Over $155 million will be allocated to small businesses across the City
Mayor Bill de Blasio, the Office of Management and Budget (OMB), and NYC Department of Small Business Services (SBS) Commissioner Jonnel Doris announced that over $155 million will be allocated for small business recovery and job training in emerging markets in New York City’s Executive Budget for Fiscal Year 2022 (FY22).
Since the beginning of the pandemic, SBS has launched 28 initiatives to help small businesses and jobseekers stay resilient, including a hotline that has helped over 57,000 callers and resources connecting 5,000 businesses to over $142 million in funding. Through the City’s ‘Fair Share: PPP’ program, 4,174 businesses received assistance in applying for $294 million in PPP. The FY22 Executive Plan is expected to reach 40,000 businesses across the five boroughs.
“Small businesses knit New York City together – and they were hit hard last year, even as Wall Street made record profits. But help is on the way,” said Mayor Bill de Blasio. “These investments will keep New York City the most vibrant city in the world and help build a recovery for all of us.”
“Small businesses are the backbone of NYC’s economy, their survival is imperative to the City’s future," said J. Phillip Thompson, Deputy Mayor for Strategic Policy Initiatives and Co-Chair of the Racial Inclusion and Equity Task Force. "Our work is far from finished, but the City is committed to a fair, just, and inclusive recovery for all small businesses."
“As the City continues on its journey to recovery, it is critical that we make small businesses the central focus of our relief efforts,” said Jonnel Doris, Commissioner of the NYC Department of Small Business Services and Co-Chair of the Small Business Subcommittee of the Taskforce on Racial Inclusion and Equity. “SBS will continue to strive for an inclusive recovery, ensuring all small businesses have the resources they need to get back on their feet.”
In the new fiscal year, the following new and existing programs will help to boost the resilience of small businesses across the City, create more job opportunities in emerging markets and revitalize commercial corridors.”
Facilitating Economic Resilience
NYC Small Business Loan Fund
The NYC Small Business Recovery Loan program is a $100 million fund, partly funded with private capital, dedicated to helping small businesses retain staff and keep their doors open. Using census tract data to target communities hardest hit by COVID-19, New York City will provide low-interest loans of up to $100,000 to approximately 2,000 small businesses.
Small Business Grant Program
The $100 million Small Business Grant Program will provide direct support to small businesses to boost our recovery and put New Yorkers back to work. It will include $50 million in rental assistance for small businesses in the arts, entertainment, recreation, food services, and accommodation sectors, and an additional $50 million focused on small businesses in low- to moderate income communities, using census tract data, to hire staff or meet unpaid expenses incurred since March 2020.
Commercial Lease Assistance Program
The existing Commercial Lease Assistance program will receive $10.4 million to provide expanded free legal services to help businesses sign, change or terminate leases, or address a commercial lease issue. This funding will help to expand outreach to small businesses in the 33 hardest hit neighborhoods identified by the Mayor’s Taskforce on Racial Inclusion & Equity (TRIE) that were disproportionately impacted by the COVID-19 pandemic.
Accelerate Small Business Reopening/Opening
The City will allocate $5 million to establish a small business recovery “one-stop shop” service to help businesses meet requirements for opening/reopening inspections, licensing and permitting as the COVID-19 pandemic subsides.
Catalyzing Job Opportunities in Emerging Markets
Career Pathways
The Career Pathways Initiative will receive $2.5 million to support training in the technology, healthcare, industrial, and food service sectors, with a special focus on connecting underrepresented groups to careers such as web development, data analysis, commercial driving, cable installation, nursing and medical assistant.
Apprentice NYC
Apprentice NYC will receive $1.5 million. This initiative recasts a traditional workforce development approach to address 21st century skills, allowing workers to learn while they earn in careers in healthcare, tech, manufacturing, and food service.
Green Jobs & Manufacturing
HireNYC Construction Careers will receive $1.5 million that connects NYCHA residents and low-income New Yorkers to the construction trades through pre-apprenticeship training. This strategy leverages the City’s investments in capital construction projects to help maximize the number low income New Yorkers and NYCHA residents that enter the trades. This funding will also assist manufacturing businesses in developing blueprints to manufacture more products locally and reduce operating costs.
Revitalizing Commercial Corridors
Avenue NYC Program
The Avenue NYC Commercial Revitalization program will receive $1.2 million to expand outreach into more neighborhoods, exclusively in
Shop Your City Campaign
The Shop Your City advertising campaign will receive $1.1 million to support businesses by encouraging New Yorkers to shop locally.
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