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New York State Small Business Task Force

 

On December 1, 2009, the Governor received the recommendations of his Small Business Task Force. Following the Governor’s approval/disproval, the recommendations for improving the State’s relationship with and support for small business will be developed into actionable initiatives aimed at spurring economic growth and making doing business easier. CLICK HERE to read the task force's recommendations.

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Small businesses represent more than 98 percent of all of the State’s private employers and employ 55 percent of the State’s active private sector labor force. However, the economic recession has hit small businesses especially hard, forcing many to shed jobs or scale back operations. Making matters worse, the credit crisis has made it more difficult to secure financing, which limits growth opportunities and jeopardizes short-term business stability.

Assuming office in the midst of the State’s worst economic crisis since the Great Depression, Governor Paterson immediately recognized the ability of small business recovery to reinvigorate the State’s economic development. Despite a looming state budget deficit and an economy that had bottomed out, the Paterson administration took advantage of several opportunities to strengthen existing commitments to small business, including:

• Expanding Empire State Development’s (ESD’s) Entrepreneurial Assistance Program to cover all regions of the State
• Increasing support for the State’s Community Development Financial Institution (CDFI) Assistance Program from $1.7 to $4 million
• Setting aside $5 million in federal Community Development Block Grants for small business support
• Making it easier to qualify for the State’s Linked Deposit Program, a program that lowers interest rates to businesses on qualifying bank loans.

In the spring of 2009, focus groups were held with small business stakeholders throughout New York State. Issues identified at these focus sessions were the high costs of doing business in New York, the availability of affordable financial capital, access to appropriate technical assistance, and the need for an adequately trained workforce.

The Governor determined to follow up on the concerns identified by the focus group process by creating the Small Business Task Force (SBTF) in late June, which consisted of 60 stakeholders from the public, private, and nonprofit sectors. The mission of the SBTF was to develop a range of specific and realistic recommendations of state initiatives that would help meet the needs of small businesses raised in the focus groups. As a result, the Task Force unveiled the New York State Directory of Small Business Programs and New York State Small Business Lending Guide. Both are the result of an effort to provide much needed supports to small business owners and aspiring entrepreneurs.
 

The New York State Small Business Task Force | SBTFWEB@empire.state.ny.us

 
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