New York provided more than $188 million in loans to small businessesStaff Writer | December 28, 2018
New York State provided more than $188 million in direct and facilitated loans to small businesses in 2018, and that over 80 percent of those loans went to minority and women-owned businesses.
Empire State 927 businesses expanded and 624 businesses launched
In addition, 927 businesses expanded and 624 businesses launched. This year's loans build on New York's longstanding commitment to help small businesses and entrepreneurs succeed and thrive throughout the state.
Loans are provided through a combination of community development financial institutions, which are smaller funds overseen by community organizations, and alternative lenders that provide credit and financial support to small businesses across the state.
Financial assistance provided by Empire State Development (ESD) is primarily focused on entrepreneurs and businesses that have historically struggled to obtain access to capital.
Ten Innovation Hot Spots and 20 Certified Business Incubators around the state provide support to startup and early-stage companies with finding physical space, accessing capital, networking and other services.
Companies assisted by the state have often looked to export products abroad, build or renovate their facilities or launch new technologies.
In addition to financial assistance, ESD provides entrepreneurial development through programs, such as the Entrepreneurial Assistance Program, that offer mentoring, business counseling and guidance in various topics, such as creating a business plan, finding contracting opportunities and working with an incubator. These programs help guide entrepreneurs and early-stage companies toward growth and opportunity.
New York also encourages and assists state agencies to award a fair share of contracts to certified Minority and Women-owned Business Enterprises (MWBEs), in addition to reviewing applications by businesses seeking certification, maintaining a directory of certified MWBEs and promoting the business development of MWBEs through education and outreach. ■