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NY Joins Efforts to Advance Equity for Small Businesses

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Governor Kathy Hochul announced on Tuesday announced New York will participate in the federal Initiative for Inclusive Entrepreneurship, a national effort led by the U.S. Department of the Treasury to expand access to capital for socially and economically disadvantaged individual-owned small businesses.

Announced in October 2022 by Vice President Kamala Harris, the Initiative for Inclusive Entrepreneurship aims to help small businesses owned by people from historically disadvantaged populations and ensure equitable implementation of the U.S. Treasury’s $10 billion State Small Business Credit Initiative – of which New York received more than $500 million.

Empire State Development has partnered with Founders First Capital Partners, who will leverage a series of on-demand video modules through their Passport for Funding education program, designed to help SEDI-owned companies understand and overcome common obstacles to funding readiness. Additionally, a comprehensive assessment will be conducted of the participating MWBE, and depending on the firm’s needs, they will be matched with a participating CDFI to better access the State’s SSBCI lending programs. These on-demand educational modules will prepare these businesses to grow and raise funding by making them aware of potential pitfalls that prevent the ability to be funded.

“New York’s business landscape must reflect the rich diversity of our state,” Governor Hochul said. “My administration is committed to helping break down the systemic barriers that minority- and women-owned businesses face, and with the Biden administration’s partnership, we can ensure that all businesses have the opportunity to thrive in New York State.” NY Joins Efforts to Advance Equity for Small Businesses

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