Governor Cuomo Announces More Than $188 Million in Loans Provided to Small Businesses in 2018

Over 80 Percent of Small Business Loans Awarded to Minority and Women-Owned Businesses

December 27, 2018

New York Small Businesses Generated More Than $1.5 Billion in Economic Impact and Created Approximately 6,000 Jobs

State Has Facilitated Over $1.2 Billion in Loans in the Last Six Years

Governor Andrew M. Cuomo today announced that New York State provided more than $188 million in direct and facilitated loans to small businesses in 2018, and that over 80 percent of those loans went to minority and women-owned businesses. The businesses that received loans from the State generated more than $1.5 billion in economic impact, created approximately 6,000 jobs and retained approximately 10,000 jobs this year. In addition, 927 businesses expanded and 624 businesses launched. This year's loans build on New York's longstanding commitment to help small businesses and entrepreneurs succeed and thrive throughout the state.

"Small businesses are the backbone of our State's booming economy, and New Yorkers with innovative ideas should have access to the support and capital they need to succeed," Governor Cuomo said. "These investments in small businesses have created new opportunities for workers in every region of the State, and the emphasis on minority- and women-owned businesses will help diversify New York's economy and ensure it remains competitive for decades to come."

Read the full press release here.