NYS Small Businesses Getting Boost
Governor Kathy Hochul celebrated National Small Business Month in May by shining a spotlight on New York State's small business community. To mark the occasion, Governor Hochul introduced new initiatives aimed at bolstering support for small businesses in New York. Among these programs is the $6 million Innovation Matching Grants Program, designed to foster innovation in small businesses and a range of initiatives to assist nearly 100,000 businesses insured by the New York State Insurance Fund. Additionally, the Governor announced a significant achievement as the processing times for New York's minority- and women-owned business certifications hit a historic low.
"Small businesses are the lifeblood of New York State's communities," Governor Hochul remarked. "Through key economic development programs, we are ensuring that small businesses in every corner of the state have the opportunity to thrive and succeed. By cultivating a modern 21st-century economy, we are recognizing the indispensable role of New York's small business community as the backbone of our economy."
Hope Knight, President, CEO & Commissioner of Empire State Development, expressed enthusiasm for the state's efforts to support small businesses, making New York the most small-business-friendly state in the nation under Governor Hochul's leadership.
Roberta Reardon, Commissioner of the New York State Department of Labor, emphasized the vital contribution of small businesses to local economies and communities, stating the DOL's commitment to empowering small businesses through tailored solutions, funding access, and technical support.
Gaurav Vasisht, Executive Director and CEO of NYSIF affirmed the organization's dedication to offering customized solutions for all types of businesses across New York State, particularly through programs tailored to support small businesses and ensure the protection of their employees.
Data shows nearly 695,000 small businesses in New York State have fewer than 100 employees. Reports confirm these enterprises play a significant role in employing over 4.5 million individuals across various sectors such as retail, food service, finance, agriculture, innovation, and construction.
Governor Hochul's FY 2025 Enacted Budget included expansions of key programs like the Downtown Revitalization Initiative, NY Forward, and FAST NY to enhance local economies conducive to small business growth. The state has allocated over $1 billion for small businesses, including pandemic recovery funding and startup funding for early-stage businesses. Empire State Development has also pledged substantial support for small businesses, with more than 60 percent of funding directed towards these enterprises.
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