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Q&A
Details and impact of the Small Business Opportunity Fund
1:23:41
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95 sec
Council Member Feliz inquires about the Small Business Opportunity Fund, a public-private sector loan fund designed to help small business owners. Commissioner Kim provides details on the program's reach and impact.
- The fund has served 1,046 businesses with an average loan of $80,000 per business
- 15% of awardees are startups, addressing a critical need for new businesses to access capital
- The program has distributed funds to businesses in every city council district
- 14% of the funds went to businesses in the Bronx, ensuring fair distribution across the city
Oswald Feliz
1:23:41
So that's obviously a program designed to to help small business owners.
1:23:45
By launching a public, private sector loan, fund directed at our small businesses.
1:23:51
How many businesses have been served by that them.
1:23:53
Over
Kevin Kim
1:23:54
over a 1000 it's a 1046 businesses to be exact at an average of $80,000 per business.
1:24:02
The the favorable program that was that was created was because, again, no minimum credit score.
1:24:11
The other unique part of this program was that 15% of all the awardees are start ups.
1:24:17
And the start ups, as you all know, they have the toughest time accessing capital.
1:24:22
But what we're seeing in New York City is that there are a lot of women owned and minority owned businesses that were starting since the pandemic.
1:24:32
They came out and got creative.
1:24:34
They didn't wanna go work in an office setting necessarily.
1:24:36
So there were a lot of new law businesses that were starting, but they had no way to access capital.
1:24:40
And then our program addressed that need by making sure that it's 15%.
1:24:47
We think it's a very significant number compared to any other program out there of start ups received funding.
1:24:53
It's in every city council district has received this funding.
1:24:56
And as I mentioned in the Bronx, 14% of the funds went there.
1:25:01
And and traditionally, You've probably heard it many times.
1:25:04
The Bronx always felt like they weren't getting their fair share.
1:25:07
In this case, I think they did get their fair share.
1:25:13
Yes.
1:25:13
Of course.
1:25:14
I I don't know.
1:25:15
I can't I don't know.
1:25:16
Yes.
1:25:16
Yes.