BUFFALO, N.Y. (WKBW) — Gov. Hochul announced Friday that funding from the Biden administration will be allocated towards support for NYS small businesses.
The support, $500 million in federal funds, will come through the State Small Business Credit Initiative. The initiative was reauthorized and expanded as a part of the American Rescue Plan Act.
"Small businesses are the backbone of our economy, and far too many small business owners are still feeling the economic toll of the pandemic," Hochul said. "This historic funding will be a game changer - serving as a crucial lifeline for small businesses fueling innovative growth, and helping uplift the most vulnerable communities across New York State."
The SSBCI helps to provide funds to support programs for small businesses, with an emphasis on businesses that are still struggling with the economic impact of the COVID-19 pandemic.
The funding will also go towards minority and women-owned small businesses across the state.
