| Photo by Blake Wisz on Unsplash
NEW YORK — The New York City Department of Small Business Services (SBS) has released its impact report on the NYC Small Business Opportunity Fund, showing how the more than $85 million loan program helped over a thousand small businesses stabilize and grow after years of pandemic‑driven financial strain. The fund, launched in January 2023, was designed to expand access to affordable capital for entrepreneurs who traditionally face higher barriers to financing, including many immigrant‑owned and minority‑owned businesses.
Created through a public‑private partnership between the city and major financial institutions — including Goldman Sachs Urban Investment Group, the Goldman Sachs Foundation, and the Mastercard Center for Inclusive Growth — the program offered loans of up to $250,000 at a four‑percent interest rate. The fund removed common barriers such as application fees and minimum credit score requirements, issues that disproportionately affect Filipino American, Asian American, and other immigrant entrepreneurs.
According to the report, 1,046 small business owners received loans, with an average loan size of $80,000. Recipients used the capital to refinance high‑interest debt, expand storefronts, hire additional workers, and make operational improvements that strengthened long‑term stability.
Loans Reached Minority, Women, and Immigrant‑Owned Businesses
SBS says the program demonstrates how targeted capital access can support neighborhood economies
SBS Commissioner Dynishal Gross said the Opportunity Fund showed what coordinated investment can achieve when government, lenders, and corporate partners work together to support local businesses.
“The New York City Small Business Opportunity Fund was a sterling example of public‑private partnership,” Gross said. “By lowering barriers to capital, we can unlock real economic mobility and fulfill the promise of entrepreneurship in the most ambitious city in America.”
The impact report found that 84 percent of loans went to minority‑ and women‑owned businesses, a category that includes many Filipino American and Asian American entrepreneurs who often rely on small, family‑run operations. Another 59 percent of loans were disbursed in low‑ to moderate‑income communities, where access to affordable financing remains limited.
The report also noted that $12 million in loans went to startups operating for two years or less — a significant figure for new entrepreneurs who typically struggle to secure early‑stage capital.
Loans Helped Businesses Hire, Raise Wages, and Avoid Closure
One‑third of recipients said they would have shut down without the program
The report highlighted several indicators of business growth following loan disbursement. Forty‑one percent of loan recipients hired additional employees, increasing their average staff size from 4.2 to 6.8 workers. Another 27 percent increased wages or benefits for their employees, signaling improved financial stability.
SBS also reported that 33 percent of businesses said they would have closed without the loan, 17 percent permanently, and 16 percent temporarily. For many immigrant‑owned businesses, including Filipino American establishments concentrated in Queens, Brooklyn, and parts of Manhattan, access to low‑interest capital was a critical lifeline.
Eight community development financial institutions (CDFIs) partnered with SBS to administer the loans: Accompany Capital, Ascendus, BOC Capital Corp., Harlem Entrepreneurial Fund, Grow America, Pursuit, Renaissance Small Business Services, and Trufund. These organizations have long histories of serving immigrant and minority entrepreneurs.
With the Opportunity Fund now closed, SBS said small businesses can continue to access free one‑on‑one financing assistance through the agency, including via the NYC Funds Finder, an online platform connecting entrepreneurs with affordable lending options.
