NY Rising Small Business Program
Spotlight on the NY Rising Small Business Program
Comprising 98 percent of all businesses in New York, small businesses have provided a special flare and an entrepreneurial spirit to communities throughout the State. With owners demonstrating a great deal of innovation, ingenuity and ambition, these businesses have also strengthened local economies and have employed more than half of New York’s private sector workforce.
Yet, like so many New Yorkers impacted by the devastation of Hurricane Irene, Tropical Storm Lee and Superstorm Sandy, many small businesses have struggled to recover. Thanks to the Governor’s Office of Storm Recovery– under the umbrella of NY Rising– these businesses are now receiving the assistance they need to come back even better than before.
Rendering grants of $50,000 or more, as well as low-interest loans, the Small Business Program provides support to independently-owned and operated small businesses that suffered loss as a result of recent storms. The program helps small businesses to repair or replace needed equipment or lost inventory, to renovate facilities that were damaged or destroyed, and to provide working capital needed as a direct result of the storm.
State Director of Storm Recovery, Seth Diamond, said assistance is tailored to the unique needs of each business– everything from beach-side ice cream shops, to marinas, to mom-and-pop stores or restaurants.
“Many times, small businesses just don’t have the financial resources to lay out this much money, or to take on substantial loans,” Mr. Diamond said. “Without this assistance, many would feel the stain on their bottom lines, or potentially be forced to close their doors. That would not only be a travesty for these towns, but also to the State’s economy as a whole.”
In addition, in January 2014, Governor Cuomo announced the launch of the Business Mentor NY initiative– an undertaking that helps small businesses to identify and address challenges by working with business mentors. The one-on-one guidance and counsel enables small businesses to overcome obstacles and bolster their foundations, as the economy in New York State continues to grow.
“We have received an abundance of interest from companies that would really like to serve as mentors,” Mr. Diamond said. “All of us working on this initiative are committed to helping small businesses succeed, and forge partnerships that will foster long-time stability and achievement.”
With funds for the Small Business Program being allocated to eligible applicants on a first-come, first-serve basis, interested small businesses may apply at any of the State’s Small Business Development Centers. A business advisor will help owners complete the application process.
For more information about the Small Business Program, visit: http://stormrecovery.ny.gov/