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How are small businesses in New York doing? DiNapoli report highlights opportunities and shortcomings

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  • Staff Report 

State Comptroller Thomas P. DiNapoli released an analysis revealing New York’s strong entrepreneurial activity, particularly among female and minority-owned businesses, despite the challenges of the pandemic. While these businesses surpass national averages in representation, they still constitute less than a quarter of all business owners in the state. DiNapoli emphasized the importance of policies to encourage the growth of diverse small businesses, aligning with New York’s entrepreneurial spirit and diverse population.


The report detailed that the primary motivations for New Yorkers starting their businesses included independence, income potential, flexible hours, and work-life balance. Notably, the majority of business owners rely on their ventures as their primary income source. However, certain groups, such as Hispanic and Black business owners, remain underrepresented compared to their population percentages. Additionally, New York falls behind in veteran-owned businesses, prompting a call for more targeted support.

DiNapoli advocated for expanding programs that aid small businesses, emphasizing the need for efficient allocation of federal funds to improve access to capital for underserved groups. He highlighted initiatives like the Business Mentor NY program and Entrepreneurial Assistance Centers, alongside the State Small Business Credit Initiative, as vital resources for fostering an inclusive and thriving small business ecosystem in New York.