Gov. Kathy Hochul says New York has deployed more than $1 billion in capital to small businesses since 2023 as the state ramps up efforts to support entrepreneurs, expand minority- and women-owned businesses, and strengthen regional economies.
The announcement came Tuesday as Hochul marked National Small Business Month and outlined a broad package of financing programs, technical assistance initiatives, and innovation investments aimed at helping businesses launch, grow and compete statewide.
“Small businesses are the lifeblood of New York, and my administration has made historic investments to make sure they have everything they need to succeed,” Hochul said in a statement.
State officials said Empire State Development has facilitated more than 5,200 financing transactions totaling over $1 billion during the past three years through programs including the Low Interest Capital program and other lending initiatives focused on underserved communities and emerging businesses.
The state said the LINC program alone approved more than 1,400 transactions totaling more than $760 million between 2023 and 2025.
Hochul’s office also highlighted New York’s minority- and women-owned business enterprise program, saying the state achieved a 31.86% MWBE utilization rate, representing more than $3.3 billion in state contracts awarded to certified businesses.
State economic development officials said small businesses account for 98% of all businesses in New York and employ nearly 40% of the private-sector workforce.
The administration is also increasing investment in technology startups and emerging industries. Earlier this year, New York awarded more than $3 million in innovation matching grants to 28 businesses working in sectors including artificial intelligence, biotechnology, semiconductors, advanced manufacturing, and clean energy.
Through the state’s NY Ventures program, officials said New York invested $5 million this year into 25 early-stage startups spanning agriculture, fintech, medical devices, biotech, and AI-related industries.
The state additionally announced a new small business tour through the Southern Tier beginning this week, with events focused on advanced manufacturing, agriculture, tourism, and regional economic development.
Empire State Development officials said the tour is intended to gather feedback directly from business owners while promoting available state resources and financing programs.
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