ALBANY, N.Y. (WENY) – Governor Kathy Hochul announced New York State has been awarded 500 million dollars in federal funds through the State Small Business Credit Initiative.
The initiative provides funds to support programs for struggling businesses in the state.
“Small businesses are the backbone of our economy, and far too many small business owners are still feeling the economic toll of the pandemic,” Governor Hochul said. “This historic funding will be a game changer – serving as a crucial lifeline for small businesses, fueling innovative growth, and helping uplift the most vulnerable communities across New York State. I thank President Biden, Secretary Yellen, Senator Schumer, Senator Gillibrand and Democrats in the New York Congressional delegation for their leadership on the American Rescue Plan and look forward to continuing to work together as we move the Empire State’s economy forward.”
The governor says it also helps disadvantaged small businesses succeed in the post pandemic economy.
Over the next 90 days, Empire State Development will be establishing additional program criteria and guidelines, with formal program-specific application processes announced in the Fall.
For more information, visit esd.ny.gov/ssbci.