small business

Executive Order 59 to Support Minority and Women Owned Business

Mayor Bill de Blasio today signed an Executive Order to immediately strengthen the City’s utilization of Minority and Women-Owned Businesses (M/WBEs) and announced a series of new programs with the Taskforce on Racial Inclusion and Equity to connect Black and Latinx entrepreneurs to business opportunities, including government contract matching, access to pro bono business consultants and mentorship networks. The project also will provide an opportunity for non-certified businesses to learn how to do business with the City.

The Executive Order includes directives focused on expanding the pool of contracts subject to the M/WBE program, and creating more opportunities for M/WBEs to win procurements, and establishes a Chief Diversity M/WBE Officer in all City agencies. It also encourages all City agencies to procure goods, services, and construction from M/WBEs for amounts up to $500,000, and increases oversight for high-values projects. In addition, the Executive Order ensures M/WBEs’ continued involvement in the City’s response to the ongoing State of Emergency by ensuring City agencies set M/WBE participation goals for contracts in response to the pandemic, and by requiring every City agency that is conducting procurement in response to the State of Emergency must consider at least one quote from a M/WBE before awarding the contract.

“Our City works best when everyone – regardless of race, gender or ethnicity – has the resources they need to participate in our economy,” said Mayor Bill de Blasio. “With these programs, we’re bringing business opportunities directly to diverse and talented New Yorkers who provide our City with a variety of goods and services.”

"COVID-19 has hit communities of color especially hard, and the Taskforce on Racial Inclusion and Equity has stepped in to address the disparity in opportunities that are available.” said First Lady Chirlane McCray. "These directives will help level the playing field for black and brown entrepreneurs so they can build and grow businesses that stabilize our local communities with good-paying jobs, and contribute to the vibrancy of our city."

This work is supported by the Administration's Taskforce on Racial Inclusion and Equity, which brings an equity-based approach to COVID-19 response and recovery efforts in hardest-hit communities. Services and supports are tailored to meet the unique challenges of New Yorkers in communities of color that have been disproportionately impacted by the pandemic.

The City will also help Black and Latinx communities to create online and in person mentorship networks for entrepreneurs and small businesses of color.  The new programs will be managed by the Department of Small Business Services (SBS) in coordination with the Office of Minority and Women Owned Business Enterprises and community partners. The Administration is taking aggressive steps to strengthen M/WBEs and ensure the City’s procurement reflects the diversity of New York City businesses:

  • The Administration has more than doubled the certified pool of M/WBEs since 2016 (from 4.5K to 9K), and we are nearing 10K certifications.
  • In the first three quarters of FY 2020, the City reached a record 29.5% M/WBE utilization, totaling $964 million in prime and sub-contracts.
  • The City is more than halfway to achieving the 10-year OneNYC goal awarding nearly $16 billion of $25 billion in contracts to M/WBEs by 2025; we are more than $1 billion ahead of schedule.
  • In FY19 alone, the City awarded $3.8 billion in contracts to M/WBEs through both mayoral and non-mayoral agencies.

Economic Recovery and COVID-19 Loans for Small Business from NY State

New York State is working to support small businesses throughout the COVID-19 crisis, by providing up-to-date resources and information about economic recovery and COVID-19-related loans, funding and business counseling. See below for details about applying for the New York Forward Loan Fund, targeted toward small businesses, nonprofits and small landlords, and for U.S. Small Business Administration (SBA) loans. The SBA loans are part of the $2 trillion federal stimulus bill (CARES Act) passed on March 27—and an additional $484 billion aid package signed on April 24.

New York Forward Loan Fund (NYFLF)

The New York Forward Loan Fund (NYFLF) is a new economic recovery loan program aimed at supporting New York State small businesses, nonprofits and small landlords as they reopen after the COVID-19 outbreak and NYS on PAUSE.  The NYFLF targets the state’s small businesses with 20 or fewer full-time equivalent (FTE) employees (90% of all businesses), nonprofits and small landlords that have seen a loss of rental income.  The NYFLF is specifically timed to support businesses and organizations as they proceed to reopen and have upfront expenses to comply with guidelines (e.g., inventory, marketing, refitting for new social distancing guidelines) under the New York Forward Plan.   

Pre-applications for the New York Forward Loan Fund are now open.  Priority will be given to industries and regions that have been reopened.  This is not a first-come, first-served loan program.  Applications will be reviewed on a rolling basis as regions and industries reopen. 

For small businesses and nonprofits that are in industries and regions that have not yet reopened, you are encouraged to prepare your pre-application in advance by taking advantage of the application preparation resources available here.  

  • Small businesses and nonprofits must employ 20 or fewer full-time equivalent (FTE) employees; 
  • Small businesses must have gross revenues of less than $3 million per year;
  • Nonprofits must provide direct services and have an annual operating budget of less than $3 million per year; and
  • Have not received a loan from either SBA Paycheck Protection Program (PPP) or SBA Economic Injury Disaster Loan (EIDL) for COVID-19 in 2020.

Click here for more information on how to apply

SBA Paycheck Protection Program (PPP)

The PPP provides $659 billion in loans to small business, nonprofits, sole proprietors and other eligible entities with fewer than 500 employees. Loans of up to $10 million can be obtained to cover certain business costs including employee payroll, rent, insurance, paid sick or medical leave, interest on mortgage obligations and utilities. 

  • PPP loans cover costs incurred February 15, 2020 – December 31, 2020
  • Up to 24 weeks of eligible expenses may be forgiven
  • Loan repayments will be deferred until eligible expenses are approved

Click here for more information on how to apply

SBA Subsidy Loan Program

The $2 trillion CARES Act also provides benefits for businesses with existing SBA loans.  Eligible businesses can apply for the SBA to pay interest and principal payments for 6 months on their existing SBA loans.

  • For SBA loans made prior to March 27, 2020
  • SBA loan types eligible: 7(a), community advantage, 504 and microloans.

Click here for more information on how to apply

SBA Economic Injury Disaster Loan (EIDL) Program

Provides small businesses and nonprofits with low-interest loans of up to $2 million to help overcome other financial losses due to COVID-19. 

Click here for more information on how to apply