During Black Business Month, SBS Celebrates Supports for Black Entrepreneurs in Black Labor Force Participation - SBS

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FOR IMMEDIATE RELEASE
August 15, 2024

DURING BLACK BUSINESS MONTH, SBS CELEBRATES SUPPORTS FOR BLACK ENTREPRENEURS AND MILESTONES IN BLACK LABOR FORCE PARTICIPATION

Partnership with LinkNYC Offers Free Advertising for Black-Owned Businesses Citywide

Milestones Achieved as Administration Makes Historic Investments in Neighborhoods, Workforce

NEW YORK – Today, New York City Department of Small Business Services (SBS) Acting Commissioner Dynishal Gross marked Black Business Month by celebrating milestones in Black entrepreneurship and labor force participation in New York City and announced a new partnership between SBS and LinkNYC to provide Black-owned businesses with free marketing and promotion through the LinkLocal program.

The announcement comes as the administration celebrated new labor statistics which found that the Black and Hispanic unemployment rate has dropped by more than 30 percent since Mayor Eric Adams assumed office, from 10.7 percent to 7.3 percent, and as the gap between white and black unemployment narrowed to just 4 percentage points. As of July 2024, the Black labor force participation rate climbed to 59.9 percent, exceeding pre-COVID level and reflecting an increase of 4.5 percentage points since the start of the Adams administration.

“For too long, Black New Yorkers have been left behind in our city’s economic comebacks," said First Deputy Mayor Sheena Wright. “As we celebrate Black Business Month, we're proud to see significant reductions in Black unemployment and unprecedented support for Black entrepreneurs under the Adams administration. We will continue to prioritize inclusive growth and ensure that Black communities are not just part of New York City's recovery—they are leading it.”

“New York City is leading the fight against the historic disparities that have held Black entrepreneurs back from reaching their full potential, and this Administration is committed to building out additional programs, policies, and partnerships that create further opportunity for this community,” said Deputy Mayor for Housing, Economic Development, and Workforce Maria Torres-Springer. “This Black Business Month, we are grateful for partners like LinkNYC that are helping us shine a spotlight on some of the city’s Black-owned businesses.”

“Since day one, our agency has been committed to uplifting our city's Black entrepreneurs, and bridging the equity gap through strategic investments,” said SBS Acting Commissioner Dynishal Gross. “By connecting hundreds of diverse businesses to affordable capital, matching Black jobseekers to quality jobs and training and working with partners like LinkNYC, we are reinforcing our position as the nation's leader in equity and economic development.”

“Mayor Adams’s ‘Get Stuff Done’ administration has prioritized equity, diversity, and inclusion from day one, with a particular focus on ensuring that New York City’s vast network of Black-owned businesses are equitable partners in our post-COVID economic recovery,” said Chief Business Diversity Officer Michael J. Garner. “Not only did Mayor Adams create my role as the city’s first Chief Business Diversity Officer, but in the two full fiscal years he’s been in office, the City of New York has awarded $12.5 billion in contracts to NYC-certified Minority- and Women-owned Business Enterprises (M/WBEs). In fact, Black M/WBE-certified firms have been awarded over $1 billion in city funded contracts. These contracts deliver critical goods and services for New York City while providing job creation in communities of color, homeownership opportunities, better educational opportunities, and health care options. Employment opportunities have also contributed to this administration’s successes in lowering the Black and Hispanic unemployment rate by more than 30 percent. Coupled with the great suite of support services and business resources SBS delivers daily, these efforts honor the spirit of Black Business Month and New York City’s standing as the world’s most diverse city.”

“This Black Business Month, we are celebrating the resilience of our Black-owned businesses and entrepreneurs who drive innovation, create jobs, and strengthen our communities,” said New York City Council Speaker Adrienne Adams. “These milestones, including the increases in Black women entrepreneurship and labor force participation, underscore the importance of continuing to meaningfully invest in equitable opportunities for our communities. The council is dedicated to supporting the success of Black-owned businesses and ensuring they have the help necessary to thrive. I encourage all qualifying businesses to take advantage of SBS programs and partnerships that can bolster them.”

SBS Acting Commissioner Dynishal Gross also announced a partnership through SBS’s Black Entrepreneurs NYC (BE NYC) initiative with LinkNYC to provide free neighborhood-based advertising for Black-owned businesses on LinkNYC kiosks across the city through their LinkLocal program. The first, free informational webinar about the program will be held online at 12 p.m. on Monday, August 19. Attendees must register online. Ads promoting BE NYC and its Shop Black NYC directory are currently featured on LinkNYC kiosks citywide.

The program adds to SBS’s existing suite of resources and initiatives available to the city’s 17,000 Black entrepreneurs, including:

BE NYC’s “Shop Black NYC,” an online directory of Black-owned small businesses across New York City, with filters that allow users to search by industry and by borough. Interested business owners can submit their business to the directory online.

BE NYC x VOLS Legal Services Partnership, which connects New York City business owners to one-on-one free transactional legal education, advice, and representation on business formation, contracts, taxes, intellectual property, human resources, and other emergent issues.

BE NYC Startup Intensive, a 10-session seminar series based on the FastTrac® curriculum that helps current and aspiring entrepreneurs develop their skills, including how to align business concepts with market opportunity, create business pitches, find their target market, manage business functions, and identify sources of funding. Applications are open for cohorts starting in September 2024.

SBS’s NYC Business Express Service Team (NYC BEST),which helps business owners expedite the permitting and licensing process while avoiding fines and fees. Since 2022, NYC BEST has helped more than 3,000 businesses save more than $36 million.

SBS’s 18 Workforce1 Career Centers, which connect New Yorkers with skills training, mentorships, apprenticeships, education, jobs, and career counseling.

SBS’s 7 NYC Business Solutions Centers which provide New Yorkers access to free services to start, operate, and grow small businesses.

SBS’s Contract Financing Loan Fund (CFLF), which helps small businesses serving as city vendors grow their capacity, hire new employees, and make capital improvements while they deliver on city contracts.

SBS’s Cannabis NYC initiative, which supports the development of a thriving and equitable cannabis industry with first-of-its-kind support for aspiring cannabis entrepreneurs.

As Black Business Month continues, SBS is also promoting Minority- and Women-owned Business Enterprise (M/WBE) certification and contracting. The Adams administration’s efforts to advance equity in city government contracting have resulted in significant progress for Black-owned M/WBEs from fiscal year 2021 to fiscal year 2023, including 56 percent growth in the number of contracts awarded to Black-owned certified M/WBEs and a 24 percent increase in the number of unique Black-owned M/WBEs awarded contracts. A total of $2.6 billion in awarded contracts by mayoral and non-mayoral agencies were awarded to certified MWBEs in the first three quarters of NYC Fiscal Year 2024.Individuals and business owners interested in M/WBE certification are encouraged to visit nyc.gov/getcertified or call 888-SBS-4NYC.

“Black Business Month provides a unique opportunity to highlight the importance of our City's Black-owned businesses to our city's cultural and economic vitality,” said Kenneth Ebie, Executive Director & Chief Development Officer, BE NYC. “Through programs like our Startup Intensive course, Legal Services program, the Shop Black NYC Directory, and our groundbreaking public-private partnerships, BE NYC is fully invested in the long-term success of our city's Black-owned businesses”

“We are proud to support Black-owned businesses in every borough of New York City,” said Nick Colvin, CEO of LinkNYC. “During Black Business Month and all year long, our free LinkLocal ad program helps Black entrepreneurs engage directly with their neighbors, strengthen our local economy, and bring communities together.”

About BE NYC
BE NYC, launched by the NYC Department of Small Business Services in 2019, is a first-of-its-kind model in a major American city to help address the racial wealth gap by empowering Black entrepreneurs. Through strategic public-private partnerships and innovative programs, BE NYC provides pathways to achieve systemic change by providing equitable access to financing, strengthening professional networks and advice, scaling Black businesses for long-term success, and preparing Black entrepreneurs for opportunities in high-growth industries. For more information, visit nyc.gov/benyc.

About the NYC Department of Small Business Services (SBS)
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 vibrant neighborhoods across the five boroughs. For more information on all SBS services, go to nyc.gov/sbs, call 888-SBS-4NYC, and follow us on Facebook, Twitter, Instagram, and LinkedIn.