Mayor announces $1.5 million investment in small business resource network

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Mayor Eric Adams. Photo: facebook.com/NYCMayor

On July 26, 2022, Mayor Eric Adams announced a $1.5 million investment in the New York City Small Business Resource Network. Building on commitments from the Mayor’s Economic Recovery Plan, this investment will allow the resource network to expand programming through 2023.

The Small Business Resource Network is a public-private partnership between the Partnership for New York City and Partnership Fund, the Peter G. Peterson Foundation, the five cities’ chambers of commerce, and the New York City Economic Development Corporation (EDC). The Peter G. Peterson Foundation first launched the program in September 2020, funding its first two years through a $5.6 million grant.

In July 2021, the Small Business Resource Network launched its “Open + Online” initiative to help businesses that do not have a digital presence. This initiative helps businesses in creating websites and e-commerce sites, search engine optimization and brand development. The Open + Online program has 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.

To date, the Small Business Resource Network has supported more than 10,000 New York City small businesses, 76 percent of which are minority or women-owned. The program provides free one-on-one support, helping small businesses meet the needs of a changing economy and recover from the COVID-19 pandemic. The network supports grant and loan applications, digital tools, accounting and legal services, marketing assistance and business strategy.

Mayor Adams’ $1.5 million investment allows Business Recovery Specialists to continue providing personalized guidance, as well as access to over 150 curated resources, to small businesses in all five boroughs. The Small Business Resource Network will also continue to focus on minority- and women-owned businesses, particularly those in low-income communities.

Randy Pearce, president and CEO of the Brooklyn Chamber of Commerce, said the Small Business Resource Network “represents one of the most effective business recovery models anywhere in the nation.” Jessica Walker, president and CEO of the Manhattan Chamber of Commerce, described the Small Business Resource Network as “an innovative public-private initiative that has changed lives and accelerated economic recovery.”

NYCEDC President and CEO Andrew Kimball added, “As powerful drivers of employment and economic growth, New York City’s recovery depends on the success of the small business community. We are proud to witness the milestone of 10,000 small businesses already supported and to be part of the effort to expand SBRN’s programming to support the promotion of a fairer and more diverse economy.”

Deputy Mayor for Economic and Workforce Development Maria Torres-Springer: “New York City is anchored by the entrepreneurial spirit of small businesses, and the Small Business Resource Network has proven to be a vital resource for New Yorkers during the COVID-19 pandemic. I am delighted 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 aiming for.”

Mayor Eric Adams: “Minority- and women-owned small businesses are at the heart of the equitable, inclusive return our administration is delivering for New York. Thanks to this funding, the Small Business Resource Network will be able to provide more free, personalized support to thousands of small businesses in New York.”

from: Cassidy Strong (Cassidy is a CityLaw intern and New York Law student, Class of 2024.)

Mayor Adams Announces $1.5 Million Investment in New York Small Business Resource Network July 26, 2022

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