With 2.2 million registered small businesses in New York state, the process to secure grants is highly competitive. Having the right knowledge about various grant opportunities and the proper strategy can help you secure funding for your business.
Empire State Development’s COVID-19 Pandemic Small Business Recovery Loan Program offers financing for businesses with a variety of operational costs related to the pandemic.
1. The Small Business Administration (SBA)
If you’re looking to start or grow a business, the Small Business Administration has a variety of tools available for New York City entrepreneurs. The agency focuses on helping businesses with government contracting, entrepreneurial development, access to capital and advocating for them at the local level. To qualify for an SBA grant, you must meet certain criteria such as the type of business you operate, your annual revenues and how long you’ve been in operation. There are also specific grants for those who belong to certain groups including women, minority business owners and people with disabilities.
To learn more about the SBA’s programs, visit their website. There, you can also find resources and the latest news on funding opportunities. The SBA also maintains an office of advocacy, which advances the concerns and rights of small business owners in legislative debates in Washington DC. In addition, the Office of Advocacy gathers state profiles and prepares economic reports to improve small business owners’ understanding of the economy.
While the SBA does not provide direct financing to businesses, they do provide a number of financial assistance programs that are designed to meet key financing needs. These include the 7(a) loan program, which guarantees loans that are provided by financial institutions. By guaranteeing loans, the SBA helps small businesses secure them more easily and with lower payments than they might otherwise be able to afford.
Other SBA programs include the Global NY Fund, which is a grant that helps small businesses with costs associated with exporting. The program provides funding for a wide range of activities such as participating in trade shows, export training workshops and market customization. This program is a great way for New York-based businesses to expand their international reach.
Another great resource is the SBA’s network of counseling centers across the country. These centers are staffed by highly trained and experienced counselors who can help you determine your eligibility for specific grant opportunities. In addition, they can connect you with other resources that can help your business. These networks can be particularly helpful if you’re looking for a business owner mentor or need advice on how to structure your company.
2. Empire State Development (ESD)
Empire State Development (ESD) offers many programs to help entrepreneurs start and grow a business. These include a variety of grants, loans, and tax incentives. This organization also offers numerous services, such as workshops and training courses. Additionally, it publishes a number of startup guides and offers free legal services for startups. These resources are available to New York residents and businesses.
ESDS’s COVID-19 Pandemic Small Business Recovery Grant Program provides funding for small businesses and for-profit independent arts and cultural organizations that were impacted by the pandemic. The $800 million grant program offers both working capital and capital grant programs. The former is intended to support the costs associated with pre-development activities that are necessary to make a site FAST NY-certified shovel-ready, while the latter is meant to help finance infrastructure upgrades needed to attract future economic development activity.
The application process requires documentation of the applicant’s business’s financial health and past performance. This includes a most recent federal business tax return and prior three months of bank statements that show current activity. In addition, applicants must certify that they have not received funds from other ESD programs in the past. Furthermore, a letter of support must be provided by the chief executive or legislative resolution of any municipality that maintains land use control over the proposed project site.
Other documentation may be required, depending on the type of grant requested. For example, if applying for the Working Capital Grant, applicants must submit an estimated budget and projected cash flow. In the case of the capital grants, applicants must provide detailed cost estimates for the infrastructure upgrades they are seeking. In addition, a plan for how the infrastructure upgrades will be accomplished must be included in the application.
If you are an immigrant entrepreneur, you may qualify for special state grants and financing opportunities. For instance, the New York Foundation awards grants to immigrants who own companies that serve critical populations such as youth or elderly adults, as well as those that are involved in advocacy and community organizing. In addition, immigrant entrepreneurs can apply for the New York StartUP! Business Plan Competition to win up to $15,000 in funding.
3. The Tory Burch Foundation
When Tory Burch founded her eponymous fashion empire, the goal was always to use it as a platform for philanthropic initiatives that would support women and children. Five years after the brand made its debut with her signature preppy-classic-meets-elevated-sophistication aesthetic, she launched The Tory Burch Foundation in 2009.
The Foundation focuses on empowering women and addressing inequality. One way it does this is by partnering with organizations like Fearless Fund to offer grants to women entrepreneurs of color. Those in need can apply for up to $10,000 to help with business education, mentorship support, and more.
In addition to its grant programs, the Foundation also hosts a series of events and initiatives to tackle issues faced by women in business. In 2017, it hosted the Embrace Ambition Summit, which brought together female leaders from across industries to discuss how they’re confronting stereotypes and changing the narrative around ambition for women. Smartzer founder Karoline Gross was among those to attend the event, which aims to eliminate negative connotations around the word and encourage women to embrace their own ambitions.
During her time as CEO of the fashion powerhouse, Burch created Tory Sport, a line of activewear inspired by the grace and strength of athletes. The line has since expanded to include a number of boutiques and online stores. The brand also carries a full collection of home and apparel, including the Tory Burch collection, which combines classic American style with global influences and an ethos of empowerment and individuality.
While Burch has turned over day-to-day operations to her daughter, she remains an Executive Chairman and Chief Creative Officer of the company. In fact, she recently revealed in an interview that her focus is more on design than ever, and that she’s ready to take the reins of the business to the next level.
Whether she’s discussing social change at the Embrace Ambition Summit or designing her latest collection, she’s a role model for women in business and has demonstrated that it’s possible to balance work and family. As more and more women are launching businesses, they’re becoming a powerful force in the economy. With the right support, those business owners can flourish.
4. The City of New York
New York City, a global powerhouse with one of the largest economies in the world, is home to numerous Fortune 500 companies. It also has a large number of small businesses that help create jobs and contribute to the local economy. The city has many resources that can help entrepreneurs start and grow their business, including grants. In addition, it has several initiatives that target specific groups, such as women and minorities.
In addition to providing funding, grant programs can help entrepreneurs make smart financial decisions. However, it is important to remember that grant funds are not always available and can expire at any time. As a result, it is important for entrepreneurs to carefully weigh the pros and cons of each option.
The City of New York has a variety of programs to help small businesses, from the NYC Small Business Opportunity Fund to the Global NY Export Loan Program. The latter offers financing for both for-profit and nonprofit businesses to increase their global exports by up to $100,000. Applicants should consult with a Global NY Representative to ensure they meet all the requirements.
Founded in 1898, the City of New York is a metropolis with a population of over eight million people. It has five boroughs: Brooklyn, Manhattan, Queens, the Bronx, and Staten Island, each with its own distinct character. It is also a leading center for finance, politics, entertainment, and culture.
In order to qualify for a grant, businesses must submit an application through the online portal. The application requires detailed information, such as gross receipts, the number of employees, and business type. In addition, applicants must meet the requirements for being a for-profit company and be in operation for at least one year.
In addition to the city’s business development programs, Empire State Development has set up Innovation Hot Spots and Certified Business Incubators throughout the state. These centers are designed to support entrepreneurs by providing mentoring, coaching, and networking connections. They also provide physical space, administrative staff, and access to capital. The Centers also coordinate regional entrepreneurial ecosystems and offer a variety of other services.
