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Governor Hochul Joins Biden Administration Effort To Advance Equity For Small Businesses As Part Of $500 Million Investment Through State Small Business Credit Initiative

Initiative for Inclusive Entrepreneurship Will Help New York’s Certified MWBEs Build Capacity, Explore Funding Options, and Secure Access to Growth Capital

Follows $501.6 Million Federal Investment to Support Small Business Recovery Following the Pandemic and Help Traditionally Disadvantaged Businesses Succeed in the Post-Pandemic Economy

Builds on Governor Hochul’s Commitment to Supporting Minority- and Women-Owned Businesses in New York State 

Governor Hochul today announced that New York will participate in the federal Initiative for Inclusive Entrepreneurship, a national effort led by the U.S. Department of the Treasury to expand access to capital for socially and economically disadvantaged individual owned small businesses. Announced in October 2022 by Vice President Kamala Harris, the Initiative for Inclusive Entrepreneurship aims to help small businesses owned by people from historically disadvantaged populations and ensure equitable implementation of the U.S. Treasury's $10 billion State Small Business Credit Initiative – of which New York received more than $500 million. The initiative, which seeks to help MWBEs secure growth capital and move into larger contracts, complements Governor Hochul’s commitment to supporting MWBEs across New York State.

“New York’s business landscape must reflect the rich diversity of our state,” Governor Hochul said. “My administration is committed to helping break down the systemic barriers that minority- and women-owned businesses face, and with the Biden administration’s partnership, we can ensure that all businesses have the opportunity to thrive in New York State.” 

Empire State Development President, CEO and Commissioner Hope Knight said, “The federal SSBCI program is an important tool to ensure that all of New York’s small businesses have the tools they need to succeed. Access to capital and training gives businesses the ability to grow and thrive and we are proud to be one of only eight states chosen to participate in the Initiative for Inclusive Entrepreneurship, and partner with Founders First to expand the reach of SEDI-owned businesses in New York State.”

Read the full press release here.