Mayor Adams unveils $10m ‘NYC Future Fund’ to boost small business growth

In a major move to support New York City’s burgeoning small business sector, Mayor Eric Adams has announced a $10 million investment to seed the “NYC Future Fund.” This new initiative aims to provide critical financing to early-stage businesses, particularly those owned by Black, indigenous, people of color (BIPOC), and women entrepreneurs, who often struggle to access traditional loans.

The announcement comes as the city marks the end of “NYC Small Business Month,” celebrating a record-breaking 183,000 small businesses operating in the city—a testament to the resilience and growth of New York’s entrepreneurial spirit. Over 62,000 of these businesses were established in the past two years, with significant growth observed in the outer boroughs, especially North Brooklyn.

“When we create the conditions for small businesses to succeed, our entire city wins,” said Mayor Adams. “Our administration is committed to fostering an inclusive economy by supporting small business owners through innovative financing solutions. The ‘NYC Future Fund’ will be a game-changer for many entrepreneurs who face barriers to traditional funding.”

The $10 million commitment is the latest in a series of initiatives by the Adams administration, which has already facilitated over $265 million in loans and grants to small businesses. The NYC Future Fund is designed to offer flexible, revenue-based loans that adapt to the unique needs of growing businesses, helping to ensure their long-term success.

Commissioner Kevin D. Kim of the New York City Department of Small Business Services (SBS) highlighted the inclusive focus of the fund, stating, “This investment will act as a catalyst for thousands of new businesses, particularly those owned by BIPOC and women entrepreneurs. It reflects our ongoing dedication to building a resilient and equitable economy for all New Yorkers.”

The announcement was part of the city’s first-ever “Small Business Month Expo,” which brought together resources from over 40 city, state, and federal agencies under one roof to support local businesses. The event underscored the administration’s commitment to reducing barriers to entrepreneurship and connecting business owners with vital resources.

The Adams administration’s strategic focus on small business growth aligns with broader economic development efforts, including the “Spring Jobs Sprint” aimed at creating thousands of new job opportunities across the city. Recent projects, such as the transformation of the Brooklyn Marine Terminal and the development of the Climate Innovation Hub in Brooklyn, are set to generate significant employment and business opportunities.

The NYC Future Fund builds on the success of previous initiatives like the $85 million “NYC Small Business Opportunity Fund,” which has provided loans to over 1,000 businesses, with a significant portion going to BIPOC-owned enterprises. By fostering public-private partnerships, the administration aims to create a sustainable and inclusive economic environment where small businesses can thrive.

“This milestone in small business growth is a direct result of our focused efforts to support new and existing businesses,” said Deputy Mayor Maria Torres-Springer. “We will continue to prioritize small businesses as key drivers of job creation and economic revitalization across all five boroughs.”

The city’s latest report from the New York City Economic Development Corporation (NYCEDC) highlights the robust growth of small businesses, particularly in diverse and underserved communities. With initiatives like the NYC Future Fund, New York City is poised to continue its legacy as a hub of innovation and opportunity for entrepreneurs from all backgrounds.

As the city celebrates its record number of small businesses, the Adams administration remains committed to fostering an environment where entrepreneurship can flourish, ensuring that the benefits of economic growth are felt by all New Yorkers.