Small Business Resource Network gets $1.9M new funding

by PDM STAFF

| Photo by Ian Baldwin on Unsplash

NEW YORK – In line with his commitment to supporting small businesses, entrepreneurship, and a more equitable economy outlined in his “Rebuild, Renew, Reinvent: A Blueprint for New York City’s Economic Recovery,” Mayor Eric Adams has announced a $1.5 million new funding allowing the Small Business Resource Network (SBRN) to extend its programming through 2023.

The SBRN is a public-private partnership of the New York City Economic Development Corporation (NYCEDC), the Partnership for New York City and Partnership Fund, the five borough chambers of commerce, and the Peter G. Peterson Foundation.

According to the city officials, SBRN has supported more than 10,000 New York City small businesses with free, one-on-one support to help them access critical resources to recover from the COVID-19 pandemic and meet the needs of the changing economy. Seventy-six percent of these businesses are minority or women-owned.

“Small and minority- and women-owned businesses are at the core of the equitable, inclusive comeback our administration is delivering for New York City,” said Mayor Adams. “Thanks to this funding, the Small Business Resource Network will be able to provide more free, personalized support to thousands of New York City small businesses. With more than 100,000 private sector jobs created over the course of our administration and five straight months of job growth, New York City’s economic recovery is moving full speed ahead.”

The SBRN offers support with grant and loan applications, marketing assistance, business strategy, accounting, and legal services, and digital tools. The funding will enable the SBRN’s business recovery specialists to continue providing personalized guidance and access to more than 150 curated public and private resources to small businesses across the five boroughs, focusing on minority- and women-owned businesses in low-income communities.

“New York City is anchored by the entrepreneurial spirit of small business, and the Small Business Resource Network proved to be a vital source for New Yorkers during the COVID-19 pandemic,” said Deputy Mayor for Economic and Workforce Development Maria Torres-Springer. “I’m glad to hear that this program has already reached over 10,000 businesses and helped them access the resources and tools they need to thrive; this type of public-private partnership is exactly what our administration is all about.”

The SBRN’s unique strength is its ability to swiftly react to emerging challenges local businesses face, such as the pandemic-driven increase in consumer demand for digital commerce options. In response, the SBRN launched “Open + Online” in July 2021 to create websites and e-commerce sites and provide search engine optimization consulting and brand development for small businesses that lacked a digital presence. The Peter G. Peterson Foundation launched the program in September 2020 and funded its first two years with $5.6 million in grants. Thus far, the program has already successfully expanded the customer base for hundreds of retailers and restaurants beyond their local neighborhoods and will complete 800 projects by the end of the summer.

“As powerful engines of employment and economic growth, New York City’s recovery depends on the success of the small business community,” said NYCEDC President and CEO Andrew Kimball. “We are proud to witness the milestone of 10,000 small businesses already assisted and be part of the effort to extend SBRN’s programming in support of fostering a more equitable and diverse economy.”

Commissioner Kevin D. Lim, New York City Department of Small Business Services (SBS), fully supports SBRN’s efforts to lift minority- and women-owned businesses. “We push full steam ahead to deliver an equitable economic recovery,” he said.

You may also like

Leave a Comment

X