Essential Resources and Updates for Small Businesses in New York: What You Need to Know Right Now

As of March 5, 2025, small businesses in New York should be aware of several developments and resources that may impact their operations:

Impact of New Tariffs

The Trump administration's recent tariffs on imports from Canada, Mexico, and China have raised concerns among New York's small business owners. These tariffs, effective from March 4, 2025, are expected to increase costs for goods and services. For instance, Kalustyan's Spice Shop in Manhattan is already seeking alternative suppliers due to disruptions caused by these tariffs. (audacy.com)

Support and Resources for Small Businesses

To navigate these challenges and foster growth, small businesses can access a variety of resources:

NYC Small Business Services (SBS): Offers free services to start, operate, and grow a small business, including financial assistance, workforce training, and legal support. (nyc.gov)
New York Small Business Development Centers (SBDC): Provides no-cost, confidential one-on-one business advisement, training, and research support across New York State. (nysbdc.org)
NYC Small Business Resource Network: Assists small businesses with digital marketing, grants, loans, and business planning to enhance their operations. (nycsmallbusinessresourcenetwork.org)
NYC Small Business Support Center: Offers easy access to services from multiple agencies, including financing, legal assistance, and business education. (nyc-business.nyc.gov)
NYC Small Business Resource Center at The New York Public Library: Provides resources such as research guides, virtual consultations, and events tailored for small business needs. (nypl.org)

Recent Initiatives and Legislation

Small Business Opportunity Fund: Mayor Eric Adams' administration has invested $85 million to offer low-interest loans of up to $250,000 to small businesses, aiming to stimulate economic growth and support local enterprises. (nypost.com)
LOCAL Act Proposal: A new bill proposes an 80% tax credit for small and minority-owned businesses advertising in local newspapers, aiming to bolster local journalism and provide affordable marketing options for small businesses. (timesunion.com)
Minority and Woman-owned Business Enterprise (MWBE) Program Scrutiny: While the MWBE program has awarded over $3 billion in contracts, concerns have arisen about increased scrutiny and denials faced by female business owners during the certification process. (timesunion.com)

Recommendations for Small Business Owners

Stay Informed: Regularly consult official sources such as the NYC Department of Small Business Services and the New York State Empire State Development for updates on policies, resources, and support programs.
Leverage Available Resources: Utilize the services offered by SBDCs, the NYC Small Business Resource Network, and other support centers to access advisement, training, and financial assistance.
Engage with Local Initiatives: Participate in programs like the Small Business Opportunity Fund and consider opportunities provided by legislative proposals such as the LOCAL Act to enhance your business's visibility and growth potential.

By staying informed and actively engaging with available resources, small business owners in New York can better navigate current challenges and capitalize on opportunities for growth and support.

Sources: