New York Gov. Kathy Hochul on May 26 called attention to National Small Business Month, which was rapidly coming to an end with the end of the month. She said that Empire State Development runs a series of programs designed to help entrepreneurs start new businesses in the state and that under her administration since 2023 more than $1 billion had been made available to them.
“Small businesses are the lifeblood of New York, and my administration has made historic investments to make sure they have everything they need to succeed,” Hochul said. “More than $1 billion in capital deployed, a record MWBE (minority and women-owned business enterprise) utilization rate and new rounds of innovation grants opening doors for entrepreneurs across every region of the state. This is what our small businesses deserve, and we will keep delivering.”
According to Hochul’s office, New York small businesses, those with fewer than 100 employees, account for 98% of all businesses in the state and employ nearly 40% of the private-sector workforce.
Among the programs Hochul highlighted as helping small businesses is NY Ventures, which manages $320 million of venture capital for funding innovative entrepreneurs. Another is the Main Street Capital Loan Fund, which provides loans of up to $100,000 to startups and early-stage businesses, with a focus on communities that have historically lacked access to affordable credit.
Hope Knight, president and CEO of Empire State Development (ESD) said, “New York’s small businesses are the engines of our communities, and we are proud to celebrate the innovation, creativity and resilience of our entrepreneurs this month and every month.”
Since 2023, ESD’s Capital Access team has facilitated more than 5,271 transactions totaling over $1 billion in capital through the Low Interest Capital (LINC) program, and other financing initiatives designed to expand access to credit for small businesses in the state.
New York State Department of Labor Commissioner Roberta Reardon urged small businesses to take advantage of the many free services her department offers.
The Labor Department’s Services for Businesses hub is an online resource to help businesses by providing access to information regarding workforce recruitment assistance, hiring incentives and tax credits, free consultation services, the Shared Work program and much more. Small businesses can also work with NYSDOL Business Services Representatives to identify solutions to help meet their goals. The Business Advocacy Office is also available to provide additional resources.
