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Small Business Grants in New York

If you own a small business in New York then you will no doubt be aware of the work of the U.S. Small Business Administration. This is the small business office of the United States federal government, however they also carry out a lot of important work at a state level. The details of the New York office can be found at the end of this article.

The SBA funds a large number of state programs to assist small business owners, as well as services offered by non-profit organizations. This is their preferred method of assisting small businesses, rather than offering grants directly. In fact, the only time the SBA will award a free grant to a small business is when it will benefit industries such as:

  • education
  • energy
  • transportation

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The SBA insists that a small business is researching or developing innovative products and services. They must offer a quantifiable benefit to their local community. Small businesses qualify for SBA grants in this way by taking part in the Small Business Technology Transfer and Small Business Innovation Research programs, with the application process being very stringent.

Most New York small businesses do not meet the criteria of the SBTT and SBIR programs. If your small business is part of this group then you may think that you can only receive private funding. However, there are actually several options for you to consider. The following organizations are staffed by people with expert knowledge of small business operations, and they can offer advice on financing.

NYC Small Business Services

The NYC Small Business Services program is run by the state of New York. It is designed to help small businesses to form and grow. It does so through it's NYC Business Solutions services, which include:

  • courses to teach essential business skills such as accounting and marketing
  • financing advice, including information on lenders, and how to successfully apply for financing
  • access to a pool of potential employees, and funds to assist with training costs

Empire State Development Division for Small Business

The Empire State Development Division for Small Business is designed to represent the interests of businesses which have under one hundred employees. This is achieved through a wide range of programs and initiatives. Financial assistance programs include:

  • the Small Business Revolving Loan Fund, which provides loans of up to $125,000
  • the Small Business Technology Investment Fund, which provides high-tech companies with capital for growth
  • the Innovate NY Fund, which is worth $26 million, and is used to promote small business growth, entrepreneurship, and job creation

New York State Small Business Development Center

The New York State Small Business Development Center has helped almost 350,000 businesses in the state since 1984. There are NYSSBMC offices located throughout the state, each of which provides:

  • workshop and training opportunities
  • a free business advisory service on issues such as energy efficiency, business strategy, utilizing technology, regulatory compliance, and selling to the government
  • specialist advice for women and minority business owners, such as information on the New York State Surety Bond Assistance Program. This program provides financial and credit assistance to minority and women owned business enterprises

As can be seen from the examples listed here, there are organizations in New York which can prove to be very beneficial to your small business. By sharing their insights into running a small business they can help you to achieve your goals. The first step in this process will be to have sufficient financing in place to allow your small business to prosper.

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Posted in Business Service Post Date 02/11/2016


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