New York City’s “Small Business Month” has entered its second year with an exciting new initiative. Mayor Eric Adams, along with Small Business Services (SBS) Commissioner Kevin Kim, announced on May 29th that the city government will invest $10 million to establish the “NYC Future Fund”, aimed at providing loans to small businesses.
The “NYC Future Fund” is designed to address the economic gap faced by Black, Indigenous, and People of Color (BIPOC) entrepreneurs in accessing financing from traditional banks during the early stages of business operations. It also aims to accelerate the growth of over a hundred emerging small businesses and female entrepreneurs in New York City.
On the same day, Andrew Kimball, President and CEO of the New York City Economic Development Corporation (NYCEDC), released a report on the latest developments in the city’s small business sector. The report revealed that the number of small businesses in New York City has reached a record high.
As of 2023, there are a total of 183,000 small businesses across New York City, with an increase of over 1,000 since before the pandemic. The report also found that in the past two years alone, 62,000 new small businesses have been established, accounting for one-third of the city’s overall small business landscape.
While the majority of new small businesses are currently concentrated in the central business district, particularly in Midtown Manhattan, the outer boroughs have shown robust business growth. For instance, in North Brooklyn, there has been a strong growth trajectory with the addition of 1,000 new small businesses since 2019.
According to the Small Business Services website, the city is actively seeking partners to design, create, and implement the “NYC Future Fund”. Entrepreneurs in need of financing can apply for free financial assistance services provided by the Small Business Services here: [https://nyc-business.nyc.gov/nycbusiness/business-services/financial-assistance/financing-assistance](https://nyc-business.nyc.gov/nycbusiness/business-services/financial-assistance/financing-assistance).