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NORTH AMERICAN Newsline MARCH 22, 2024 | The Indian Eye 24

Mayor Adams Celebrates New All-Time High Total Jobs

Record, Announces $85 Million Delivered To Small Businesses

More than 1,000+ Businesses Served in Historic Small Business Services Program,
Nearly 80 Percent of Loans Awarded to Minority- or Women-Owned Businesses

OUR BUREAU

NEW YORK, NY
ew York City Mayor Eric Ad-
ams and New York City De-
Npartment of Small Business
Services (SBS) Commissioner Kevin
D. Kim today celebrated that New
York City has set another all-time
high for the total number of jobs ever
in the city’s history, with 4,730,066
total jobs, according to new data re-
leased by the New York State Depart-
ment of Labor.
As part of his administration’s
celebration of the city’s economic
resurgence and efforts to build more
equitable opportunities, Mayor Ad-
ams also announced progress on his
historic “NYC Small Business Oppor-
tunity Fund.” Through the fund, SBS
and partners have supported 1,046
businesses with loans totaling more
than $85 million in affordable low-in-
terest capital. The fund is the city’s
largest-ever public-private partner-
ship fund directed at small businesses.
“When we came into office, we
had a clear mission: protect pub- billion in direct economic output to into new storefronts, hire more New I am grateful to Commissioner Kim
lic safety, revitalize our economy as the city. Yorkers, and fund other improve- and our partners at Goldman Sachs
quickly as possible, and make our city The Small Business Opportunity ments to their enterprises. and the Mastercard Center for Inclu-
more livable for everyday New York- Fund launched in January 2023 with “In recovering the nearly one sive Growth for their leadership in
ers,” said Mayor Adams. “Today, our $75 million committed by the city and million jobs we lost during the pan- delivering record amounts of capital
streets are safer, our sidewalks are partners, including Goldman Sachs demic – more than a year ahead of to more than a thousand businesses
cleaner, and we have more jobs than and Mastercard Center for Inclu- schedule – and now setting a new through the NYC Opportunity Fund.”
any time in our city’s history. This is sive Growth, offering loans of up to record for the most total jobs in our “The $85 million Opportuni-
what it looks like to stand with work- $250,000 to eligible small businesses city’s history, it’s clear that New York ty Fund made a real impact on our
ing New Yorkers, and to build a fairer with a market-leading interest rate of City is back and better than ever. But neighborhoods and commercial cor-
economy. We will continue fight for a four percent. The fund was designed our work is not finished until every ridors at a time when they needed it
city where all New Yorkers share in to broaden access to capital for his- New Yorker can take advantage of the most,” said SBS Commissioner Kev-
our prosperity.” torically-underserved communities opportunities our city has to offer,” in D. Kim. “These loans aren’t just
One in seven small businesses by removing barriers such as applica- said Deputy Mayor for Housing, Eco- dollar signs, but investments in the
have started since the start of the tion fees and minimum credit scores. nomic Development, and Workforce people and communities that make
Adams administration, along with As a result, approximately 80 percent Development Maria Torres-Springer. New York City the place we all know
nearly 300,000 jobs being created. of the fund’s loans were awarded to “In addition to investing in our young and love. Each of the more than
SBS’s Workforce1 Career Center minority- or women-owned business- people, embarking on a historic com- 1,000 businesses owners we awarded
system has also helped hire and place es, including 69 percent to business- munity hiring effort, and helping loans to has a story to tell, families
more than 44,000 New Yorkers in es owned by Black, indigenous, and New Yorkers keep money in their they cherish, and neighborhoods that
jobs during that same time period. people of color-owned firms, more pockets through the Earned Income they support. I want to thank Gold-
According to the New York City than double the national average for Tax Credit, we are also making big man Sachs, the Mastercard Center
Economic Development Corpora- Fiscal Year 2023. Additionally, 59 investments in our small businesses. for Inclusive Growth, and all of our
tion (NYCEDC), since the first few percent of loans were disbursed in Access to capital is one of the biggest Community Development Financial
months of 2022, small businesses with low- to-medium income communi- hurdles preventing our local entre- Institutions’ partners for making the
fewer than 50 employees have ac- ties. Loans awarded from the fund preneurs and business owners from largest public-private partnership
counted for 45 percent of New York averaged $80,000 and are being used fully realizing their potential, and this in our city’s history possible and for
City’s overall employment growth by small business owners to refinance is especially true for our minority- joining us in building the City of Yes
and have contributed more than $3.2 existing high-interest debt, expand and women-owned business owners. for small businesses.”

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