BUSINESS FINANCING · NY

Business Financing Guide for Westchester County, New York

This guide helps solo contractors and small business owners in Westchester County, New York understand their real financing options — from local CDFIs and credit unions to ITIN-friendly lenders and SBA-connected programs. It is written in plain language, with an emphasis on the local intermediaries who actually serve this community. Origen Capital is a directory, not a lender, and this guide never asks for your personal information. Take your time, compare your options, and reach out to the organizations listed here directly.

§ 01 — What it is

What Is Business Financing?

Business financing is money you borrow or receive to start, run, or grow a business. It can come in many forms: a small loan from a local credit union, a microloan from a nonprofit lender, a line of credit from a bank, or a grant from a county or state program. The right type depends on what you need the money for, how long you have been in business, and what documents you can provide. In Westchester County, there are lenders and organizations that work specifically with small businesses, solo contractors, and self-employed people — including those who do not have a Social Security Number but do have an Individual Taxpayer Identification Number (ITIN). You do not need to go to a large national bank. In fact, for many small business owners in Westchester, local intermediaries are a better fit.

§ 02 — Who qualifies

Who Qualifies? Understanding the Westchester County Economy

Westchester County is home to roughly one million residents and a diverse economy that includes construction trades, landscaping, home health care, food service, retail, and professional services. Many small business owners here are immigrants, sole proprietors, or independent contractors working in sectors like residential construction, cleaning, and food preparation. If you fit that profile, you are not alone — and you are not disqualified from financing. Here is what most local lenders look at: • Time in business: Many local lenders accept as little as 6 to 12 months of operating history. Some microlenders will work with startups. • Annual revenue: Microloans can start at just a few thousand dollars for businesses with modest income. • Credit: A low credit score does not automatically disqualify you. Some ITIN-friendly lenders and CDFIs use alternative credit assessments. • ITIN vs. SSN: Several lenders in the region accept ITINs in place of Social Security Numbers. This is legal and common in Westchester. • Business structure: Sole proprietors, LLCs, and partnerships all may qualify. You do not need to be incorporated. Westchester's proximity to New York City also means many local lenders have experience with mixed-use real estate investors, small landlords, and contractors who work across county lines.

§ 03 — What you need

Documents You Will Typically Need

Getting your documents together before you apply saves time and builds confidence with lenders. Requirements vary by institution, but most local lenders in Westchester will ask for some or all of the following: • Government-issued ID (passport, consular ID, or driver's license) • ITIN or SSN • Two to three years of personal and/or business tax returns (if available) • Bank statements for the past three to six months (personal or business) • Profit and loss statement or a simple income summary • Business plan or a written explanation of how you will use the funds • Proof of business address (utility bill, lease, or business registration) • Business license or DBA (Doing Business As) registration from Westchester County or New York State • Contractor license, if applicable (required for many trades in New York) If you are missing some of these, do not give up. CDFIs and microlenders often work with applicants to gather what is needed. Some will accept alternative documentation like client invoices or payment receipts to demonstrate income.

§ 04 — Where to start in Westchester County

Local Lenders, CDFIs, and Organizations Serving Westchester County

These are real organizations with a presence in or direct service to Westchester County. Origen Capital is a directory — we list these for your research. Contact each one directly to confirm current programs, rates, and eligibility. **Westchester Community Opportunity Program (WestCOP)** A Westchester-based nonprofit that connects small business owners to local resources, including referrals to financing programs. A good first call if you are unsure where to start. Website: westcop.org **Accion Opportunity Fund** A national CDFI with strong New York State presence. Accion specializes in small business loans from $5,000 to $250,000 for entrepreneurs who may not qualify at traditional banks — including ITIN holders and immigrants. They offer coaching alongside lending. Website: aof.org **Renaissance Economic Development Corporation** A CDFI focused on immigrant and low-to-moderate income business owners in the New York metro area. They provide microloans and business counseling and are experienced with ITIN borrowers. Website: renaissance-ny.org **Tompkins Mahopac Bank** A community bank headquartered in Putnam County with branches serving northern Westchester. Known for working with small businesses and local contractors on SBA-backed and conventional loans. Website: tompkinsmahopac.com **Northeast Community Bank (NECBank)** Based in White Plains, Westchester County. NECBank has a demonstrated history of serving immigrant communities, including ITIN borrowers, for both business and real estate financing. One of the few community banks in the region that openly markets ITIN mortgage and business loan products. Website: necbank.com **Hudson Valley Credit Union (HVCU)** Serves Westchester County with small business checking accounts and business loans. Credit unions are member-owned and often have more flexible underwriting than large banks. Website: hvcu.org **Bethpage Federal Credit Union** Operates in the greater New York area including Westchester. Offers small business loans and lines of credit with competitive rates for members. Website: bethpagefcu.com **SBA New York District Office** The U.S. Small Business Administration's New York District Office oversees SBA loan programs (7(a), 504, Microloan) for businesses in Westchester. The SBA does not lend directly — it guarantees loans made by approved lenders. The district office can point you to local SBA-approved lenders and free SCORE mentorship. Phone: (212) 264-4354 | Website: sba.gov/offices/district/ny/new-york **SCORE Westchester Chapter** Free mentorship from retired business professionals. SCORE does not lend money, but their advisors can help you prepare a business plan and connect you with lenders. Website: score.org/chapter/score-westchester **Westchester County Office of Economic Development** Runs county-level small business programs, sometimes including grants, loan guarantees, or revolving loan fund access. Programs change — check their current offerings. Website: westchestergov.com/business

§ 05 — What to avoid

New York State-Specific Regulatory Notes

New York State has some of the strongest small business lending regulations in the country. Here is what you should know as a Westchester borrower: • **NY Commercial Finance Disclosure Law (CFDL):** As of 2023, commercial lenders in New York must provide written disclosures of APR, total repayment cost, and fees before you sign. If a lender does not give you a clear disclosure, that is a red flag. • **Contractor Licensing in Westchester:** The county requires home improvement contractors to be licensed through the Westchester County Department of Consumer Protection. If you are applying for a business loan as a contractor, having your license in order strengthens your application and is legally required for most residential work. • **New York Usury Laws:** New York caps interest rates on many commercial loans. However, certain products like merchant cash advances are structured to avoid these caps. Be careful with those (see section 6 below). • **Empire State Development (ESD):** New York's primary economic development agency offers programs including Linked Deposit Loans (subsidized interest rates through local banks), the Small Business Revolving Loan Fund, and minority- and women-owned business (MWBE) certification, which can open doors to additional lending programs. Website: esd.ny.gov • **New York Forward Loan Fund:** A state-created fund designed to support small businesses recovering from economic disruptions. Check ESD's website for current availability. • **MWBE Certification:** If you are a minority-owned or women-owned business, New York State MWBE certification can give you access to set-aside contracts and preferred loan programs. The certification is free and administered by ESD.

§ 06 — Ask a question

IRIS AI

Still don't see your situation?

Ask Iris. She'll explain it the way it should have been explained the first time.

ACROSS THE NETWORK

ReadyDocs

Starting a business in Westchester County? ReadyDocs has the compliance guide.

The Board

Need a licensed contractor in Westchester County?

§ 07 — Part of The Legacy Bridge Network

Four products. One purpose.