City Exceeds Goal for Connecting Industrial Businesses to Financing During FY 2018

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FOR IMMEDIATE RELEASE
Tuesday, July 24, 2018

Contact: Catherine Tenuta, SBS Press Associate - ctenuta@sbs.nyc.gov, 212-618-8768

CITY EXCEEDS GOAL FOR CONNECTING INDUSTRIAL BUSINESSES TO FINANCING DURING FY 2018

Program Helped 83 Industrial Businesses Access over $31 Million - More Than Double the Original Goal

New York – NYC Deputy Mayor J. Phillip Thompson and NYC Department of Small Business Services (SBS) Commissioner Gregg Bishop today announced that the City has exceeded its goal for helping industrial businesses access capital during fiscal year 2018. During this period, SBS’ Industrial Business Service Providers (IBSP) program connected 83 businesses to over $31 million, more than double the original goal of $15 million. The IBSP program helps local industrial businesses connect to reliable lenders and complete the loan application process. Since the start of Mayor Bill de Blasio’s administration, the IBSP program has connected over 250 businesses to nearly $90 million in capital.

“Exceeding our ambitious goal for connecting local industrial businesses to financing speaks volumes to the City’s commitment, under Mayor Bill de Blasio’s leadership, to helping small businesses succeed in New York City,” said J. Phillip Thompson, NYC Deputy Mayor for Strategic Policy Initiatives.

“The number one issue that we see for small business owners is access to the capital needed to start and grow a business,” said Gregg Bishop, Commissioner of the NYC Department of Small Business Services. “Exceeding our financing goal by 100% demonstrates an ambitious effort to ensure that businesses can continue to thrive in New York City.”

Through SBS’ IBSP program, trained specialists work with manufacturing, construction, transportation, wholesale, utility, or film production businesses to provide services including:

Connection to money-saving incentives,

Assistance navigating government rules and regulations,

Access to capital; and

Employee recruitment and training.

The IBSP program also collects real-time data on industrial and manufacturing businesses, enabling the City to refine policies and better respond to the evolving needs of industrial and manufacturing businesses.

For more information on the IBSP program, visit nyc.gov/sbs .

“Brooklyn’s industrial sector is the engine of our entire city, and I commend SBS for awarding 34 of our borough’s industrial businesses with over $14.7 million in funding, which will undoubtedly propel them to new heights in growth and innovation,” said Eric Adams, Brooklyn Borough President. “Let’s continue supporting our industrial sector so that it can create more good-paying jobs and create more products and services that strengthen our economy.”

“I am pleased to see several Staten Island businesses benefit from this program, which has helped boost our economy and contributed to the growth of industrial businesses on Staten Island,” said James Oddo, Staten Island Borough President.

About the Department of Small Business Services

SBS helps unlock economic potential and create economic security for all New Yorkers by connecting New Yorkers to good jobs, creating stronger businesses, and building thriving neighborhoods across the five boroughs. For more information, visit nyc.gov/sbs, call 311, and follow us on Facebook, Twitter, and Instagram.