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Hochul touts new initiatives to help support small businesses in NY

  • / Updated:
  • Staff Report 

Governor Kathy Hochul marked National Small Business Month by introducing new support programs for small businesses in New York State, including a $6 million Innovation Matching Grants Program. This initiative, unveiled on May 9th, aims to foster innovation among nearly 100,000 businesses insured by the New York State Insurance Fund.

In addition to the grant program, Governor Hochul announced a significant reduction in processing times for certifications of minority- and women-owned businesses, achieving a new record low. This effort builds on her administration’s commitment to enhancing the economic environment for small businesses across the state, including substantial funding allocations and the expansion of the Downtown Revitalization Initiative and other economic programs.

Empire State Development President, CEO & Commissioner Hope Knight and New York State Department of Labor Commissioner Roberta Reardon also highlighted their departments’ ongoing support for small businesses. These comments underscored a comprehensive strategy to ensure that New York remains a leader in small business support, reflecting Governor Hochul’s commitment to fostering a robust, inclusive economy.