New York – New York City Mayor Eric Adams and New York City Department of Small Business Services (SBS) Commissioner Kevin D. Kim today closed out “NYC Small Business Month” by announcing 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 early-stage businesses, as well as Black, indigenous, and people of color (BIPOC) and women entrepreneurs that otherwise often cannot obtain traditional bank financing.
Mayor Adams and New York City Economic Development Corporation (NYCEDC) President and CEO Andrew Kimball also today released a new report on small business growth in New York City, showing that New York City currently has more small businesses than ever recorded in its history. As of 2023, there were 183,000 small businesses across the city — over 1,000 more than pre-pandemic levels. Additionally, the report found that 62,000 small businesses were created in the past 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, net business growth has been strongest in the outer boroughs. North 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,” said Mayor Adams. “We have reached a record number of small businesses under our administration as a result of being laser focused on three core principles of our vision: protecting public safety, rebuilding our economy, and making our city more livable for working-class New Yorkers. As we conclude ‘NYC 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 lifeblood of our economy.”
