News 12 Staff

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May 29, 2024, 12:34 PM

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Updated

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City officials closed out NYC Small Business Month by announcing a $10 million investment to city's next major small business loan fund.

The "NYC Future Fund" is aimed to help grow small businesses in New York City with the gap in access to affordable capital in the early stages of the business.

A report from the New York City Economic Development Corporation shows the city currently 183,000 small businesses as of 2023, which is the most recorded small businesses the city has ever had.

The report also found 62,000 small businesses were created in the past two years alone. New businesses formed were in central business districts, but officials say net business growth has been strongest in the outer boroughs.

North Brooklyn continues to lead the city's small business recovery, adding 1,000 small businesses since 2019.