FOR IMMEDIATE RELEASE
December 20, 2024 

SBS CELEBRATES MILESTONES IN SMALL BUSINESSES SERVED AND CREATED, NEW YORKERS EMPLOYED

Record Number of Small Businesses Operating in New York City, Record Number of New Yorkers Employed

Historic Milestones Follow $14 Million Investment in Neighborhood Revitalization, $17.5 Million in Financial Assistance Disbursed to Small Businesses, and 45,000 New Yorkers Connected to Jobs and Trainings through Workforce1 System

NEW YORK – Today, New York City Department of Small Business Services (SBS) Commissioner Dynishal Gross celebrated the accomplishments of SBS in 2024, as well as her first 100 days at the head of the agency. 2024 saw historic milestones in neighborhood investment, small business formation, New Yorkers employed, and businesses served by SBS. These record achievements took place as New York City regained all of the private sector jobs lost during the COVID-19 pandemic and saw the largest number of small businesses in its history, with one in five created since 2022.

“From day one, our administration has focused on creating a safer, more affordable New York City. In 2024, we continued to deliver on that vision and ‘Get Stuff Done’ for working-class New Yorkers,” said New York City Mayor Eric Adams. “Thanks to our extraordinary public servants, America’s safest big city got even safer this year, with overall crime down and thousands of illegal guns, mopeds, and ghost cars taken off city streets. We passed historic legislation to turn New York into a ‘City of Yes,’ shattered affordable housing records once again, and put billions of dollars back into New Yorkers’ pockets. We broke records for the most jobs and small businesses in city history and moved millions of trash bags off our sidewalks and into containers. But we know that there is even more we can do to continue to uplift working-class families. As we look to the future, our administration remains committed to keeping New Yorkers safe and making our city more affordable for the millions of New Yorkers who call our city home.”

“2024 was a banner year for New York City small businesses — and for SBS,” said SBS Commissioner Dynishal Gross. “I am incredibly proud of all the amazing work each and every SBSer does for New York City’s small businesses, entrepreneurs, and jobseekers on a daily basis. As we enter 2025, and as I pass my first 100 days as commissioner of this incredible agency, I am excited for what the future holds. Onward!”

Highlights of 2024 include:

Bringing All of Government Under One Roof: During the city’s second Small Business Month, SBS convened the first-ever NYC Small Business Month Expo at Pier 36 in Manhattan. More than 10,000 New Yorkers signed up for the event, with nearly 3,000 participating in person. More than 150 free government resources and over 40 city agencies congregated under one roof. Mayor Adams also announced the investment of $10 million to seed a new, major small business loan fund to be developed by SBS.

Investing in New York City’s Neighborhoods: SBS awarded $14 million in grants to Business Improvement Districts (BIDs) and Community-Based Development Organizations (CBDOs) to facilitate innovative and community-focused solutions to improve New York’s commercial corridors. Since the beginning of the Adams administration in 2022, SBS has awarded more than $35 million to BIDs and CBDOs.

Reaching New Yorkers Where They Are: SBS engaged more than 18,000 New Yorkers, an increase of 27 percent from 2023, at 400 events through the SBS outreach team and the innovative SBS Mobile Unit, “Mobie,” which brings SBS resources directly into neighborhoods across all five boroughs.

Expanding SBS’s Digital Footprint: SBS recorded more than 142,000 fans and followers on social media, with over 102,000 video views, and a 6.02 percent engagement rate, more than double the government average.

Supporting Minority and Women-owned Businesses: SBS hosted the 2024 Citywide M/WBE Procurement Fair, which saw a record of 1,275 attendees. By the end of Fiscal Year 2024, 1,270 firms received new M/WBE certifications, culminating in a citywide total of over 11,000 certified M/WBEs. Over $1.5 billion in city contracts via Local Law 1 were awarded to 1,307 certified M/WBEs.

Empowering Climate Resilience: SBS launched a new Business Preparedness and Resiliency Program (BPREP) risk assessment and grant program designed to support small businesses and commercial properties in New York City floodplains. Nearly 200 small businesses and commercial properties applied for the new program which identifies business vulnerabilities and provides grants of up to $5,000 to shore up their infrastructure with items like generators, fire and flood-proof storage, and flood barriers.

Making Financing More Accessible: Through SBS’s NYC Business Solutions Centers and the NYC Funds Finder online marketplace, SBS facilitated the disbursement of more than $17.5 million in loans, grants, and financing assistance, bringing the total to $294 million since the start of 2022, including $85 million from the historic NYC Small Business Opportunity Fund — the largest public-private loan fund directed at small businesses in the city’s history. The Opportunity Fund distributed $85M to 1,046 businesses, including 80 percent to BIPOC communities.

Connecting New Yorkers to Jobs: Across its 18 Workforce1 Career Centers, SBS connected more than 45,000 New Yorkers to jobs and trainings. As part of the citywide Jobs NYC push, SBS served more than 10,000 New Yorkers at 31 hiring halls across all five boroughs, leading to nearly 3,300 onsite interviews conducted, and more than 1,200 conditional job offers made.

Making New York City the Global Capital for Legal Cannabis: SBS’s Cannabis NYC initiative launched the Cannabis NYC Loan Fund, a partnership with the NYC Economic Development Corporation, which will provide $2,000,000 in capital to justice-involved cannabis entrepreneurs.

Making the American Dream Work: SBS’s American Dream Works program connected businesses with work-authorized asylum seekers through SBS’s Workforce1 Career Centers. Since October 2023, SBS has served more than 9,800 new New Yorkers. 

About the NYC Department of Small Business Services (SBS)
SBS helps unlock economic potential and create economic security for all New Yorkers by connecting New Yorkers to good jobs, creating stronger businesses, and building vibrant neighborhoods across the five boroughs. For more information on all SBS services, go to nyc.gov/sbs, call 888-SBS-4NYC, and follow us on Facebook, Twitter, Instagram, and LinkedIn.