SBS Commissioner Kevin D. Kim highlights achievements in economic development for NYC entrepreneurs, workers, neighborhoods
In a notable gathering at City Hall today, NYC Small Business Services (SBS) Commissioner Kevin D. Kim, accompanied by Mayor Eric Adams and administration members, commemorated the noteworthy accomplishments and milestones achieved at the conclusion of the second year of Mayor Adams’ inaugural term.*
Commissioner Kevin D. Kim reflected on the success of the mayor’s Blueprint for Economic Recovery, citing 2023 as a pivotal year in realizing the economic potential of New Yorkers. Addressing over 80,000 individuals at 18 Workforce1 Career Centers, saving $36 million for 3,600 businesses through the NYC BEST team, establishing the groundbreaking $75 million Opportunity Fund, and implementing various free programs, SBS has made substantial strides in fostering a City of Yes for entrepreneurs, workers, and small businesses.
Aligned with Mayor Adams’ economic recovery strategy, the year witnessed significant investments in small businesses, entrepreneurs, workforce development, and neighborhood initiatives. New York City not only reclaimed all lost private sector jobs well ahead of schedule but also witnessed the creation of over 282,000 private sector jobs and more than 44,000 businesses, predominantly small enterprises, since the commencement of 2022. Remarkably, one in seven businesses currently operating in the city opened within the past year.
The NYC Small Business Opportunity Fund, a historic public-private loan fund, was launched by SBS, marking the largest such initiative in the city’s history. With flexible terms, the Opportunity Fund has disbursed over $70 million to more than 900 businesses, with $55 million benefiting minority and women-owned businesses.
Utilizing innovative approaches, SBS introduced the MyCity Business site, featuring a pioneering AI chatbot to streamline city service navigation. The chatbot, functioning as a 24-hour executive assistant, offers instant, reliable information from over 2,000 NYC Business web pages and articles, covering compliance, incentives, and best practices.
Reaching diverse communities, SBS engaged over 10,000 New Yorkers through the SBS outreach team and the SBS Mobile Unit, “Mobie.” The Working People’s Job Tour was launched to address economic issues in neighborhoods affected by gun violence. Additionally, Commissioner Kevin D. Kim collaborated with Commissioner of the Mayor’s Office of Immigrant Affairs Manuel Castro for multilingual immigrant media roundtables, promoting economic resources throughout the city.
Mayor Adams’ Executive Order 2 “Small Business Forward” initiative led to significant reforms, reducing fines and simplifying regulations for small businesses. The NYC BEST team helped save $36 million for 3,600 businesses through compliance visits and educational engagement. The administration tripled the total size of discretionary contract awards for certified Minority and Women-owned Businesses (M/WBEs) to $1.5 million by the end of 2023.
Expanding resources for M/WBEs, SBS announced a $50 million expansion of the Contract Financing Loan Fund program during Black Business Month. The city’s commitment to supporting Black-owned businesses was emphasized through events like the “Melanin Summit” and the Black Entrepreneurs NYC (BE NYC) initiative.
Innovative tools like NYC Funds Finder and the Live NYC Map were introduced to enhance accessibility to funding and support for entrepreneurs. Furthermore, SBS expanded free legal services through partnerships with organizations like Volunteers of Legal Services.
To combat retail theft, SBS collaborated with various entities, including the NYPD, to establish a retail theft task force. Workforce1 Career Centers, in partnership with the Department of Consumer and Worker Protection, served over 80,000 New Yorkers, providing free financial counseling.
Emphasizing inclusivity, SBS and the Mayor’s Office for People with Disabilities established a Center for Workplace Accessibility and Inclusion, aiding New Yorkers with disabilities in finding career-track employment.
The Cannabis NYC initiative, under SBS, facilitated the launch of cannabis businesses, including educational sessions and the Cannabis NYC Loan Fund RFP with a planned initial investment of $8 million.
Listening to small business owners, SBS released recommendations from the Small Business Advisory Commission (SBAC) and established the Latino American Small Business Task Force to enhance engagement with the Latino business community.
SBS’s Live NYC Map, updated every 90 days, serves as a comprehensive database of over 150,000 storefronts, powering the Shop Your City website to encourage support for local businesses, including those owned by women, AAPI, and Hispanic individuals. The Shop Black NYC directory lists over 3,500 individual small businesses.
About The Author
