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New York State Small
Business Task Force Report and Recommendations
Small Business Workshops:
Awarding of $3.8 Million
in Funding to Community Development Financial
Institutions:
New York State Directory
of Small Business Programs:
Paterson Task Force Aims to Alter State’s Attitude Toward Small Business
More...
Governor Paterson
Announces Enhancements To New York’s Small Business
Lending Programs
More...
Governor Paterson
Announces Creation of Small Business Task Force
More...
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New York State Small Business Task Force
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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. |
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.
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