On May 29, 2024, Mayor Adams and SBS Commissioner Kim closed out “NYC Small Business Month” by announcing the administration’s investment of $10 million to seed the city’s next major small business loan fund, the “NYC Future Fund.” The fund will accelerate the growth of hundreds of new small businesses in New York City by addressing the gap in access to affordable capital faced by small business owners, particularly early-stage businesses, as well as Black, indigenous, and people of color (BIPOC) and women entrepreneurs that otherwise often cannot obtain traditional bank financing.

The announcement was made as the city concluded its second annual “NYC Small Business Month,” a five-borough celebration of local businesses with resource fairs and events led by SBS, local Chambers of Commerce, and Business Improvement Districts citywide. The first-ever city-run “Small Business Month Expo” capped the month’s activities with hundreds of free services, programs from more than 40 city, state, and federal agencies, and other partner resources, all under one roof to support the city’s 183,000 local small businesses.