| Photo by Khachik Simonian on Unsplash
NEW YORK — The New York City Department of Small Business Services (SBS) celebrated the second anniversary of its NYC Funds Finder platform, a first-of-its-kind online marketplace designed to connect small businesses with loans, grants, and one-on-one financial coaching. Since its launch in September 2023, the platform has disbursed nearly $3 million in capital to over 9,000 small businesses across the five boroughs.
The milestone was marked with the announcement of a major expansion: the launch of the NYC Future Fund, the city’s first-ever revenue-based loan program. This new offering will provide flexible financing options that adjust repayment terms based on seasonal fluctuations in business revenue—an innovative approach aimed at helping entrepreneurs manage cash flow and sustain growth.
“Access to affordable financing remains one of the biggest barriers to success faced by small business owners across New York City,” said SBS Commissioner Dynishal Gross. “Two years into our partnership with Next Street, I’m proud of how much we’ve done to tear that barrier down, and excited for how much more progress we will make through both the My Business Finance Coach and the NYC Future Fund.”
The NYC Funds Finder platform was developed in partnership with Next Street and supported by the Mastercard Center for Inclusive Growth and the Kresge Foundation. It aggregates funding opportunities from federal, state, and local programs, as well as credit unions, CDFIs, and traditional banks. The platform also offers free consultations with SBS advisors and accounting professionals through the My Business Finance Coach pilot program.
According to SBS, 72% of financing recipients identified as members of BIPOC communities, and 52% as women. The median loan size accessed through the platform is $25,000. More than 2,000 small business owners have scheduled one-on-one consultations, and over 300 have received private coaching on taxes, QuickBooks®, and financial projections.
Donald Jones, Chief Growth Officer at Next Street, praised the platform’s evolution: “In year two we saw tremendous growth—from strategic investments to new services. As we enter our third year, we’re programming our first-ever small business live event, continuing our marketing investments, and updating the site to meet the needs of the city’s diverse small businesses.”
The celebration also included testimonials from entrepreneurs like Wilfredo Soto of Netcloud Experts, who credited the platform with helping him secure funding to increase his proposal bids for city contracts. “These bids range from $500,000 to $1 million—I just need one per year,” Soto shared.
City leaders echoed the platform’s importance. “NYC Funds Finder is critically important to small businesses because it helps them find the capital they need to grow and prosper,” said Queens Borough President Donovan Richards Jr.
With the launch of the NYC Future Fund and continued investment in financial coaching, SBS reaffirmed its commitment to leveling the playing field for small businesses and seeding the next generation of New York City entrepreneurs.
