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AMERICANNewsline

20 JUNE 06, 2024

NYC Mayor Adams Makes $10 Million Investment

To Seed New Small Business Loan Fund

City Now Has a Record 183,000 Small Businesses; One in Three Small Businesses in City Formed in

Past Two Years; Outer Boroughs Driving Small Business Growth

OUR BUREAU
NEW YORK, NY

ew York City Mayor Eric
Adams and New York City
NDepartment of Small Busi-
ness Services (SBS) Commissioner
Kevin D. Kim has closed out “NYC
Small Business Month” by announc-
ing the administration’s investment
of $10 million to seed the city’s next
major small business loan fund, the
“NYC Future Fund.” The fund will
accelerate the growth of hundreds
of new small businesses in New York
City by addressing the gap in access
to affordable capital faced by small
business owners, particularly ear-
ly-stage businesses, as well as Black,
indigenous, and people of color (BI-
POC) and women entrepreneurs
that otherwise often cannot obtain
traditional bank financing. of small businesses under our ad- businesses. Today’s announcement with hundreds of free services, pro-
Mayor Adams and New York City ministration as a result of being laser reflects our continued commitment grams from more than 40 city, state,
Economic Development Corporation focused on three core principles of to build a more inclusive and resilient and federal agencies, and other part-
(NYCEDC) President and CEO An- our vision: protecting public safety, economy for all New Yorkers.” ner resources, all under one roof to
drew Kimball also today released a rebuilding our economy, and making “I am thrilled that we now have support the city’s 200,000 local small
new report on small business growth our city more livable for working-class a record number of small businesses businesses.
in New York City, showing that New New Yorkers. As we conclude ‘NYC in this city,” said Deputy Mayor for Additionally, last month, Mayor
York City currently has more small Small Business Month’ with our $10 Housing, Economic Development, Adams launched “Run This Town,” a
businesses than ever recorded in million commitment to create a new and Workforce Maria Torres Spring- multi-media advertising campaign to
its history. As of 2023, there were fund to help small business owners er. “This milestone is a testament to engage diverse New Yorkers and help
183,000 small businesses across the access capital, we will continue to this administration’s efforts to make them apply for thousands of available
city — over 1,000 more than pre-pan- support the city’s 200,000 small busi- it easier for small businesses to start, city government jobs.
demic levels. Additionally, the report nesses that are the lifeblood of our grow, and thrive in the city and it is a The announcement followed
found that 62,000 small businesses economy.” great way to cap off ‘NYC Small Busi- the launch of “Jobs NYC,” a multi-
were created in the past two years “This $10 million investment will ness Month.’ As the city’s dynamic pronged citywide effort to reduce
alone, representing one in three small serve as a catalyst for thousands of small business community continues barriers to economic opportunities
businesses in the city. new businesses, particularly those to evolve, we will stay laser focused and deliver workforce development
While new business formation owned by BIPOC and women en- on both supporting their growth and services directly to communities
remains concentrated in central trepreneurs, that often face systemic connecting them to local talent.” across the five boroughs that are ex-
business districts, including Midtown barriers to traditional financing,” said The announcement was made periencing high unemployment. Both
Manhattan, net business growth has First Deputy Mayor Sheena Wright. as the city concluded its second an- campaigns are expected to further
been strongest in the outer boroughs. “Since the beginning of the Adams nual “NYC Small Business Month,” reduce the unacceptable disparities
North Brooklyn continues to lead the Administration, we have helped con- a five-borough celebration of local in employment between Black, Lati-
city’s small business recovery, adding nect $265 million in grant and loan businesses with resource fairs and no, and white communities. The Ad-
1,000 small businesses since 2019. funding to small businesses, including events led by SBS, local Chambers of ams administration continues to host
“When we create the conditions through our ‘NYC Small Business Commerce, and Business Improve- hiring halls to bring both public- and
for small businesses to succeed, our Opportunity Fund’ launched last year, ment Districts citywide. The first-ev- private-sector job opportunities to
entire city wins,” said Mayor Adams. which was the city’s largest ever pub- er city-run “Small Business Month neighborhoods across the five bor-
“We have reached a record number lic-private partnership fund for small Expo” capped the month’s activities oughs on a monthly basis.

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