AGENCY TESTIMONY
Post-pandemic economic recovery initiatives for small businesses
0:14:24
ยท
96 sec
Commissioner Gross outlines the city's response to the economic impact of the pandemic on small businesses, highlighting key initiatives launched by the Adams administration in 2022.
- Mentions the creation of a blueprint for economic recovery
- Highlights the New York City Small Business Opportunity Fund, which awarded over $85 million to more than 1,000 small businesses
- Discusses the Commercial Lease Assistance program, which was critical during the pandemic and has been baselined under the current administration
Dynishal Gross
0:14:24
Nearly 5 years ago, our city faced one of its most difficult periods.
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A global pandemic and ensuing economic crisis resulted in the loss of thousands of small businesses and nearly 23% of New York City's private jobs in the span of just a couple of months.
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Businesses are integral to every aspect of city life.
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They contribute to the economy through taxes.
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They contribute to the social safety net.
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They provide goods and services.
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They create jobs that foster economic mobility, and they enhance neighborhood vibrancy and public safety.
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The presence of successful operating businesses strengthens community well-being and resilience.
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At the start of 2022, the Adams administration responded to the post pandemic impact on small businesses by producing a robust blueprint for economic recovery, which included historic investments, support for our commercial corridors, and the launch of new programs aimed at expanding access to low cost capital for small businesses.
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One such program, the New York City Small Business Opportunity Fund, awarded more than $85,000,000 in capital to over 1,000 small businesses citywide.
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Our commercial lease assistance program, which was launched in 2018, was baselined under the Adams administration.
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Commercial lease assistance was critical during the pandemic in helping businesses negotiate leases and repayment plans for those struggling to meet their commercial rent obligations.