New York State has been awarded over $500 million in federal funds through the State Small Business Credit Initiative, which is an expanded part of the American Rescue Plan.
The funding will increase access to capital and new contracting opportunities, including entrepreneurship focusing on rural and underserved areas.
“This historic $500 million federal investment is the shot in the arm New York’s small businesses need to recover from the pandemic and rebuild our local economies. This federal assistance will help support underserved businesses, invest in entrepreneurs and small businesses in key industries like manufacturing and clean energy to address the nation’s supply chain challenges, and create good-paying jobs in the communities that need them most,” said Senator Schumer.
Overall, the funding will put an emphasis on businesses that are still struggling from the economic impact of the COVID-19 pandemic, and help traditionally disadvantaged small businesses succeed in the post pandemic economy.
New York will be establishing multiple programs to match the federal support in the needs of small businesses within the state. The new programs will include both existing programs as well as new programs including: capital access, load guarantees, loan participation programs, collateral support, venture capital for fund managers and start-ups, and tech assistance.
