Council funding will provide immediate assistance to small businesses across all five boroughs as City develops permanent security program required under Local Law 120
New York City Council Speaker Julie Menin today announced $200,000 in Council discretionary funding to help small businesses across New York City purchase and install panic buttons and other security technology, providing immediate support to business owners in an effort to continue to curb retail theft.
The funding will be distributed equally among the five boroughs through the Five Borough Chamber Alliance Initiative. Each chamber will work with small businesses in its borough to provide financial assistance toward security technology designed to protect business owners, employees, and customers.
“Small business owners and their employees must feel safe at work,” said Speaker Julie Menin. “This investment will put resources directly into the hands of New Yorkers, allowing small businesses to install security technology that protects their workers, customers, and livelihoods. Investments like these strengthen public safety and economic vibrancy while ensuring that our small businesses have the resources they need to fully participate in New York’s economy.”
The initiative comes in advance of the implementation of Local Law 120, which requires the Department of Small Business Services (SBS), or another agency designated by the Mayor, to establish a small retail business security system program. The permanent program will provide financial assistance to eligible small retail businesses to reduce the cost of purchasing and installing security system technology.
As SBS works to fully develop that program, the Council’s $200,000 investment will serve as an immediate bridge to help businesses strengthen their security.
Eligible businesses will include ground-floor retail establishments with 50 or fewer employees, prioritizing small businesses located outside of Business Improvement Districts and in low- to moderate-income communities, as well as minority- and women-owned businesses, to ensure security resources reach underserved commercial corridors and businesses with the greatest need.
The Council will expand the scope of the Five Borough Chamber Alliance Initiative through its October Transparency Resolution to encompass the new funding. Each of the five borough chambers will receive an equal share of the allocation and will be required to report to the Council’s Finance Division on the implementation of the program, including the criteria used to select participating businesses.
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