Pandemic shutdowns and subsequent rises in rent and inflation have dealt a gut punch to the city's small businesses and some city leaders say Mayor Eric Adams is not doing enough to help them recover.
During the hearing, Councilmember Julie Menin, who represents parts of Manhattan, said Adams’“did not include funding for any of the Council’s proposals.”
“Whether they are born here or from halfway around the globe, the promise of prosperity and earning a living from building a business from the ground up is critically important,” said Menin, who also chairs the Council’s committee on small businesses. Councilmembers also criticized the city’s lack of investment in minority-owned businesses. Black- and Latino-owned businesses received less than 2% of city contract dollars in fiscal year 2022,The Small Business Residence Fund also hasn’t dispersed any funds specifically set out for designated minority and women-owned business enterprises — and the New York City Small Business Opportunity loan fund is being paused because of overwhelming demand, according to Kevin D.
During the hearing, the SBS commissioner touted findings in a recent report from the city’s Economic Development Corporation that show more than 33,000 new businesses opened in the last year and 99.7% of private-sector jobs have recovered as of April. He said that the city awarded roughly 1,600 contracts to minority and women-owned business enterprises.The mayor’s office did not immediately respond to requests for comment.
The current budget proposal allocates $197.4 million to SBS, representing less than 1% of the entire spending plan. Federal funding for the SBS has also dropped and is set to dwindle to $43.3 million in the upcoming fiscal year, compared to $117.4 million in 2023.
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