Small businesses in New York can access funding from the U.S. Treasury Department through several programs and initiatives:

State Small Business Credit Initiative (SSBCI)

The SSBCI program provides nearly $10 billion in funding to support small businesses across the United States[5]. In New York, this program is managed by Empire State Development (ESD) and offers:

• Capital access programs
• Loan participation programs
• Loan guarantee programs
• Collateral support programs
• Venture capital programs

Small businesses can apply for these programs through ESD to access capital and financing opportunities[1].

Semiconductor Growth Access Program (SGAP)

New York was recently awarded $9.4 million through the SSBCI Investing in America Small Business Opportunity Program (SBOP)[2]. This funding will be used to launch SGAP, which will provide:

• Targeted technical assistance in legal, financial, and accounting services
• Support for very small businesses and underserved entrepreneurs
• Focus on the semiconductor and microelectronics industry

Small businesses in these sectors can look out for announcements from Empire State Development about accessing this program.

Additional Support Programs

1. The Treasury’s Community Development Financial Institutions Fund (CDFI Fund) supports mission-driven lenders that provide capital to small businesses in low-income communities[4].
2. The Small Business Lending Fund (SBLF) encourages community banks and loan funds to increase lending to small businesses[4].
3. The Office of Small and Disadvantaged Business Utilization assists small businesses in contracting with the Treasury[4].

To access these programs, small businesses in New York should:

1. Contact Empire State Development for information on state-specific programs.
2. Visit the U.S. Treasury Department’s small business programs website for federal initiatives.
3. Reach out to local Small Business Development Centers or SCORE chapters for guidance on navigating these opportunities.
4. Monitor announcements from the Treasury and New York state agencies for new funding opportunities.

By leveraging these resources, small businesses in New York can tap into significant funding and support to help them grow and succeed in the post-pandemic economy.

Citations:
[1] https://esd.ny.gov/ssbci
[2] https://home.treasury.gov/news/press-releases/jy2628
[3] https://home.treasury.gov/policy-issues/coronavirus/assistance-for-small-businesses
[4] https://home.treasury.gov/policy-issues/small-business-programs
[5] https://home.treasury.gov/policy-issues/small-business-programs/state-small-business-credit-initiative-ssbci
[6] https://home.treasury.gov/policy-issues/small-business-programs/small-and-disadvantaged-business-utilization/how-to-do-business-with-treasury
[7] https://www.osc.ny.gov/press/releases/2024/10/dinapoli-wall-streets-2024-first-half-profits-232b-were-793-higher-last-year
[8] https://wbf.wobi.com/wbf/wbf-nyc/

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NEW YORK MANHATTAN BUSINESS CLUB USA