BK Reader: Mayor Makes $10M Investment to Seed New Small Business Loan Fund

New York City Mayor Eric Adams and New York City Department of Small Business Services (SBS) Commissioner Kevin D. Kim announced the administration’s $10 million investment to seed the city’s next major small business loan fund.

The NYC Future 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, according to a news release. 

A new report on small business growth in New York City, shows 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, 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 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.”

Read the original article here.