Business Funding in North Amityville, NY

A small hamlet surrounded by bigger names

North Amityville is a hamlet and census-designated place in the Town of Babylon, Suffolk County, with 18,643 residents in the 2020 census across 2.36 square miles. Wikipedia lists its neighbors: East Massapequa to the west across the Nassau line, East Farmingdale to the north, North Lindenhurst and Lindenhurst to the southeast, and the Village of Amityville and Copiague to the south. Residents use the nearby Copiague and Amityville LIRR stations, Suffolk County Transit buses serve the area, and three school districts, Copiague, Amityville and Farmingdale, split it. The Sisters of St. Dominic Motherhouse Complex is described as one of its best-known landmarks.

Between several markets

A hamlet that touches six or seven different communities has a business advantage and a business problem. A contractor, mover or home-service company based here can reach customers in Nassau and Suffolk quickly. At the same time, the hamlet itself is small, so local retail must compete with larger centers nearby.

• Mobile businesses such as contractors, cleaning and delivery services are based here because it is convenient and cost-effective, and work somewhere else.
• Neighborhood storefronts serve nearby residents and depend on regulars.
• Small production and repair shops use space and serve customers across the region.

A scenario in three steps, for illustration

1. The job: A cleaning and property-maintenance company wins a recurring contract with several commercial buildings across two counties.
2. The cost: It needs two additional vehicles, equipment and a crew of four before the first monthly invoice goes out, about $52,000 in this made-up example.
3. The wait: The client pays 30 to 45 days after invoicing.

Without outside funding, the owner can accept a smaller part of the contract. With it, the full contract is possible. The test is whether the contract's margin clearly covers the financing cost. This is an example, not a quote.

Contracts with larger customers

Winning a contract from a larger customer changes a small company's risk profile. Revenue becomes more concentrated, so losing one client matters more. Payment terms are often longer than the owner's own bills, and the client may require insurance, safety documentation or minimum staffing. Before expanding to meet a contract, read the payment terms, estimate the float you will carry and decide how much of it you can fund yourself. The remainder is the amount to look at financing, and a clear number is better than a broad request.

It also helps to keep a second customer in the pipeline so the contract is not the whole business.

Funding terms

New York Biz Funding offers $25,000 to $5,000,000, funded in as little as 24 hours. We review about three months of business bank statements and do not require tax returns. FICO 500 and above is considered. The application takes about five minutes and uses a soft credit pull. Sole proprietors can apply.

Read about Suffolk County, Long Island, or apply now.