New York City officials have announced a $10 million investment into the city’s next major small business loan fund, the “NYC Future Fund.” The fund is designed to provide much-needed support to small businesses in New York City that struggle to access affordable capital in the early stages of their development.
According to a report from the New York City Economic Development Corporation, the city is currently home to 183,000 small businesses, the highest number recorded to date. The report also highlighted that 62,000 small businesses have been created in the past two years alone. While new businesses are predominantly located in central business districts, officials noted that the outer boroughs have experienced the strongest net business growth in recent years.
In particular, North Brooklyn has emerged as a leader in the city’s small business recovery, with an additional 1,000 small businesses established since 2019. This news underscores the importance of investing in and supporting small businesses across all areas of New York City to ensure continued economic growth and prosperity.
