NYC Business Solutions Services
Training Program
NEW YORK CITY’S STRATEGY FOR ECONOMIC DEVELOPMENT
NYC Department of Small Business Services:
Presentation to New York Bankers Association
3 The Department of Small Business Services operates 7
NYC Business Solutions Centers in the five
boroughs. These sites serve as the primary point of contact for aspiring entrepreneurs and small business owners wishing to access our services.
Businesses in the Manufacturing, Wholesale
Distribution, Construction and Transportation
sectors can access services specifically tailored to their needs by visiting any of our 8 NYC Business
Solutions Industrial and Transportation Service Providers found throughout the city.
• NYC Business Solut ions Cent ers
• NYC Business Solut ions Indust rial and Transport at ion Service Providers
NYC Business Solutions Overview
NYC Business Solutions Overview
NYC Business Solutions is a set of services offered by the Department of
Small Business Services to help businesses start, operate, and expand in
New York City.
Our services are provided at no cost, regardless of the size or stage of
the business.
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Financing Assistance (general)
Education on small business financing options
Technical assistance with creating, compiling, and reviewing financing applications Connections to dozens of funding partners in our ever-growing network including
commercial banks, alternative lenders (CDFIs), grant-making institutions, equity investors, and crowdfunding platforms
Contract Financing
Loan amount: $150K+ at competitive
interest rate (6% - 10.5%)
Allows the loan to be repaid directly by the agency or
prime contractor (payment assignment)
Disbursement and repayment terms customized to each
contract
Business Recovery Financing
Sandy Emergency Loan and Grant Program: Program launched in partnership with the
NYBA, NYCEDC, and GS offering 1% $25K loans and in $10K matching grants
Business Recovery Loan and Grant Program: CDBG-DR Program offering $150K in
loans and matching grants of up to $60K
NYBA Presentation
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Since 2007, NYC Business Solutions has helped over 3,200 entrepreneurs
access over $243 million in financing through our financing assistance service.
NYBA Presentation
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Financing Assistance: Results
$7.3MM $12.3MM $21.6MM $28.6MM $65.1MM $63MM $45MM 85 188 403 659 829 659 1,072 2007 2008 2009 2010 2011 2012 2013
Total Financing Dollars and Awards 2007-2013
Total Dollar Value Total Number of Awards
Compete to Win (C2W)
Compete to Win” creates more opportunities for minority & women-owned businesses (M/WBEs) and small businesses to grow with the City.
Services include:
NYC Construction Mentorship Bond Readiness
NYC Teaming
Contract Financing
Technical Assistance (for City contracts) Corporate Alliance Program (CAP)
Set of initiatives offered in partnership with eleven major corporations designed to
provide M/WBEs and small businesses with educational workshops on how to do business with large corporations and mentoring programs to help guide successful growth.
Navigating the Corporate Supply Chain NYCEO Mentorship Program
M/WBE Recruitment Service
NYBA Presentation
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NYBA Presentation
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Financing: Success Story
Success Story: Eriksen Translation
Vigdis Eriksen, founder of Eriksen Translation, started as a freelance translator in 1986 and has since grown her business to over 20 employees.
After coming to the NYC Business Solutions Brooklyn Center for recruitment and training needs, the staff told Vigdis about Financing Assistance and helped her apply for and
receive a $150,000 loan from NYBDC. Already having worked on major projects for corporate and government clients, the Financing
Assistance received has allowed Eriksen
Translation to bid on and win larger contracts with both city agencies and corporations.
Eriksen Translation secured a $150
thousand dollar loan to help her grow her WBE
NYBA Presentation
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Compete to Win: Success Story
Success Story: SAFECO
With a family steeped in the construction world, Daniel was inspired to launch his own company, Safe Construction in 2010. One of the first problems that Daniel encountered was getting a standard bottom line. “The other bond companies were so expensive, I was losing jobs,” said Daniel.
Daniel found hope when he learned about the Bond Readiness Program. After some debate he came to the conclusion that the 8-month program could be a good investment. It would make him more equip to compete with the city to gain contracts.
Impressed with the structure of the program, Daniel felt that the workshops met every need from insurances to
construction and accounting.
“The Bond Readiness Program made me competitive with everyone else,” said Daniel, “We went from worst to first.” As a result of the bond readiness program, SAFECO was able to win a contact with DDC . SAFECO holds a $1.7 million contract with the Department of Design and Construction . SAFECO has been a City-Certified M/WBE since 2012.
SAFECO Construction secured a $4 million bond line through Bond Readiness, which led to $2.8 million in City contracts.
NYBA Presentation
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Collaboration with NYBA Members
Created new finance resource documents to educate customers and SBS staff Enhanced Business Finance Roadmap course and created an online version
Trained 30 NYC Business Solutions staff in small business credit assessment and
underwriting
Launched the Upfront Capital Loan program (now Contract Financing service) for small
City contractors and provided $1.4M in contract financing
Delivered SBA loan guarantee process and policy recommendations Created a restaurant cost estimator and financial model
Established a partnership with the Export-Import Bank of the United States
Launched and executed $20MM Emergency Loan Program and $5.5MM matching-grant