City officials marked the end of NYC Small Business Month by introducing the “NYC Future Fund,” a $10 million investment in the city’s next major small business loan fund. The goal of this initiative is to support the growth of small businesses in New York City, addressing the gap in affordable capital access during the early stages of business development.
In recent years, New York City has seen a significant increase in small business growth, with 62,000 new small businesses established in the past two years alone. This trend has been driven by a focus on central business districts, but city officials note that the strongest net business growth has been seen in the outer boroughs. One area that stands out for its resilience and growth is North Brooklyn, which has added 1,000 small businesses since 2019.
According to a report from the New York City Economic Development Corporation, as of 2023, there are currently 183,000 small businesses operating within the city. This represents the highest number of small businesses ever recorded in New York City’s history. The success and growth of these businesses indicate promising opportunities for economic development and entrepreneurship throughout the city.
The introduction of NYC Future Fund is an exciting development for entrepreneurs looking to start or grow their business in New York City. With its $10 million investment, this fund will provide much-needed capital to help these businesses thrive and create jobs throughout the city. The future looks bright for small businesses in NYC thanks to this important initiative and ongoing support from city officials.
