In a major announcement, city officials have unveiled a $10 million investment in the city’s next major small business loan fund, known as the “NYC Future Fund.” The fund will help to bridge the gap in access to affordable capital for small businesses in New York City, particularly during the early stages of development.
According to a report from the New York City Economic Development Corporation, as of 2023, the city is home to an unprecedented number of small businesses – 183,000. This is more than double the number of small businesses recorded in 2015. Furthermore, 62,000 new small businesses have been established in the past two years alone. A significant portion of these new businesses are located in central business districts.
Despite this growth, officials note that there has been a noticeable difference between central and outer boroughs when it comes to net business growth. While central business districts continue to thrive with new start-ups and expansions, it is the outer boroughs that have experienced the strongest net business growth over the past few years.
In terms of recovery efforts for small businesses affected by the pandemic, North Brooklyn stands out as an area that has seen tremendous growth. Since 2019, over 1,000 new small businesses have been added to its roster – a positive indicator of its economic resilience and ongoing support for small businesses throughout New York City.
