New York Small Business Grants

What Are New York Small Business Grants

Small business owners in New York face challenges with a slowly recovering economy and constrained lending from traditional sources, but these disadvantages are countered by a number of grants offered at the state and federal levels. Business owners in New York are eligible for many different New York Small Business Grants, everything from energy efficient upgrades to loans meant to help rebuild after a disaster. Because small businesses make up 98 percent of all businesses and employ more than 50 percent of the American workforce, these grants are seen as a way to boost employment and drive economic development.

Benefits Of New York Small Business Grants

For entrepreneurs in the Empire State, New York Small Business Grants are a way of providing the assistance and funding necessary to sustain themselves. Because these businesses are often newer or working to establish a place in the particular market, they can be susceptible to dips in the economy. The recession that began at the end of the 2000s brought not only many difficulties for these businesses, but also opened many opportunities. The Ewing Marion Kauffman Foundation noted that 2009 saw the highest number of start-ups in the past 14 years, as many out-of-work individuals took the opportunity to start businesses they had long planned.

Small business grants are valuable both for businesses struggling in a recession or those in the start-up phase. Because of the variety of grants available, businesses of any size and age are able to find help.

Who Is Eligible to Apply For New York Small Business Grants

Because the state aims to help the widest array of business owners possible, there are New York Small Business Grants available for nearly every type of business. A business grant guide published by Sen. Kirsten Gillibrand highlights the different types of grants available to entrepreneurs in New York. This includes microloans, which can be as large as $35,000 but average $13,000. The New York Small Business Administration uses wide-ranging eligibility standards to make these available to the widest group of businesses possible.

How To Apply For New York Small Business Grants

Entrepreneurs who can benefit from these New York Small Business Grants can turn to the state’s Small Business Development Center for help connecting and applying. The department’s website gives links to different loans as well as resources from Gillibrand’s office.