Mayor announces $1.5 million investment in small business resource network

Mayor Eric Adams. Photo Credit: facebook.com/NYCMayor

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

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

In July 2021, the Small Business Resource Network then launched its Open + Online initiative to help businesses that lacked 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 NYC small businesses, 76 percent of which are minority or women-owned. The program offers free, one-on-one support helping small businesses meet the needs of the changing economy and recover from the COVID-19 pandemic. The network helps with grant and loan applications, digital tools, accounting and legal services, marketing assistance and business strategy.

Mayor Adams’ $1.5 million investment enables business recovery specialists to continue providing personalized guidance, as well as access to over 150 curated resources, to small businesses across the 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 Peers, President and CEO of the Brooklyn Chamber of Commerce, said the Small Business Resource Network “represents one of the most effective models for business recovery anywhere in the country.” 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 engines 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 assisted and to be part of the effort to expand SBRN’s programming in support of fostering a more equitable and diverse economy.”

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

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

From: Cassidy Strong (Cassidy is an intern at CityLaw and an alumnus of New York Law School, Class of 2024.)

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