New York state announces new and expanded funding programs for small businesses
By Brock Huffstutler

New York state announces new and expanded funding programs for small businesses

On Aug. 19, 2022, New York Gov. Kathy Hochul announced that the state has been awarded $501.5 million in federal funding through the State Small Business Credit Initiative (SSBCI), a program through the American Rescue Plan Act. The funds will support programs for small businesses, with a focus on recovery from the economic effects of the coronavirus (COVID-19).

New York state’s $501.5 million in SSBCI funding includes a main allocation of $377.1 million and $124.4 million for socially and economically disadvantaged (SEDI) businesses.

Empire State Development will establish SSBCI-related programs — including new programs and expansion of existing programs — to include:

  • Access to capital 
  • Loan guarantees 
  • Loan participation
  • Collateral support
  • Seed venture funding
  • Funding for emerging and regional venture funds
  • Accelerator support
  • Technical assistance

Click here for more details about the program and to sign up for email updates.

Brock Huffstutler

Brock HuffstutlerBrock Huffstutler

Brock Huffstutler is the regional news editor for Rental Management. He writes and edits articles for ARA’s In Your Region quarterly regional newsletters, Rental Management, Rental Pulse and other special projects. Outside of work, he enjoys biking and spending time at the few remaining vintage record stores in the region.

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