Mayor Eric Adams just announced a $1.5 million investment in the NYC Small Business Resource Network (SBRN), a nonprofit initiative that was launched in 2020 to help NYC’s small businesses bounce back from pandemic-related challenges.
City Hall’s investment will enable the SBRN to continue providing local businesses with free grant and loan application support, marketing assistance, business strategy, accounting and legal services, and digital tools through 2023.
The investment builds on Mayor Adams’ commitment to supporting small businesses and helping New York City‘s economy bounce back from the COVID-19 pandemic.
To date, the SBRN has connected more than 10,000 small businesses with grants, loans, and marketing tools – 76 percent of which are minority – or women-owned.
NYC Small Business Statistics
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· Approximately 1.3 million people are employed by the city’s 236,000 small business with fewer than 100 employees; 90% of the city’s small businesses have fewer than 20 employees
· 49% of the city’s business owners are foreign-born and 36% are women
· New York City has the highest proportion of minority-owned businesses of any major U.S. city.
· More than two in five vulnerable jobs in New York City are in small businesses with fewer than 100 employees
· Of the 236,000 city businesses with under 100 employees, over 87,000, or 37%, are either retail, professional services, or accommodation and food services businesses
Mayor Adams Announces $1.5 Million Investment in NYC Small Business Resource Network
“Small and minority- and women-owned businesses are at the core of the equitable, inclusive comeback our administration is delivering for New York City,” said Mayor Adams. “Thanks to this funding, the Small Business Resource Network will be able to provide more free, personalized support to thousands of New York City small businesses. With more than 100,000 private sector jobs created over the course of our administration and five straight months of job growth, New York City’s economic recovery is moving full speed ahead.”
“New York City is anchored by the entrepreneurial spirit of small business, and the Small Business Resource Network proved to be a vital source for New Yorkers during the COVID-19 pandemic,” said Deputy Mayor for Economic and Workforce Development Maria Torres-Springer. “I’m glad to hear that this program has already reached over 10,000 businesses and helped them access the resources and tools they need to thrive; this type of public-private partnership is exactly what our administration is all about.”
The SBRN offers support with grant and loan applications, marketing assistance, business strategy, accounting and legal services, and digital tools. The funding will enable the SBRN’s business recovery specialists to continue providing personalized guidance and access to more than 150 curated public and private resources to small businesses across the five boroughs, with a focus on minority- and women-owned businesses in low-income communities.
Among the SBRN’s unique strengths is its ability to swiftly react to emerging challenges local businesses are facing, such as the pandemic-driven increase in consumer demand for digital commerce options. In response, the SBRN launched “Open + Online” in July 2021 to create websites and e-commerce sites, and provide search engine optimization consulting and brand development for small businesses that lacked a digital presence. Thus far, the program has already successfully expanded the customer base for hundreds of retailers and restaurants beyond their local neighborhoods and will complete 800 projects by the end of the summer. The Peter G. Peterson Foundation launched the program in September 2020 and funded its first two years with $5.6 million in grants.
“As powerful engines of employment and economic growth, New York City’s recovery depends on the success of the small business community,” said NYCEDC President and CEO Andrew Kimball. “We are proud to witness the milestone of 10,000 small businesses already assisted and be part of the effort to extend SBRN’s programming in support of fostering a more equitable and diverse economy.”
“The pandemic hit small businesses hard — and the NYC Small Business Resource Network provides critical resources to help get them back on their feet,” said New York City Department of Small Business Services (SBS) Commissioner Kevin D. Kim. “SBS is in full support of SBRN’s efforts to lift minority- and women-owned businesses, as we push full steam ahead to deliver an equitable economic recovery.”
“Small businesses are the lifeblood of the New York City economy and a powerful engine of growth and prosperity,” said Michael A. Peterson, CEO, Peterson Foundation. “This collaborative network has assisted more than 10,000 small business owners, focusing on businesses in communities hardest hit by the pandemic and most in need of the direct services SBRN provides. By expanding this successful program, the city will be able to reach thousands more entrepreneurs, further empowering those who drive our city forward and helping to ensure a stronger and more inclusive future for New York City.”
“The Small Business Resource Network helped thousands of small businesses weather the pandemic, connecting entrepreneurs with valuable resources to adapt and meet the demands of the digital economy,” said Maria Gotsch, president and CEO, Partnership Fund. “It serves as a model for effective public-private partnerships in its ability to respond quickly to the challenges local entrepreneurs face and tackle them head-on. Thank you to Mayor Adams for ensuring this important resource continues.”
“COVID-19 highlighted the urgent need for high-quality and accessible business services in real-time, meeting businesses where they are at. The Small Business Resource Network does just that — providing vital services to the backbone of our economy: businesses that make New York, New York. In sum, we have reached and provided real-time services to over 10,000 New York City businesses, ensuring that our city’s recovery is equitable and forward-thinking,” said Lisa Sorin, president, Bronx Chamber of Commerce. “I am grateful to Mayor Eric Adams, the Peterson Foundation, and the Partnership for New York City, as well as my colleagues across New York City’s five chambers of commerce for their commitment to this program and this needed investment in the fabric of our local economies.”
“The Small Business Resource Network represents one of the most effective models for business recovery anywhere in the nation,” said Randy Peers, president and CEO, of Brooklyn Chamber of Commerce. “The Brooklyn Chamber team is proud of the work that has been accomplished over the last two years, and we are grateful to the Adams administration and NYCEDC for recognizing the important role we still continue to play in the city’s economic recovery.”
“This is a smart investment, as the Small Business Resource Network has already proven to be effective at strengthening local businesses and supporting new entrepreneurs in the wake of the pandemic,” said Jessica Walker, president and CEO, of Manhattan Chamber of Commerce. “This is an innovative public-private initiative that has changed lives and accelerated economic recovery. We are grateful to the Adams administration for helping to further the model.”
“Thanks to the skill, knowledge and hard work of the Small Business Resource Network’s business recovery specialists, small businesses in Queens and throughout New York City are getting back to doing what they do best — creating jobs and serving our communities,” said Tom Grech, president and CEO, Queens Chamber of Commerce. “We are grateful to Mayor Eric Adams and Andrew Kimball, president and CEO of the New York City Economic Development Corporation, for continuing to support this vital effort that has provided life-saving support to over 10,000 small businesses, the vast majority of which are minority- or women-owned. This effort wouldn’t be possible without the leadership and vision of the Peter G. Peterson Foundation and the Partnership for New York City.”
“We are incredibly pleased that Mayor Adams has extended funding for the Small Business Resource Network beyond 2022,” said Linda Baran, president and CEO, Staten Island Chamber of Commerce. “The effects of the COVID-19 pandemic continue to linger; it is good to know that this administration has the backs of our local small businesses. This funding ensures that they will continue to get the resources, advocacy, and assistance they need.”