The money will support businesses in their early stages, focusing on entrepreneurs who lack access to traditional financing.
New York City Mayor Eric Adams and Department of Small Business Services (SBS) Commissioner Kevin D. Kim announced the administration’s $10 million investment to launch the next big city small business loan fund.
He New York City Future Background will accelerate the growth of hundreds of new small businesses in New York City by addressing the access gap to affordable capital facing small business owners, particularly early-stage businesses, as well as Black, Indigenous and people of color (BIPOC) and women entrepreneurs who otherwise often cannot obtain traditional bank financing, according to a Press release.
TO New report on small business growth in New York City, shows that New York City currently has more small businesses than ever before in its history. In 2023, there were 183,000 small businesses citywide, more than 1,000 more than pre-pandemic levels. Additionally, the report found that 62,000 small businesses were created in the last two years alone, representing one in three small businesses in the city.
While new business formation remains concentrated in central business districts, including Midtown Manhattan, northern Brooklyn continues to lead the city’s small business recovery, adding 1,000 small businesses since 2019.
“When we create the conditions for small businesses to succeed, our entire city wins,” Adams said. “We have achieved a record number of small businesses under our administration as a result of focusing on three core tenets of our vision: protecting public safety, rebuilding our economy, and making our city more livable for working-class New Yorkers. As we conclude ‘New York Small Business Month’ with our $10 million commitment to create a new fund to help small business owners access capital, we will continue to support the city’s 200,000 small businesses that are the soul of our economy.”