Empowering NYC's Small Businesses
Discover Your Funding Match with NYC Funds Finder
The overwhelming interest in New York City's pioneering Small Business Opportunity Fund last year led to the cessation of application acceptance in just three weeks. Nevertheless, this initiative successfully facilitated loans totaling $85 million at a mere 4% interest rate for 1,046 enterprises. The Mayor's office has celebrated the fund's significant impact and is now directing businesses in search of financial support to its relatively recent digital platform, NYC Funds Finder, for loan opportunities.
NYC Funds Finder, developed in collaboration with Next Street—a B2B service provider co-led by Michael Roth, the former acting head of the SBA—aims to offer business owners access to capital through vetted, equitable financial products.
Introduced in September, NYC Funds Finder is designed to support local small businesses by consolidating financing options from the Department of Small Business Services (SBS) and Next Street's reputable partners. It simplifies the process for entrepreneurs to seek financial advice and apply for loans, enhancing their access to optimal financing solutions through a partnership with SBS's trusted advisors.
Similarly, the Small Business Administration (SBA) has been promoting its Lender Match tool, a digital marketplace that connects businesses with over 1,000 SBA lenders and 257 community-based lenders, further expanding the resources available to businesses in need of funding.
