June 16, 2024

NYC small business month expo marks promising economic recovery

The first-ever New York City Small Business Month Expo has kicked off with an unprecedented turnout underscoring the city’s robust economic recovery.

Mayor Eric Adams and Commissioner Kevin Kim of the Department of Small Business Services (SBS) led the event, which showcased the city’s efforts to bolster small businesses.

Commissioner Kim, a former entrepreneur and son of immigrant small business owners, emphasized the impact of small businesses on the city’s fabric.

“Small businesses are not just the backbone of our economy; they’re the heartbeat of our neighborhoods,” he said in his opening remarks.

He highlighted SBS’s enhanced outreach efforts and the creation of a dedicated agency outreach team, which has expanded mobile and social media outreach, significantly increasing community engagement.

“This event isn’t just about today; it’s about the city’s commitment to our small business community year-round,” Commissioner Kim continued, as he detailed the record-breaking attendance of nearly 10,000 RSVPs, with over 6,000 already signed up for critical services like legal aid, capital access, and MWBE certification.

Mayor Adams echoed Commissioner Kim’s sentiments, celebrating the city’s economic resurgence under his leadership. “Two years ago, we inherited a city in crisis. Today, we celebrate record job numbers, reduced crime rates, and a booming small business sector,” Mayor Adams stated, highlighting the city’s accomplishments in job creation, affordable housing, and education reform.

The Mayor announced the launch of the New York City Future Fund, a $10 million initiative aimed at providing affordable capital to small businesses, particularly women, black, and minority entrepreneurs. “This fund addresses the capital access gap that has long hindered the growth of our small businesses,” Mayor Adams explained, emphasizing the importance of public-private partnerships in fostering economic growth.

In addition to financial support, the city has saved over $45 million by cutting red tape and has connected small businesses to over $265 million in grant and loan funding, with 80% of loans going to women and minority-owned businesses.

The event, which brought together representatives from over 40 city and federal agencies, underscored the administration’s commitment to breaking down barriers for small businesses. “We are here to ensure that small business owners have the resources they need to succeed,” Mayor Adams affirmed, praising the collaboration between agencies and private sector partners.

Jessica Walker, President of the Manhattan Chamber of Commerce, praised the administration’s efforts in revitalizing the city’s small business landscape. “Today’s expo demonstrates the city’s dedication to supporting small businesses and promoting economic vitality,” Walker stated.

The event also highlighted the administration’s recognition of Asian American and Pacific Islander Heritage Month, with Mayor Adams acknowledging Deputy Mayor Maria Torres-Springer and Deputy Mayor Meera Joshi for their contributions to the city’s economic recovery.

“As we wrap up the second annual Small Business Month, we’re just getting started,” Mayor Adams concluded. “Let’s continue to support our small businesses and build a stronger, more prosperous New York City for all.”

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