$50 Million in New Capital Access Will Expand Opportunities and Fuel Growth for Underserved Entrepreneurs Statewide
MWBE Expo Series and Business Growth Accelerator Program Expand Opportunities Across New York State
Visit ESD's Small Business Hub at esd.ny.gov/smallbusiness
Visit ESD’s MWBE Hub at esd.ny.gov/mwbe
In celebration of National Small Business Month, Empire State Development today announced new and continuing initiatives to drive small business growth and advance economic equity across New York State. Key efforts include a new $50 million Loan Guarantee Program and the ongoing $50 million Airport Concessions Disadvantaged Business Enterprise (ACDBE) Fund to increase access to capital, along with the continuing $10 million Main Street Capital Loan Fund to support early-stage businesses. ESD also highlighted support for Minority- and Women-Owned Business Enterprises (MWBEs), including the return of the MWBE Regional Expo Series, the Business Growth Accelerator Program, and a new $1.5 million MWBE discretionary contracting threshold. Together, these programs reflect New York’s commitment to building a stronger, more inclusive economy through small business opportunity and empowerment.
Empire State Development President, CEO and Commissioner Hope Knight said, “New York State is leading the way in creating innovative solutions that empower small businesses to prosper in today's economy. Small businesses create jobs, revitalize neighborhoods, and bring essential services to communities across our state - when they succeed, all New Yorkers benefit. When we invest in entrepreneurs, we’re investing in stronger communities, better jobs, and a more inclusive economy that uplifts every corner of the Empire State."
$50 Million Loan Guarantee Program
Administered by Empire State Development and funded through the State Small Business Credit Initiative, this new program expands access to capital for small businesses, particularly those owned by socially and economically disadvantaged individuals. By providing financial backing to regional and community banks and credit unions, the program is expected to unlock up to $200 million in private lending. Small businesses can apply for loans up to $500,000, repayable over five years. Funds can support startup costs, working capital, equipment acquisition, inventory purchases, and business property improvements.
Learn More: Businesses can email [email protected] for more information.
$50 Million Airport Concessions Disadvantaged Business Enterprise Fund
The Airport Concessions Disadvantaged Business Enterprise (ACDBE) Fund continues to provide critical support to certified-ACDBE businesses seeking concession opportunities at the Port Authority's New York City airports. The ongoing fund helps disadvantaged businesses overcome barriers to accessing affordable capital, allowing them to compete for contracts in high-growth airport markets. Supported by funding from ESD's Metropolitan Economic Revitalization Fund and the State Small Business Credit Initiative, the program offers loans ranging from $50,000 to $5 million as well as credit enhancements through participating banks and community development financial institutions. Funds can be used for working capital, equipment acquisition, inventory purchases, and leasehold improvements at JFK or LaGuardia Airport.
Learn More: Businesses can email [email protected] for more information.
$10 Million Main Street Capital Loan Fund
The existing Main Street Capital Loan Fund offers term loans of $100,000 or less, available for startups and early-stage businesses, particularly those in communities that have historically faced challenges in obtaining adequate credit or favorable terms. The program offers loans with a fixed interest rate and requires only interest payments for the first year, providing critical breathing room for new businesses to grow. Loans can be used for working capital, acquiring equipment and essential assets, and hiring talent.
How to Apply: Eligible businesses can learn more at esd.ny.gov/main-street-capital-loan-fund.
Supporting Minority and Women-Owned Businesses
New York State provides comprehensive support for minority and women-owned businesses through various initiatives. Business owners can take advantage of the state's MWBE certification program, which provides certified businesses with increased access to government contracting opportunities, dedicated financing programs, business development workshops, and networking events with potential clients. Certified businesses are listed in the NYS MWBE Directory used by agencies and prime contractors, can participate in specialized lending and bonding programs, and receive technical assistance to build business capacity.
Additionally, the FY26 Enacted Budget will eliminate barriers for minority and women-owned businesses to contract with state agencies and authorities by increasing the discretionary purchasing threshold from $500,000 for authorities and $750,000 for agencies to $1.5 million for both agencies and authorities. This builds on Governor Hochul’s commitment to expanding opportunities for MWBE firms while bringing the State’s threshold into alignment with those of the MTA and New York City.
Learn more: For MWBE certification assistance, eligibility requirements, and more information, visit esd.ny.gov/mwbe.
MWBE Regional Expo Series
The New York State Minority and Women-owned Business Enterprise (MWBE) Regional Expo Series returns this summer with events in the Downstate and Upstate regions. The Downstate New York Expo will be held on June 26, 2025, in New York City, while the Upstate New York Expo will take place on July 23, 2025, in Syracuse. This series brings together various New York State agencies, authorities, and prime contractors to provide MWBE firms with information on contracting opportunities and meaningful relationship building.
For the first time, the expo series will feature live business connection sessions where MWBEs can participate in scheduled one-on-one meetings with procurement officials and prime contractors, receive immediate feedback on capability statements, and gain direct introductions to decision-makers for contracts aligned with their business offerings. The MWBE Expo Series is held in-person only and is free of charge with registration.
How to Register: Interested attendees can register for the Downstate Expo on June 26 and for the Upstate Expo on July 23. Learn more about the MWBE Expo Series here.
Business Growth Accelerator Program
The Business Growth Accelerator Program (BGA 3.0) offers intensive, regionally delivered business development services and technical assistance to help MWBEs scale and access public and private contracting opportunities. The program has demonstrated impressive results, with its previous iteration yielding 73 graduates, almost $106 million in contracts awarded, and over 100 hours in one-on-one technical assistance.
Building on this success, BGA 3.0 will serve 200 MWBEs with comprehensive training in business administration, procurement, and financial management; individualized mentorship; exclusive networking opportunities with potential clients and partners; connections to funding and industry experts; and customized business growth plans to guide long-term success.
How to Apply: Interested MWBEs can learn more and apply for BGA 3.0 at esd.ny.gov/mwbe-business-growth-accelerator-program
New York State Support for Small Businesses
With nearly 685,000 small businesses employing more than 4.3 million New Yorkers across sectors from retail and food service to finance, agriculture, and construction, these enterprises form the backbone of the state's economy. Under Governor Hochul's leadership, New York has fostered a comprehensive ecosystem of support through strategic investments, targeted capital access programs, and a commitment to breaking down historical barriers. New York's network of Small Business Development Centers and Entrepreneurial Assistance Centers also provides personalized guidance to entrepreneurs, complemented by resources available at Empire State Development's Small Business Hub esd.ny.gov/smallbusiness.
New York's MWBE program has exceeded its 30 percent utilization goal for four consecutive years, with a nation-leading 32.21 percent rate. This has resulted in nearly $3 billion in state contracts awarded to certified MWBEs in FY 2023-24 and almost $12 billion in awards since Governor Hochul took office. Through these efforts, New York continues to strengthen pathways to prosperity for today's entrepreneurs while creating opportunities for businesses across the Empire State.
Contact:
ESD Press Office | [email protected] | (800) 260-7313
Emily Mijatovic | [email protected] | (212) 803-3692