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New York State Announces Support for Small Businesses

STATEN ISLAND, N.Y. — The nearly 700,000 small businesses that call New York home are getting some extra love from the state.

As part of the celebration of National Small Business Month, Governor Kathy Hochul has unveiled new initiatives to bolster the state’s small business sector. One of the key programs introduced is the $6 million Innovation Matching Grants Program, aimed at assisting entrepreneurs in securing federal grants through the Small Business Innovation Research and Small Business Technology Transfer programs. This initiative not only provides financial support but also offers guidance and technical assistance to aid applicants in the complex grant application process.

In light of the importance of small businesses to the state’s economy, Governor Hochul emphasized the significance of these efforts. She stated, “Small businesses are part of the core of New York State’s communities… we are making sure small businesses in every corner of the state can compete, grow, and thrive.”

The new grant program is managed by Empire State Development and offers grants of up to $200,000 to local small businesses. Interested businesses can access the application materials and guidelines online to start the process of applying for these grants.

To further support the approximately 100,000 businesses insured by the New York State Insurance Fund, the state has launched a Small Business Support Team. This team is dedicated to assisting new businesses with various tasks such as audits, insurance certificates, record-keeping, claims management, and safety services.

Moreover, New York State Insurance Fund policyholders now have access to an equal monthly billing option, allowing for easier payment management over a 12-month period without the need for large upfront deposits.

The state’s commitment to fostering small business growth and innovation was underscored by Empire State Development President, CEO, and Commissioner Hope Knight. She emphasized, “We’re excited to celebrate National Small Business Month with programs and services that help drive growth and innovation for small businesses looking to thrive in New York.”

How AI legalese decoder Can Help

The AI legalese decoder can assist small businesses in navigating and understanding the complex legal language often found in grant applications and insurance policies. By utilizing this tool, entrepreneurs can simplify the process of applying for grants and insurance coverage, ensuring they fully comprehend the terms and conditions involved. This can help small businesses make informed decisions and effectively access the support and resources available to them.

In addition to these new initiatives, Governor Hochul announced that the state has achieved its goal of speeding up the certification process for Minority and Women-Owned Business Certifications, reducing the wait time to less than 90 days.

Under the leadership of Governor Hochul, New York State has allocated over $1 billion in support to small businesses, including crucial funding to aid in recovery and growth during the challenging times brought about by the COVID-19 pandemic.

New York State Department of Labor Commissioner Roberta Reardon highlighted the vital role of small businesses in driving local economies and communities. She expressed the Department of Labor’s commitment to providing tailored solutions, funding access, and technical support to empower small businesses to succeed and expand their potential.

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