NY Small Business Funders Collective Moves $500,000 to Local Entrepreneurs

In 2023, the NY Small Business Funders Collective awarded planning grants to five collaborative initiatives across the New York City area to support the development of innovative initiatives that would both advance inclusive economic growth and support the small business ecosystem.

Today, the Collective announced the second round of funding to the initial five awardees for the implementation of the projects and interventions conceived and planned in 2023.

Grantees will receive $50,000 to $150,000 each to lead 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.

NY Small Business Funders Collective meeting. Asian American Federation representatives stand at the front of the table.
Our 2024 Grantees & their Partners:

Grantees have shared appreciation for the space for intentional planning and investment. 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.

NY Small Business Funders Collective Members:

JPMorgan Chase, M&T Bank, Principal Foundation, Surdna Foundation, Santander Bank, Metlife Foundation, BankUnited, Capital One

Since its inception in 2021, the Collective has:
  • 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

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 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.

Interested in learning more or joining the Collective? www.nysmallbusinessfunders.org