New York needs a long-term small business recovery plan that is squarely focused on boosting the smallest, most vulnerable businesses. A plan that supports them on the long recovery ahead and gives them the best chance of coming back even stronger. Mark Foggin and Jonathan Bowels of the Center for an Urban Future lay out a blueprint of ten actionable policies that New York City and State can implement in the coming year to allow our most vulnerable small businesses to thrive.
Informed by more than 50 interviews with business owners and small business experts, and roundtable discussions with business leaders located in Southeastern Queens, Central Brooklyn, Chinatown, Harlem, the South Bronx, and the West Bronx, the ideas are focused on two main themes:
- Go beyond short-term relief and help strengthen the city’s most vulnerable businesses
- Unleash a wave of new business formation by entrepreneurs of color
The blueprint, researched and written (with support from JPMorgan Chase), includes the following ten policy ideas:
- Establish a Technical Assistance Corps to bring door-to-door counseling to every small business operating in a low- or moderate-income neighborhood by the end of 2022
- Spark 10,000 new Black- and Hispanic-owned businesses by 2026
- Create neighborhood-level, post-pandemic marketing campaigns to promote local shopping, dining, and services
- Build new infrastructure to support commercial districts that don’t have BIDs
- Restore New York State’s subsidized Loan Loss Reserve program for CDFIs
- Waive all non-life-threatening small business fines for a full year and refund fines and fees incurred since the pandemic hit
- Establish a Small Business Digital Acceleration Fund to support implementation and optimization of digital tools
- Help BIDs use existing resources to support struggling small businesses by lifting 30 percent cap on subcontracting
- Require new regulatory legislation to include a small business economic impact evaluation
- Sign legislation making NYC bars, restaurants, and venues eligible for temporary liquor licenses
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