NY Gov. Hochul Champions Small Business Growth with FY 2025 Budget Initiatives

Governor Kathy Hochul has secured substantial funding for critical small business initiatives as part of the FY 2025 Budget, reinforcing New York State's commitment to fostering economic growth and innovation.

These initiatives, unveiled during National Small Business Month, reflect the state's dedication to providing the resources and support necessary for small businesses to thrive.

 $6 million Innovation Matching Grants Program

Among the key highlights is the launch of a $6 million Innovation Matching Grants Program aimed at bolstering innovation within small businesses.

This program, a cornerstone of Governor Hochul's vision outlined in her 2023 State of the State address, will provide financial assistance and technical support to companies participating in federal Small Business Innovation Research and Technology Transfer programs.

By incentivizing research and development activities, the initiative aims to drive commercialization and stimulate economic growth.

Furthermore, Governor Hochul announced significant progress in streamlining the certification process for minority- and women-owned businesses (MWBEs).

Since August 1, 2023, New York has achieved an unprecedented certification response time of fewer than 90 days, surpassing its commitment to expedite processing within 90 to 120 days. This achievement follows the historic elimination of New York's MWBE certification backlog, underscoring the state's unwavering support for diversity and inclusion in entrepreneurship.

Governor Hochul Unveils Support Programs

In addition to these milestones, Governor Hochul unveiled a comprehensive package of support programs for businesses insured by the New York State Insurance Fund (NYSIF). These initiatives include the establishment of a Small Business Support Team to assist new businesses with workers' compensation and the introduction of a Personal Protective Equipment proper fit premium credit to enhance workplace safety.

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Moreover, the Governor announced the implementation of an equal monthly billing option for NYSIF policyholders, providing eligible businesses with greater flexibility in managing their cash flow.

New York State Encourages Small Business Growth

These initiatives build upon New York State's ongoing efforts to foster a conducive environment for small business growth. With nearly 695,000 small businesses employing over 4.5 million individuals across various sectors, Governor Hochul's administration remains committed to providing tailored support, access to funding, and technical assistance necessary for small businesses to thrive.

In closing, Governor Hochul reiterated the state's dedication to supporting entrepreneurs and small businesses, emphasizing the essential role they play in driving economic prosperity and vitality across New York State. Through strategic investments and innovative programs, the administration aims to ensure that small businesses continue to serve as the backbone of the state's economy well into the future.