NEW YORK – New York City Mayor Eric Adams and New York City Small Business Services Commissioner Kevin D. Kim today hailed the successful rollout of the NYC Small Business Opportunity Fund. In the three weeks since the fund’s launch, a diverse group of more than 10,500 small businesses from all five boroughs have submitted applications for low-interest loans. The fund — made possible by a public-private partnership between the city, Goldman Sachs, Mastercard Center for Inclusive Growth, and local community development financial institutions (CDFIs) — fulfills a goal set forth in Mayor Adams’ “Renew, Rebuild, Reinvent: A Blueprint for New York City’s Economic Recovery” plan.
“Small businesses represent a vision, a unique set of skills, the fulfillment of the American Dream, and, just as importantly, key services to New Yorkers. Small businesses kept our city running during the pandemic, and they are leading the way on our economic recovery,” said Mayor Adams. “The unprecedented success of the NYC Small Business Opportunity Fund is a testament to the value of public-private partnership and the robust on-the-ground outreach led by Commissioner Kim and his team at SBS. The response to this initiative is further proof that New York City is not coming back — New York City is back.”
“The impressive demand for the Opportunity Fund shows that we are delivering the right resources at the right time to small businesses that need them the most,” said Deputy Mayor for Economic and Workforce Development Maria Torres-Springer. “With new businesses and jobs emerging across the city, this injection of funds is just the fuel our businesses need to thrive as we head into spring.”
“When opportunity knocked, more than 10,500 small business owners answered like true New Yorkers — fast,” said SBS Commissioner Kim. “This unprecedented positive response is the direct result of robust door-to-door outreach, and historic coordination between eight community development financial institutions, elected officials, business associations and grassroots community groups. As we pause the intake of applications, our partners are working as quickly as possible to process those in the pipeline and disburse funds to eligible small businesses. This high level of demand demonstrates the importance of designing programs centered on equity, and we stand ready to help all business owners with a full suite of additional free services — including help with permits and violations, commercial leases, hiring workers, and more.”
The NYC Small Business Opportunity Fund — the largest public-private loan fund directed at small businesses in the city’s history — launched on January 23, 2023. The fund offers loans of up to $250,000 to eligible small businesses with a market-leading interest rate of four percent, until it reaches $75 million. In the three weeks since its launch, over 10,500 small businesses throughout the city have submitted applications through the online portal. Once they are reviewed in the city’s portal, the businesses then work with participating CDFIs to complete their loan applications. The city continues to offer a myriad of services for small businesses, which are critical to building an equitable recovery throughout the five boroughs.
Businesses can sign up to be notified of the status of the NYC Small Business Opportunity Loan Fund online.
Businesses looking to access free help can dial 888-SBS-4NYC or visit SBS’s website.