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FOR IMMEDIATE RELEASE
Wednesday, October 21, 2009


DEPARTMENT OF SMALL BUSINESS SERVICES HOLDS NYC BUSINESS SOLUTIONS FINANCING FAIR TO HELP SMALL BUSINESSES AND ENTREPRENEURS DURING THESE ECONOMIC TIMES

Giving Small Businesses Support to Grow in New York City is Part of the Bloomberg Administration’s Five Borough Economic Opportunity Plan

New York, October 21, 2009 – Today more than 70 small business owners and entrepreneurs met with lenders during a NYC Business Solutions Financing Fair sponsored by the Department of Small Business Services (SBS). Helping small businesses grow is an integral part of the Bloomberg Administration’s Five Borough Economic Opportunity Plan to create jobs for New Yorkers today, implement a vision for long-term economic growth, and build affordable, attractive neighborhoods.

“In these tough economic times it is critical that business owners have access to multiple lenders to find options that can meet their financing needs,” said SBS Commissioner Robert W. Walsh. “These financing fairs bring lenders and businesses together, making it easier for small businesses to explore a variety of financing opportunities.”

NYC Business Solutions Center account managers assist financing customers by helping them to identify appropriate lenders and package their loan applications to improve their chances of receiving a loan. NYC Business Solutions assists a diverse group of startup and operating businesses to obtain loans by leveraging relationships with banks, credit unions and alternative lenders. In the first three quarters of 2009, NYC Business Solutions Centers have assisted 272 small businesses secure loans, a 96% increase when compared with the 139 loans secured for businesses in the first three quarters of 2008.

At today’s event, held at the NYC Business Solutions Center at 9 Bond Street in Brooklyn, traditional and alternative lenders provided entrepreneurs and small business owners the opportunity to pitch their financing needs. Small businesses from restaurants to retailers to beauty salons were matched with lenders. Businesses met one-on-one with loan officers to discuss financing options and begin the loan application process. The lenders included Chase, Amalgamated Bank, Accion USA, New York City Financial Network Action Consortium (NYCfNAC), Seedco Financial, Project Enterprise, Brooklyn Cooperative Federal Credit Union and Business Center for New Americans. In addition, the Office of Financial Empowerment and Greenpath Debt Solutions provided information on credit repair services.

In July, more than 100 business owners met with lenders during a bilingual NYC Business Solutions Financing Fair held at the Malcolm X & Dr. Betty Shabazz Memorial, Educational and Cultural Center in Washington Heights.

NYC Business Solutions provides business courses, assistance with legal matters, navigating government, financing, recruiting, minority and women-owned business enterprise certification, employee training, and accessing incentives. Annually, NYC Business Solutions is providing nearly 16,000 services to small business owners and entrepreneurs and has provided over 50,000 services to small business owners and entrepreneurs since the centers opened five years ago.

In addition, SBS is making it even easier for small businesses to interact with government through NYC Business Express, a one-stop online tool that has all the license, permit and tax information and applications needed to do business in the city. To learn more go to nyc.gov/businessexpress .

About The Department of Small Business Services
The Department of Small Business Services (SBS) makes it easier for businesses in New York City to form, do business, and grow by providing direct assistance to business owners, fostering neighborhood development in commercial districts, and linking employers to a skilled and qualified workforce. NYC Workforce1 Career Centers offer services to meet the needs of all jobseekers, including one-on-one job and career counseling, technical and educational services, workshops, and referrals to training providers. For more information on all of SBS’ services go to www.nyc.gov/sbs.



  Contact: Laura Postiglione (SBS) 212/513-6318  

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