Supporting New York's Entrepreneurs

Governor Kathy Hochul today celebrated National Small Business Month, which occurs each May, by highlighting New York State's ongoing commitment to supporting its small business community. The Governor underscored major milestones in access to capital — including more than $1 billion deployed to small businesses since 2023 — and spotlighted the suite of programs available through Empire State Development to help entrepreneurs across every region of the state launch, grow and succeed. From capital access and innovation grants to technical assistance and workforce support, New York continues to expand the resources available to the small businesses that drive the state's economy. Find a full array of programs to support New York's small businesses on the Division of Small Business & Technology Development page.

“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,” Governor Hochul said. “More than $1 billion in capital deployed, a record MWBE utilization rate and new rounds of innovation grants opening doors for entrepreneurs across every region of the state. This is what our small businesses deserve, and we will keep delivering.”

Empire State Development President, CEO and Commissioner Hope Knight said, “New York's small businesses are the engines of our communities, and we are proud to celebrate the innovation, creativity and resilience of our entrepreneurs this month and every month. Under Governor Hochul's leadership, we have deployed over $1 billion in capital, expanded access to financing in underserved markets and opened new doors for minority- and women-owned businesses. We are building on that momentum with programs like the Innovation Matching Grants and LINC to make New York the best state in the nation to start and grow a business.”

New York State Department of Agriculture and Markets Commissioner Richard A. Ball said, “The Department is proud to support our farmers and agribusinesses across the State, many of which are small, family run operations that contribute in a big way to their communities and local economies. From our marketing to grant programs, there are a number of resources available for new and beginning farmers as well as those who have long been in operation. I thank Governor Hochul for her commitment to agriculture, ensuring that New York’s hard-working farmers and agribusinesses can continue to grow and to produce some of the world’s best food and beverages for our families.”

New York State Department of Labor Commissioner Roberta Reardon said, “Small businesses are central to the vitality of communities in every part of New York State. The New York State Department of Labor works with thousands of businesses each year to help recruit workers, find tax incentives and comply with state regulations. We encourage all small businesses to take advantage of the many free services we offer to help them thrive in this ever-evolving global market.”

Empire State Development Division of Minority and Women's Business Development Executive Director Jason M. Clark, Esq. said, “MWBE certification opens the door to exciting new contracting opportunities, exclusive business development resources, and offers a pathway for long-term growth. Under Governor Hochul’s leadership, minority and women-owned businesses are participating in more state contracts than ever before. I encourage eligible businesses to get certified and take advantage of what New York State’s MWBE program has to offer.”

Chair of the Senate Committee on Commerce, Economic Development, and Small Business Senator April N.M. Baskin said, “During National Small Business Month, I want to recognize the business owners and entrepreneurs who are the backbone of New York’s economy. They are the dreamers and innovators who fuel our economy, shape our neighborhoods, and help build generational wealth for families. We don’t have strong communities without a strong economy – and we don’t have a strong economy without small businesses. I commend Governor Hochul and our state economic development leaders for their continued commitment to supporting small businesses by expanding access to capital and opportunity across New York.”

Across New York, small businesses — those with fewer than 100 employees — account for 98 percent of all businesses in the state and employ nearly 40 percent of the private-sector workforce. New York’s leading industries by employment include health care and social assistance, tourism, retail trade, professional and technical services, and finance and insurance.

Under Governor Hochul's leadership, New York State has expanded access to capital, technical assistance, and training to help entrepreneurs launch, grow and strengthen their businesses. ESD offers a suite of programs tailored to the needs of startups, early-stage ventures, and established small businesses across every region of the state, including:

• Main Street Capital Loan Fund – Provides loans of up to $100,000 to startups and early-stage businesses, with a focus on communities that have historically lacked access to affordable credit. Learn more about the Main Street Capital Loan Fund.
• Small Business Technical Assistance – A statewide program offering free expert legal, accounting and financial services to help small businesses navigate funding requirements and improve access to capital. Learn more about the SSBCI Technical Assistance Program.
• Entrepreneurship Assistance Centers – A network of 26 centers providing training, technical assistance and business development support to new and early-stage entrepreneurs. Learn about the Entrepreneurship Assistance Centers Program.
• Low Interest Capital (LINC) Program – Helps small businesses secure financing at more affordable interest rates. Learn about the New York State Linked Deposit Program (LINC).

Capital Access: Over $1 Billion Deployed Since 2023

Since 2023, ESD's Capital Access team has facilitated more than 5,271 transactions totaling over $1 billion in capital through the Low Interest Capital (LINC) program, and other financing initiatives designed to expand access to credit for small businesses across New York State, particularly in underserved markets.

LINC alone has approved more than 1,400 transactions totaling over $760 million of funding during this period (2023-25). Expanded by Governor Hochul to increase total loan capacity from $560 million to $1.1 billion, the program has supported over 7,000 small businesses loans statewide, enabling over $2.6 billion in lending, resulting in more than $5 billion in new capital investments since inception. Learn about the New York State Small Business Credit Initiative (SSBCI).

New York State Department of Labor Services

NYSDOL’s Services for Businesses hub is an online resource to help businesses of any scale, providing access to useful information including workforce recruitment assistance, hiring incentives and tax credits, free consultation services, the Shared Work program and much more. Small businesses can also work with NYSDOL Business Services Representatives to identify solutions to help meet their goals. The Business Advocacy Office is also available to provide additional resources, support and expertise to help New York’s businesses navigate challenges and grow.

Get MWBE Certified and Access State Contracting Opportunities

New York has the highest MWBE utilization rate in the country, with 31.86 percent of state contracts going to certified businesses — representing over $3.3 billion in state contracts. MWBE certification opens the door to state contracting opportunities, business development resources and a network of public and private partners. Minority- and women-owned businesses across New York State are encouraged to apply.

In addition, New York State supports businesses of all sizes through resources including the NYS Contract Reporter, where businesses can pursue prime and subcontracting opportunities connected to public projects across the state. In further support of businesses working on New York State contracts, the New York State Contractor Financing Program provides $37 million of capital to help contractors successfully execute contracts and ease timing of payments from agencies or municipalities.

Sign up for New York State MWBE updates. Learn more about MWBE certification. Learn more about State contracting opportunities.

Investing in Innovation and Emerging Industries

New York State continues investing in innovation-driven startups and emerging industries through programs administered by ESD’s Division of Science, Technology and Innovation (NYSTAR), NY Ventures and other initiatives supporting cleantech development, startup accelerators and incubators and emerging technology ecosystems statewide.

Earlier this year, NYSTAR awarded more than $3 million to 28 New York small businesses through Round 4 of the Innovation Matching Grants Program, supporting companies in sectors including artificial intelligence, life sciences, clean energy, semi-conductors and advanced manufacturing. The program helps businesses accelerate commercialization and growth following receipt of federal Small Business Innovation Research (SBIR) or Small Business Technology Transfer (STTR) awards.

Learn more about innovation support development resources.

NY Ventures Invests $5 Million in 25 Early-Stage Startups Across Strategic Sectors

New York State, one of the world's largest venture capital markets, remains a powerhouse for high-growth startups. Through NY Ventures, which manages $320 million of venture capital funding, the State continues funding innovative entrepreneurs. Recognizing that early support is vital, $40 million of this capital is dedicated to pre-seed and seed-stage companies.

In 2025, through this dedicated early-stage fund alone, NY Ventures invested $5 million across 25 promising startups, building the next generation of industry leaders in clean energy, biotech, AI, advanced manufacturing, agriculture, fintech and medical devices.

Learn more about venture capital.

New York State Small Business Tour

Empire State Development will connect directly with entrepreneurs statewide through its Small Business Tour, beginning May 27th and 28th in the Southern Tier. These two events will focus on sharing updates and information with business owners as well as hearing their feedback on how New York State can best support them in strengthening their local economies. These two events will focus on advanced manufacturing, agriculture and tourism. Sign up for ESD’s Small Business newsletter to learn about more events planned for later this year.

About New York State Department of Agriculture and Markets

The New York State Department of Agriculture and Markets supports New York's nearly 32,000 farms, 700 farmers' markets and farm stands, and thousands of small agribusinesses through a variety of programs and initiatives that aim to enhance their business and increase productivity, profitability and competitiveness. It also provides direct promotional opportunities through initiatives like the NYS Grown & Certified program and the Taste NY program, which markets local New York agricultural products at its more than 70 Taste NY locations across the State, including Taste NY Markets at the State's Welcome Centers. Visit Taste NY to find your local Welcome Center/ Taste NY Market.