Empowering New York’s Small Businesses: Governor Hochul Launches Summer Series and New Funding Initiatives

Governor Kathy Hochul has announced the launch of the “Small Business Summer Series,” aimed at bolstering New York’s small business sector through a comprehensive array of events. This initiative specifically targets minority and women-owned business enterprises (MWBEs), providing them with essential resources to navigate the process of securing state contracts. The series will feature a variety of workshops, networking opportunities, and direct access to state resources, allowing participants to connect with representatives from various state agencies that cater to diverse sectors such as transportation, construction, and education.

This summer series comes at a crucial time, as small businesses represent a staggering 98% of all businesses in New York and are vital in employing over 4.5 million residents. In addition to this initiative, the state has reactivated the State Small Business Credit Initiative (SSBCI), which has earmarked more than $500 million in funding to assist small businesses in their recovery from the impacts of COVID-19. This initiative is part of the American Rescue Plan Act and is designed to enhance access to capital for socially and economically disadvantaged businesses.

The funds allocated through SSBCI will support various programs, including loans and equity investments, and will also provide technical assistance to help businesses flourish in a post-pandemic landscape. These actions underscore New York State’s ongoing commitment to nurturing a thriving small business ecosystem, further evidenced by the introduction of a $6 million Innovation Matching Grant Program and expedited certification processes for MWBEs. Governor Hochul’s initiatives aim to foster growth and resilience among small businesses, contributing positively to the local economy.