On May 29, 2024, NYC’s Mayor Eric Adams launched a $10 million initiative known as the “NYC Small Business Recovery Loan Fund”. The new fund, aimed at small businesses impacted by the pandemic, will offer low-interest loans to facilitate recovery and economic growth.
The fund aims to alleviate the alarming number of small business closures, with operations expected to start by end June 2024. It will primarily serve businesses suffering the most under current economic conditions.
The Mayor’s office encourages eligible businesses to apply for the Recovery Loan Fund, and is also planning to offer financial counseling services for applicants.
Adams’s $10M initiative for small business recovery
“We’re taking significant strides towards our city’s economic revival,” concluded Adams.
The fund has been welcomed by the NYC small business community, notably for its support of emerging businesses, especially those owned by BIPOC and women faced with hurdles securing traditional financing.
During Adams’ tenure, NYC businesses have received over $265 million in loans and grants. The city now houses around 183,000 small businesses, with approximately a third established in the past two years.
The small business loan fund is part of Mayor Adams’ “Spring Jobs Sprint” plan, designed to create thousands of job openings by offering low-interest loans to local businesses intending to expand or hire.
According to 2023 data, there has been a growth of 1,000 small businesses in NYC compared to pre-pandemic times, exhibiting resilience and strength in the local economy, per NYC Economic Development Corporation President, Andrew Kimball.
Kimball stresses the importance of continued support for these businesses through funding and business-friendly policies. His reassurance serves as an encouraging message for many entrepreneurs in NYC.
Finally, First Deputy Mayor, Sheena Wright, states that the $10 million investment will help establish thousands of new businesses, particularly those led by BIPOC and women entrepreneurs. The plan aligns with the objective of broadening access to the necessary tools for every small business owner in NYC to thrive and succeed.
