NYC Expands Financial Support and Policy Reforms to Help Local Entrepreneurs Thrive

New York City is taking major steps to strengthen its small business community through new programs, expanded funding, and policy-focused recommendations aimed at reducing barriers for entrepreneurs. As part of these efforts, the NYC Small Business Advisory Commission—created under Mayor Eric Adams’ administration—recently released its first official report outlining strategies to improve the overall experience of running a small business across the city’s five boroughs.

The commission is made up of 44 individuals representing a wide range of professional backgrounds, including business leaders, community advocates, and industry experts. Their inaugural report emphasizes the importance of creating a more supportive and accessible environment for local businesses. Among the commission’s top recommendations are improving communication between small business owners and city agencies, reevaluating the financial burden of fines and fees, and expanding opportunities for collaboration through public-private partnerships.

Mayor Adams highlighted that these recommendations align closely with his broader “City of Yes” agenda, which focuses on making New York City a more welcoming place for businesses to open, operate, and grow. Deputy Mayor Maria Torres-Springer also noted that these proposals are intended to help both long-standing businesses and new entrepreneurs by removing outdated challenges that have limited growth for years.

In addition to policy improvements, Mayor Adams announced a $10 million commitment to launch the NYC Future Fund. This initiative will offer flexible, low-interest loans to new and existing small businesses, helping address the ongoing need for affordable access to capital. The fund builds on the success of earlier programs and places a strong focus on equity, ensuring that underserved communities—especially BIPOC-owned businesses—have greater financial support.

Together, these initiatives represent a larger strategy to drive economic recovery after the pandemic, fill vacant storefronts, reduce regulatory pressure, and create a more inclusive and thriving small business landscape throughout New York City.