can provide capital that you don’t have to repay. These grants are offered by federal and local government agencies, corporations, and nonprofits.
10. Grants.gov
Grants.gov is the largest database of federal grant opportunities. While most grants are not specifically targeted to Hispanic small business owners, awards are available for all types of entrepreneurs, especially those focused on healthcare, U.S. defense, and environmental protection.
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digitalundivided’s BREAKTHROUGH Program (powered by JPMorgan Chase’s Advancing Black Pathways) offers $5,000 grants to Black and Hispanic women in the Dallas, Texas area. digitalundivided also provides training and resources to help businesses understand their customers, find financing, and choose the right business model.
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The National Association of the Self-Employed (NASE) works to provide resources for all self-employed individuals, including Hispanic business owners. They offer Growth Grants of $4,000, which can be used for a variety of business expenses, including marketing, advertising, hiring employees, and expanding facilities.
Besides access to grants, becoming a NASE member allows you to connect with experts who can advise you on subjects like finance, healthcare, strategy, law, and marketing. NASE membership also gives you access to discounts on healthcare, software, tax filing, and business travel.
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Hispanic businesses located in rural areas that have fewer than 50 employees and less than $1 million in gross revenue may want to consider applying for a Rural Development Grant from the USDA. Grants vary in size and can be used for a variety of projects that aid business development in rural areas, including training, technical assistance, acquisition or development of land, building construction or renovations, equipment purchases, and pollution control.
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The Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs are government grants from five different federal government agencies. These competitive grants are focused around tech and science and offer up to $1 million in capital (divided into two phases) to qualified small businesses.
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You may be able to find funding for your Hispanic small business through Candid.org’s Foundation Directory Online, which contains information on over 240,000 grantmakers in the U.S. Access to the directory requires buying a monthly subscription, but you can cancel at any time.
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Comcast RISE, which stands for Representation, Investment, Strength, and Empowerment, is a grant designed for businesses that were hit hardest by COVID-19. The grant is worth $5,000 and is given to small business owners hoping to expand and recover from the effects of the pandemic. Awards go to those looking to uplift their communities with a focus on diversity, inclusion, and community investment.
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The Entrepreneurial Spirit Fund by SIA Scotch Whiskey awards $10,000 in grants to small businesses owned by people of color in the food and beverage industry. Created by Hispanic entrepreneur Carin Luna-Ostaseskis, one of SIA’s goals is to provide funding, mentorship, and community to small businesses.
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If you’re a woman entrepreneur, consider applying for the Amber Grant, named after Amber Wigdahl, who passed at the age of 19 and never got to fulfill her business dreams. Each month, at least $30,000 is given in Amber Grant money. Applying takes just a few minutes and winners are announced by the 23rd of the following month.
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In addition to the grants and loans, there are organizations that can provide technical assistance, training, workshops, and networking opportunities to Hispanic businesses. Below are some you may want to check out.
digitalundivided
With a focus on assisting Black female and Latinx business owners, digitalundivided offers virtual training and a fellowship program for entrepreneurs. It also offers a pre-accelerator program for tech-enabled startup founders who have already begun to build their startup, are pre-revenue, and need assistance in developing their business model, marketing, and strategy.
Minority Business Development Agency
The Minority Business Development Agency is an advocate for Hispanic and other minority-owned businesses, and offers research, conferences, and resources to help entrepreneurs. Its Enterprising Women of Color Initiative is aimed to help minority women succeed in business through various offerings.
USHCC
The United States Hispanic Chamber of Commerce actively promotes the economic growth, development, and interests of Hispanic-owned businesses. Members have access to events and business resources to support them in their growth. In addition, members get listed in the Chamber’s online Hispanic business directory.
SCORE
SCORE is a national organization that connects business owners to free mentors to help them learn and grow their companies. SCORE also offers free workshops and a robust online database of useful business content.
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Looking for — and applying for — a Hispanic business loan can feel like an overwhelming task. Here are some ways to simplify the process.
Consider Your Options
Before applying for a small business loan, it’s a good idea to take a look at your credit profile and business financials, as this will give you an idea of what type of loan you might qualify for. If you have excellent credit, solid revenue, and have been in business at least two years, you may be able to qualify for a long-term, low interest loan from a bank or SBA lender. If not, you may want to look into financing offered by lenders and grantmakers listed above, as well as online lenders (who often have less strict qualification requirements for loans).
Determine How Much Money You Need
To figure out how much of a loan you need to start or grow your Hispanic business, consider how you would like to use the funds from a loan, then create a detailed budget for your project, adding in some padding to account for unexpected expenses.
Consider the Best Location for Your Business
If you haven’t yet launched your business, consider what might be the best environment for doing so. You may want to explore the best metros for minority businesses, since they may have established communities of hispanic business owners and resources to help you.
Gather All Your Paperwork
Whatever type of funding you decide to pursue, you will likely need to supply an extensive amount of information about your business in order to apply. This often includes:
- Business EIN
- Industry
- Entity type
- Business license and permits
- Annual business revenue and profit
- Bank account statements (personal and business)
- Personal and business tax returns
- Balance sheet
- Proof of collateral
- Accounts receivable and payable reports
- Existing debt
- Commercial lease
- Purpose of the loan/grant
- Business plan
This article originally appeared on SoFi.com and was syndicated by MediaFeed.org.
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SoFiSoFi receives compensation in the event you obtain a loan, financial product, or service through the Lantern marketplace. This Lantern website is owned by SoFi Lending Corp., a lender licensed by the Department of Financial Protection and Innovation under the California Financing Law, license number 6054612; NMLS number 1121636. (nmlsconsumeraccess.org
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). This site is NOT owned and operated by SoFi Bank. Loans, financial products, and services may not be available in all states.
All rates, fees, and terms are presented without guarantee and are subject to change pursuant to each provider’s discretion. There is no guarantee you will be approved or qualify for the advertised rates, fees, or terms presented. The actual terms you may receive depends on the things like benefits requested, your credit score, usage, history and other factors.
*Check your rate: To check the rates and terms you may qualify for, Lantern and/or its network lenders conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, the lender(s) you choose will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
All loan terms, including interest rate, and Annual Percentage Rate (APR), and monthly payments shown on this website are from lenders and are estimates based upon the limited information you provided and are for information purposes only. Estimated APR includes all applicable fees as required under the Truth in Lending Act. The actual loan terms you receive, including APR, will depend on the lender you select, their underwriting criteria, and your personal financial factors. The loan terms and rates presented are provided by the lenders and not by SoFi Lending Corp. or Lantern. Please review each lender’s Terms and Conditions for additional details.
Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website on credit (consumer.ftc.gov)
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.¹
SoFi’s Insights tool offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score provided to you is a VantageScore® based on TransUnion® (the “Processing Agent”) data.
Personal Loan
SoFi Lending Corp. (“SoFi”) operates this Personal Loan product in cooperation with Engine by MoneyLion. If you submit a loan inquiry, SoFi will deliver your information to Engine by MoneyLion, and Engine by MoneyLion will deliver to its network of lenders/partners to review to determine if you are eligible for pre-qualified or pre-approved offers. The lenders/partners receiving your information will also obtain your credit information from a credit reporting agency. If you meet one or more lender’s and/or partner’s conditions for eligibility, pre-qualified and pre-approved offers from one or more lenders/partners will be presented to you here on the Lantern website. More information about Engine by MoneyLion, the process, and its lenders/partners is described on the loan inquiry form you will reach by visiting our Personal Loans page as well as our Student Loan Refinance page. Click to learn more about Engine’s Licenses and Disclosures, Terms of Service, and Privacy Policy.Personal loan offers provided to customers on Lantern do not exceed 35.99% APR. An example of total amount paid on a personal loan of $10,000 for a term of 36 months at a rate of 10% would be equivalent to $11,616.12 over the 36 month life of the loan.
Student Loan RefinanceSoFi Lending Corp. (“SoFi”) operates this Student Loan Refinance product in cooperation with Engine by MoneyLion. If you submit a loan inquiry, SoFi will deliver your information to Engine by MoneyLion, and Engine by MoneyLion will deliver to its network of lenders/partners to review to determine if you are eligible for pre-qualified or pre-approved offers. The lenders receiving your information will also obtain your credit information from a credit reporting agency. If you meet one or more lender’s and/or partner’s conditions for eligibility, pre-qualified and pre-approved offers from one or more lenders/partners will be presented to you here on the Lantern website. More information about Engine by MoneyLion, the process, and its lenders/partners is described on the loan inquiry form you will reach by visiting our Personal Loans page as well as our Student Loan Refinance page. Click to learn more about Engine’s Licenses and Disclosures, Terms of Service, and Privacy Policy.
NOTICE: The debt ceiling legislation passed on June 2, 2023, codifies into law that federal student loan borrowers will be reentering repayment. The US Department of Education or your student loan servicer, or lender if you have FFEL loans, will notify you directly when your payments will resume For more information, please go to https://docs.house.gov/billsthisweek/20230529/BILLS-118hrPIH-fiscalresponsibility.pdf https://studentaid.gov/announcements-events/covid-19
If you are a federal student loan borrower considering refinancing, you should take into account the new income-driven payment plan, SAVE, which replaces REPAYE, seeks to make monthly payments more affordable, and offers forgiveness of balances that were originally $12,000 or lower after 120 payments, among other improvements. Also, please note that once you refinance federal student loans you will no longer be eligible for current or future flexible payment options available to federal loan borrowers, including but not limited to income-based repayment plans, such as SAVE, or extended repayment plans.
Auto Loan RefinanceAutomobile refinancing loan information presented on this Lantern website is from Caribou, AUTOPAY, Engine by MoneyLion, and each of Engine’s partners (along with their affiliated companies). Caribou, AUTOPAY, and Engine by MoneyLion pay SoFi compensation for marketing their products and services on the Lantern site.
Auto loan refinance information presented on this Lantern site is indicative and subject to you fulfilling the lender’s requirements, including but not limited to: credit standards, loan size, vehicle condition, and odometer reading. Loan rates and terms as presented on this Lantern site are subject to change when you reach the lender and may depend on your creditworthiness, consult with the lender for more details. Additional terms and conditions may apply and all terms may vary by your state of residence.
Secured Lending DisclosureTerms, conditions, state restrictions, and minimum loan amounts apply. Before you apply for a secured loan, we encourage you to carefully consider whether this loan type is the right choice for you. If you can’t make your payments on a secured personal loan, you could end up losing the assets you provided for collateral. Not all applicants will qualify for larger loan amounts or most favorable loan terms. Loan approval and actual loan terms depend on the ability to meet underwriting requirements (including, but not limited to, a responsible credit history, sufficient income after monthly expenses, and availability of collateral) that will vary by lender.
BankingSoFi Lending Corp. (“SoFi”) operates this website in cooperation with Engine by MoneyLion presenting promotions for products and services offered by other banks, lenders, and financial institutions. If you select a promotion above, you will be connected to the website of the company offering the product. The promotions presented on this site are from companies that pay SoFi and Engine by MoneyLion compensation for marketing their products and services. This may affect whether a provider is featured on this site and could affect the order of presentation. Lantern and Engine by MoneyLion do not include all providers in the market or all of their available offerings. Click to learn more about Engine’s Licenses and Disclosures, Terms of Service, and Privacy Policy.
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