Governor Unveils Package of Programming to Support NYSIF-Insured Businesses
Governor Kathy Hochul today celebrated National Small Business Month, which occurs in May, by highlighting New York State’s unwavering support for its small business community. As part of the state’s celebration, Governor Hochul launched new programs to expand support for New York’s small businesses, including a $6 million Innovation Matching Grants Program to drive innovation at small businesses and a suite of programming to support nearly 100,000 businesses insured by the New York State Insurance Fund. In addition, the Governor announced a new milestone as processing times for New York’s minority- and women-owned business certification reached a historic new low. Together, these announcements build on the Governor’s vision to providing small businesses with the resources and support that they need to thrive.
“Small businesses are part of the core of New York State’s communities," Governor Hochul said. “Through signature economic development programs, we are making sure small businesses in every corner of the state can compete, grow and thrive. We are building a modern 21st century economy and it could not be done without New York’s small business community, which is the backbone of our economy.”
Empire State Development President CEO & Commissioner Hope Knight said, “We’re excited to celebrate National Small Business Month with programs and services that help drive growth and innovation for small businesses looking to thrive in New York. Under Governor Hochul’s leadership we are continuing to make New York State the most small-business-friendly state in the nation.”
New York State Department of Labor Commissioner Roberta Reardon said, "Small businesses not only drive our local economies but they are the heartbeats of our communities, offering unique services and providing vital employment opportunities. At the DOL, we're committed to supporting these essential pillars of economic strength. From offering customized solutions that meet diverse business needs to facilitating access to funding and technical assistance, we empower small businesses to thrive and expand their potential.”
NYSIF Executive Director and CEO Gaurav Vasisht said, “We are committed to providing tailored solutions for the distinct needs of all businesses across New York State. This package of programs is designed specifically to support small businesses and we are dedicated to helping them protect their employees.”
There are nearly 695,000 small businesses in New York State, and approximately 98 percent of New York businesses have fewer than 100 employees. These businesses employ more than 4.5 million individuals in fields from retail and food service to financial services, to agriculture, innovation and construction.
New Milestone for Minority and Women-Owned Business Certifications
Governor Hochul also announced that New York has not only exceeded its commitment to shortening response times for MWBE certification applications to 90 to 120 days – it has exceeded that commitment. Since August 1, 2023, ESD has certified and recertified over 1,500 businesses, with the average application processing time now taking less than 90 days. The announcement builds on the Governor’s strong support for MWBEs, including the historic elimination of New York’s yearslong MWBE certification backlog following an $11 million investment in the FY 2023 Budget.
Additional Support for NYSIF-Insured Businesses
Governor Hochul also unveiled new programs for NYSIF-insured businesses. NYSIF has created a Small Business Support Team to assist newly-established businesses obtain workers' compensation and to provide those policyholders with direct one-on-one support from NYSIF staff from initial underwriting through the renewal process. This includes preparing for audits, obtaining certificates of insurance, keeping accurate business records, managing claims and obtaining safety services.
The Governor also announced a Personal Protective Equipment proper fit premium credit for eligible NYSIF policyholders, establishing a one-time credit of up to 10 percent of the annual premium up to $1,000 for the purchase of related safety equipment and materials to protect New York workers. Eligible equipment includes masks, goggles, gloves, head covers and other safety-related items.
In addition, the Governor announced a new equal monthly billing option for NYSIF policyholders, allowing eligible businesses to spread their payments over the course of 12 months and eliminating larger deposits. This change will ultimately help small businesses managing cashflow throughout the annual billing cycle.