There are a number of organizations that provide financial planning advice and low cost financing to small businesses. There are also groups that provide one on one counseling and seminars on such topics as preparation of business plans, starting or growing a business, marketing, procurement. For the most part this assistance is free of charge.
The following is a list of the key organizations working with small businesses and the services they offer.
The Lower Manhattan Development Corporation (LMDC) is offering grants to existing retailers who have been impacted by street or sidewalk closures due to publicity-funded construction projects. The Downtown Alliance is offering technical assistance. To ask questions or apply for the program, contact acarty@renewnyc.com. If you need technical assistance during your application process, contact sjennings@downtownny.com.
Run by the NYC Department of Small Business Services, the Small Business Solutions Center offers various services, seminars, events, and one-on-one consulting to small businesses including:
The Lower Manhattan Business Solutions Center is located at 79 John Street (between William and Gold Streets). For more information, visit www.nyc.gov/smallbiz or call 212-618-8914.
Businesses with fewer than 100 employees could receive funding up to $400,000 to develop the skills of their workers and promote career advancement for their employees. Applicants must be in Financial Services, Healthcare, Information & Professional Services, Transportation, Food Services/Accommodation, Industrial Manufacturing, and Retail.
Visit www.nyc.gov/training to complete a pre-application by April 15th as the first step in applying for funds. For more information, call 212-618-8914.
Seedco’s Small Business Loan Fund
Lower Manhattan small businesses located south of 14th Street are eligible for low-interest loans (6-8%, 18-60 month terms) of $25,000 to $200,000 for leasehold improvements, renovations, sales and marketing, and working capital.
Minority and women owned businesses are encouraged to apply.
For more information on these programs and other technical assistance offered by Seedco please click here.
Seedco ArtBusiness
The ArtBusiness Initiative provides free consulting services as well as below market rate loans ranging from $25,000 to $1.5 million with interest rates as low as 3%. Loan funds may be used for long-term working capital, expansion, cash flow needs, financial restructuring, and real estate projects. The Initiative also provides free training and advisory services on financing, real estate projects, marketing & business planning.
Both nonprofit arts organizations and small arts businesses are encouraged to apply. For more information contact Edgar Zavala at 646 843-6510 or visit www.seedco.org/artbusiness.
Seedco’s Website Grants
Seedco offers grants of up to $2,500 to help pay for the costs towards the development or expansion of websites. Potential costs covered by the grant include site design addition of new web features, technology costs, inclusion of an e-commerce component, web designer fees, and marketing and consulting fees. Eligible small businesses are located south of Houston Street, registered or incorporated, and able to contribute at least 25% towards the project costs. For more information contact Aliden Flores at 212-618-8759 or email aflores@seedco.org.
Affordable Health Insurance
There are a range of options available for small businesses and sole proprietors such as HealthPass, Healthy NY, LIA Health Alliance, Brooklyn HealthWorks, and the Freelancers Union. Seedco helps to identify small businesses’ eligibility and the resource that best fits the small business’s need. For more information about health insurance for small businesses and sole proprietors, contact Patricia Gonzalez at 212-618-8714 or email pgonzalez@seedco.com.
Manhattan Chamber of Commerce
The Manhattan Chamber of Commerce, a membership-based nonprofit organization founded in 1920, offers marketing services, networking, educational seminars and other services for businesses. They work to create a positive business environment and foster growth within the business community. To learn more or become a member, visit their website at www.manhattancc.org.
New York City Economic Development Corporation (EDC)
The EDC administers the New York City Capital Resource Corporations (CRC) Loan Enhanced Assistance Program (LEAP), allows any New York State 501(c)(3) organization to apply for triple tax-exempt financing for major capital projects. For more information, click here.
United States Small Business Administration (SBA)
SBA provides financial assistance for new or existing small businesses through guaranteed loans made by private lending institutions, such as banks. The loan guaranty program reduces risk to lenders by guaranteeing major portions of loans made to small businesses. This enables the lenders to provide financing to small businesses when funding is otherwise unavailable on reasonable terms. SBA also sponsors free counseling, advice and information on starting, better operating or expanding a small business through a network of independent nonprofit organizations, including SCORE, Pace University, and the NYC Small Business Solution Center (as detailed in the below). These organizations will also assist in packaging your business's application to ensure better success in securing an SBA loan. To learn more, please visit www.sba.gov/services/financialassistance/index.html.
Health Insurance Options for New York City's Small Businesses, Sole Proprietors, and Working Individuals
The Office of Citywide Health Insurance Access is offering a free health insurance guide that highlights special health insurance options available for New York City's small businesses, sole proprietors and working individuals. Included with the guide is information on the expanding health insurance options available for domestic partners of small business employees.
The guide is available in English, Chinese, French, Korean, Spanish and Russian. If you would like copies of this guide, please call (212) 331-5698.
The Office of Citywide Health Insurance Access is also available as a resource for small businesses and working individuals in need of affordable health insurance. They are available to speak to groups of businesses or counsel individual business owners on the best health insurance options available to them with out any sales pitch or monetary motivation. Advice given is driven by their desire to increase access to health insurance for all New Yorkers. To learn more about their office, please visit www.nyc.gov/healthstat or contact Dean Mohs at either (212) 331-5697 or mohsd@hra.nyc.gov.