SBS Celebrates One-Year Anniversary of NYC Funds Finder Online Financial Marketplace

FOR IMMEDIATE RELEASE
October 28, 2024

SBS CELEBRATES ONE-YEAR ANNIVERSARY OF NYC FUNDS FINDER ONLINE FINANCIAL MARKETPLACE

Over $1 Million in Loans Disbursed to Small Business Owners

NEW YORK - Today, New York City Department of Small Business Services (SBS) Commissioner Dynishal Gross celebrated the one-year anniversary of the NYC Funds Finder online funding marketplace. Since its launch in September 2023, NYC Funds Finder has facilitated the disbursement of over $1 million in capital to businesses citywide, with 71 percent of financing recipients identifying as members of BIPOC communities, and 50 percent as women. Made in partnership with Next Street and with the support of the Mastercard Center for Inclusive Growth and Kresge Foundation, NYC Funds Finder is a first-of-its-kind online marketplace for small business loans and grants. Since September 2023, nearly 4,000 unique users have registered with the NYC Funds Finder platform, and over 750 small business owners have scheduled one-on-one consultations with SBS. Of the over $1 million in capital provided, the average size of loans disbursed is approximately $37,000.

"Equity of access to loans and capital remains one of the greatest challenges to growth for small businesses, especially those owned by women and BIPOC entrepreneurs, and we are focused as an administration on making sure that entrepreneurs take advantage of all the programs and supports that they could be eligible for," said First Deputy Mayor Maria Torres-Springer. "On its first anniversary, NYC Funds Finder has proven itself to be one of our most powerful tools in driving awareness about the city's breadth of capital access programs, connecting thousands of entrepreneurs to funding opportunities and technical assistance. Thank you to our partners at Next Street, Mastercard, and Kresge for continuing to support this important work."

"Every small business owner I meet tells me the same thing: access to financing is their biggest hurdle to growth, and that is especially true for women and people of color," said SBS Commissioner Dynishal Gross. "In the last year, the NYC Funds Finder online marketplace has proven to be a powerful tool in this administration's mission to tear down those hurdles and help underserved New Yorkers finally realize their dreams and find success. I want to thank Mayor Adams, First Deputy Mayor Torres-Springer, and our partners at Next Street, the Mastercard Center for Inclusive Growth, and Kresge Foundation for making this possible."

The milestone in financing for small businesses builds on the $265 million in loans and grants already facilitated by SBS since the start of the Adams administration. Next Street Scale, the platform that powers NYC Funds Finder, was created to address the barriers that small businesses face in growing their business and building wealth.

The NYC Funds Finder platform enables small businesses to review multiple funding options, including loans and grants, and request free 1-on-1 financing assistance from the SBS team. The platform is among the key priorities of the Economic Opportunity Coalition, a historic effort announced by Vice President Kamala Harris to accelerate inclusive economic growth by catalyzing public and private investments.

"It's great to be part of the work SBS is doing to provide access to capital to small businesses," said Samantha Berg, Co-CEO, Next Street. "We are grateful to all the financing advisors and funders who have been with us on this journey. The first year of this program has proven the demand for this type of platform. As we enter our second year, we are excited to continue to offer expanded access to responsible lenders and responsible capital products that meet the needs of the city's diverse small businesses."

"We supported Next Street Scale from its inception, and it's been incredibly rewarding to see it thrive in New York City," said Sandy Fernandez, Vice President for Social Impact for North America at the Mastercard Center for Inclusive Growth. "Platforms like NYC Funds Finder show that when affordable capital, technical assistance, and resources for small businesses are combined and effectively executed, they can empower entrepreneurs who might otherwise be overlooked. We're excited to continue supporting Next Street Scale as it grows in New York and beyond."

To build on the success of NYC Funds Finder's first year, SBS and Next Street also announced a new, multipronged marketing campaign, made possible through funding provided by the Mastercard Center for Inclusive Growth. The campaign will target advertising and outreach to communities across New York City where early-stage capital access remains a major barrier to small business growth.

"I commend the NYC Department of Small Business Services for their dedication to advancing financial opportunities for traditionally marginalized groups through the NYC Funds Finder platform," said New York State Senator Kevin Parker. "This initiative prioritizes women and communities of color for loan opportunities, helping them overcome barriers to securing the financial capital they need to pursue their dreams of entrepreneurship. After one year of implementation, the program's results make me hopeful that those who were once overlooked are now at the forefront of our city's efforts to promote equity and create meaningful opportunities for Black and Brown communities."

"The NYC Funds Finder Platform is an innovative and efficient online platform that makes it easier for small businesses to get access to funding and win grants," said New York State Assemblymember Rodneyse Bichotte Hermelyn. "The Funds Finder platform is an especially significant win for Minority- and Women-owned Businesses, who face bigger barriers to success, and are earning the majority of this unlocked funding. I applaud SBS and Commissioner Dynishal Gross for achieving this million-dollar milestone, and fully support SBS's plans to promote further funding through increased community outreach and personalized business consultations."

"Small businesses are the lifeblood of our economy, so it's fantastic that they have resources like NYC Funds Finder that they can use to secure the capital they need to grow and thrive," said Queens Borough President Donovan Richards, Jr. "My heartfelt congratulations go to everyone at the Department of Small Business Services as we celebrate the first anniversary of NYC Funds Finder. I encourage all Queens small business owners to register with NYC Funds Finder, and I wish the platform many more years of success."

"Small businesses deserve an opportunity to continue to grow, and NYC Funds Finder facilitates financial accessibility to community members, especially those identifying as BIPOC," said New York City Council Member Oswald Feliz. "I am celebrating NYC Funds Finder's continuous support to many small businesses in the past year, as having reliable resources to find grants, loans, and financial assistance for small businesses should be accessible to help owners thrive effectively."

"Small businesses are the backbone of our city's economy, but for far too long, many small business owners - especially those from underrepresented communities - have faced significant barriers to accessing early-stage capital," said New York City Council Member Sandra Ung. "The NYC Funds Finder is breaking down those barriers and providing a pathway to success for business owners who might otherwise be left behind. I'm excited about the launch of a new marketing campaign that will bring the NYC Funds Finder to even more small business owners. By focusing on targeted advertising and outreach in communities where access to capital remains a major challenge, we can ensure that this valuable resource reaches those who need it most. Thank you to SBS and all the partners who have worked to make this platform such a success, which in turn is creating a more equitable and inclusive economy in New York City."

"I would like to congratulate SBS on the one-year anniversary of its successful NYC Funds Finder platform," said New York City Council Member Susan Zhuang. "This unique online funding marketplace is a boon for small businesses, especially the woman and minority-owned small businesses in my district. In these increasingly perilous financial times, NYC Funds Finder is an important resource for small businesses to gain access to vital loans and grants. I look forward to working with SBS to expand this program to other small businesses throughout my district."

About the NYC Department of Small Business Services (SBS)

SBS helps unlock economic potential and create economic security for all New Yorkers by connecting New Yorkers to good jobs, creating stronger businesses, and building vibrant neighborhoods across the five boroughs. For more information on all SBS services, go to nyc.gov/sbs, call 888-SBS-4NYC, and follow us on Facebook, Twitter, Instagram, and LinkedIn.

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