New York City, NY – March 20, 2024 – In a city known for its entrepreneurial spirit, the New York Small Business Funders Collective (NY SBFC) continues to drive equity and opportunity for all. Since its inception in 2021, the Collective has been at the forefront of activating funders to fortify the small business ecosystem in New York City.
Building upon its foundation, the Collective has made significant strides:
– Secured over $2.1 million in funding deployed to foster inclusive economic growth
– Built a diverse funder group spanning corporate and non-corporate private foundations, committed to using a collaborative and trust-based philanthropic approach
– Designed trust-based grant-making approaches that reduce the burden on applicants and ensure that entrepreneurial endeavors are accessible to all
Our 2024 Grantees & their Partners:
– Asian American Federation, with Korean Community Services and Korean American Family Service Center
– Evergreen, with Southwest Brooklyn Industrial Development Corporation and Business Outreach Center Network
– Hot Bread Kitchen, with The Acceleration Project
– Restoration, with Urbane
– Youth Ministries for Peace & Justice, with Hester Street
In 2023, the Collective awarded the above-mentioned organizations planning grants to support the development of innovative initiatives that would both advance inclusive economic growth and support the small business ecosystem. Today we announce our 2024 grants that are intended to fund the implementation of the projects and interventions conceived and planned in 2023. Grantees are leading innovative initiatives such as the launch of a food guild for women-of-color entrepreneurs, expanding use of vital online tools for limited English-proficient entrepreneurs, bringing the voice of local small businesses into a massive revitalization project, and creating pathways to green economy contracts for BIPOC-owned manufacturers.
Grantees have shared appreciation for the Collective’s dedication to intentional planning and investment, indicating that the opportunity and approach offered by the Collective was truly different. Having had time and dollars to undertake a year of planning, they’re confident that their Year Two activities will have even greater impact on the small business owners they aim to serve.
Members share this enthusiasm, telling us that their work with the Collective gives them a chance to experiment, innovate, and get closer to the people solving the problems than is possible with more traditional grant-making.
Our Members:
JPMorgan Chase, M&T Bank, Principal Foundation, Surdna Foundation, Santander Bank, Metlife Foundation, BankUnited, Capital One
Background
More than 227,000 small businesses employ 1.6 million workers In New York City alone, creating jobs, opportunity, and wealth. A 2020 research study on local small business needs conducted by Next Street found that an estimated 68% of revenue generated by local businesses stays within the community, making them a vital economic driver. However, a capital gap of $45 billion annually exists and the gap is magnified for entrepreneurs of color, for whom equitable access to social, financial, and knowledge capital is often out of reach.
A Collaborative Effort for Collective Impact
The NY Small Business Funders Collective (SBFC) is a group of philanthropic entities coming together to strengthen the local small business ecosystem across the New York region. Members of the Collective share the belief that entrepreneurship is a powerful lever for innovation, community vibrancy, and economic development. Through pooled grantmaking, the Collective aims to expand opportunities for under-represented entrepreneurs to thrive.
The Collective is a fiscally-sponsored project of Philanthropy New York. www.nysmallbusinessfunders.org
