Walk down any block in Manhattan and you’ll see what makes this borough so special: the yoga studio on Broadway where neighbors unwind after work, the bodega on the corner that knows your order, the barber shop that you’ve been going to since you were a child, and the café and wine bar on Amsterdam that brings people together with warmth and community.
These businesses are the cultural and economic backbone of our neighborhoods. They provide essential services, local jobs, and a deep sense of community.
But for many small business owners, it can be extremely difficult to survive and thrive in NYC, especially when it comes to accessing capital and loans that they can afford. That’s why, when I became Borough President , I launched together with the Hebrew Free Loan Society (HFLS) a program to support small businesses. The Small Business Booster Loan Program is a zero-interest loan fund designed to meet small business owners where they are.
I know important it is for small business owners to have access to low or no interest loans. I founded a local credit union for exactly that reason, to help New Yorkers who are shut out of the traditional financial system. I saw first hand how it changed the trajectory of families and the opportunities it created.
We similarly wanted to create a lifeline for entrepreneurs who might not qualify for traditional financing—and who shouldn’t have to turn to high-interest credit cards or predatory online lenders just to keep their lights on.
The program allows eligible lower- to middle-income business owners to borrow up to $60,000 to cover rent, equipment, payroll, or marketing—whatever they need to stay afloat or scale up. The terms are simple and the results speak for themselves.
To date, we have disbursed over $2.2 million to dozens of borrowers through this initiative ––and the impact is clear.
Nicole, co-owner of UpDog Studios, used her loan to launch and grow her West Harlem fitness business and open a second location on the Upper West Side. In Morningside Heights, two cousins from the Republic of Georgia launched Sipsteria, a café and wine bar that now anchors a growing block.
And for Priscilla, founder of Skinergy Beauty, the loan came just as demand for her skincare line surged during the pandemic. It provided the capital she needed to expand inventory and grow her online presence—helping her turn a side hustle into a nationally recognized brand featured in top media outlets.
These stories, and the many others like them, are proof that when we invest in local talent, the returns ripple through entire neighborhoods.
Small businesses make up 98% of all businesses in New York City and employ nearly half of our private sector workforce. That’s not just a statistic—it’s a defining feature of what makes Manhattan work.
These shops are often the first place a young person gets a job, where new immigrants launch a dream, or where a family builds something lasting over generations. They keep the economy moving and they hold neighborhoods together.
Reaching the $2 million milestone is something to be proud of—but we’re not done. We’re committed to growing this program and expanding access to every corner of Manhattan.
Because when our small businesses thrive, Manhattan thrives.
