New York City Mayor Eric Adams on July 26, 2022 announced a $1.5 million investment in the NYC Small Business Resource Network (SBRN), allowing the SBRN to extend its programming through 2023. 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, the SBRN has already supported more than 10,000 New York City small businesses — 76 percent of which are minority- or women-owned — 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. The investment builds on Mayor Adams’ commitment to supporting small businesses, entrepreneurship, and a more equitable economy, as outlined in his “Rebuild, Renew, Reinvent: A Blueprint for New York City’s Economic Recovery.”
“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.”
“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 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, with a focus on minority- and women-owned businesses in low-income communities.
Among the SBRN’s unique strengths is its ability to swiftly react to emerging challenges local businesses are facing, 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. 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. The Peter G. Peterson Foundation launched the program in September 2020 and funded its first two years with $5.6 million in grants.