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Small businesses make up a substantial portion of the New York state economy. According to New York’s 2024 Annual Report on the State of Small Business, a full 98% of New York businesses have fewer than 100 employees, and just over 92% of the total have fewer than 25 employees.
To support small and medium-size businesses in the Empire State, New York offers a number of generous grant programs that can help entrepreneurs launch or grow their companies. Unlike small business loans, grants typically don’t have to be repaid. While competition for New York grants can be stiff, here are some New York State small business grants you may want to explore.
Key Points
• Various grants in New York support exporting, community impact, and tourism marketing, offering up to $50,000.
• Grants generally don’t require repayment but come with specific conditions and, often, with match requirements.
• Priority industries for grants in New York include advanced manufacturing, biotech, and cleantech.
• SBA loans and microloans provide alternative funding options for small businesses.
Small Business Grants in New York
If you’re looking for a small business grant to grow your business or fund a startup in New York, here are some options to consider.
Global NY Fund Grant Program
• Program description: The Global NY Fund Grant Program, run by Empire State Development (ESD), can help you export your goods or your services from New York to foreign markets.
• Incentive: Eligible businesses can receive up to $25,000 in reimbursement (up to 50% of project costs) for initiatives related to market customization, participation in trade shows, export workshops, or product adaptations to meet foreign regulatory requirements.
• General requirements:
◦ Be a New York small business owner
◦ Have 500 or fewer employees statewide
◦ Be new to exporting or expanding your exports to new markets abroad
◦ Have at least 51% of the value of your goods or services originate in New York, or be certified as a local producer
◦ Business is at least 12 months old
◦ Have a demonstrated need for grant assistance
◦ Understand how exporting works and the cost of doing business with foreign buyers
• How to apply: Applicants should speak with an ESD Global NY representative for guidance. After that, they can complete the Global NY Grant Fund application electronically and e-mail it (with supporting documentation) to [email protected]. Applications are accepted on a continuous basis; average processing time is 90 days.
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The Creative Opportunity Fund
• Program description: Using money from the New York State Council on the Arts (NYSCA), A.R.T./New York regrants it to the Creative Opportunity Fund (COF) for general operating support grants to theaters throughout New York State.
• Incentive: Small professional theaters with budgets under $500,000 can receive flexible grants of $2,000 to $5,000.
• General requirements:
◦ Be a New York-based theater company with at least two years of public programming experience
◦ Operate as a 501(c) nonprofit, fiscally sponsored, or unincorporated artist collective organization
◦ Host live or virtual performances in New York State
◦ Have annual budget of $500,000 or less
• How to apply: To be eligible for funding, you must register and be “prequalified” in the New York Statewide Financial System online portal by the date your application is due. The prequalification application asks for documents and details about your 501(c) entity.
Additional documentation and financial information will be required. The COF website lists a January 2026 deadline for these grants.
Troy Community Business Investment Grant
• Program description: The city of Troy’s Community Business Investment Grant provides reimbursement funds to eligible commercial and mixed-use projects that strengthen the surrounding community. Such projects can include exterior renovations to a commercial space or the installation of fixed machinery, among other capital improvements.
• Incentive: Business owners in Troy can receive between $5,000 and $50,000 in reimbursement for expenses related to a capital improvement project. There is a minimum 50% match requirement from the property or business owner.
• General requirements:
◦ Be a property owner or business owner in the city of Troy
◦ Be current on all taxes
◦ Propose a capital improvement project, such as making energy efficiency upgrades to your commercial property or rehabbing an industrial building
◦ Certify a minimum 50% match requirement
◦ Have proof of available financing for your project
◦ Begin project within six months of grant approval
◦ Complete the project within one year, unless granted an extension; failure may result in cancellation of the grant
• How to apply: Check the city of Troy’s website for updates on grant opportunities and deadlines.
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City of Rochester Small Business Grant Programs
• Program description: The city of Rochester offers small business reimbursement grants to eligible retail and neighborhood service establishments that need capital for items such as advertising, furniture/equipment, exterior signage, computers, architectural services, and security equipment.
• Incentive: Startups (in business for up to 12 months) are eligible for up to $5,000. Existing businesses (in business for 12 months or more) are eligible for up to $8,000.
• General requirements:
◦ Be a retail establishment or consumer services business owner with annual gross revenues of $5 million or less
◦ Operate your Rochester-based business in accordance with local zoning regulations
◦ Meet eligibility guidelines from the U.S. Department of Housing and Urban Development (HUD) by providing an essential product or service in low- to moderate-income areas (HUD guidelines include alternative ways to qualify.)
◦ Be current on your sales and property taxes
◦ Have no outstanding code violations or nuisance points on your commercial property
◦ Operate an eligible business or enterprise (this excludes adult entertainment businesses, check-cashing facilities, gambling facilities, gun shops, home-based businesses, payday loan operations, and vape shops)
• How to apply: The City of Rochester’s website provides fillable application forms. If need be, you can submit an online request for assistance/information.
Market New York Tourism Grant
• Program description: The Market New York grant program can help small businesses and other eligible applicants pay for tourism marketing initiatives in the Empire State.
• Incentive: Various funding amounts are available for tourism marketing initiatives, capital projects, and special events (such as meetings, conferences, conventions, festivals, and athletic competitions).
• General requirements:
◦ Be a not-for profit corporation or a for-profit business certified in the state of New York
◦ Propose a marketing or capital project that will promote tourism in the region or state
◦ Complete and submit a Consolidated Funding Application (CFA)
◦ For working capital/marketing projects, the minimum request is $50,000 and the funding requires a 50% match
◦ Capital and construction projects must request at least $150,000 with a required match of 80%
• How to apply: Contact the New York State Division of Tourism staff for information about the next round of funding.
Citizens Committee for New York City Neighborhood Business Grant
• Program description: Citizens Committee for New York City (known as CitizensNYC) provides this grant to small businesses in the five boroughs that are “doing well by doing good” in their neighborhood. Each year CitizensNYC gives out more than $1 million in support of small businesses, local nonprofits, and volunteer-led programs.
• Incentive: Up to $5,000 for initiatives the business undertakes to positively impact its community. Past winners of these NYC small business grants have included barbershops, bookstores, cafĂ©s, and childcare providers, among many others.
• General requirements: The business must:
◦ Be located in one of New York City’s five boroughs
◦ Have operated for at least two years
◦ Have 10 or fewer employees
◦ Generate a profit
◦ Provide proof of business activity, such as bank statements, tax documents, and point-of-sale terminal statements
• How to apply: The CitizensNYC website has links to the grant’s application form, a page explaining its judging criteria, and a sample application to show what a successful bid looks like.
Do You Have to Pay Back a Small Business Grant?
Typically, no. Unlike small business loans, small business grants generally do not need to be repaid. However, that doesn’t mean there are no strings attached. Small business grants usually come with terms and conditions and require the recipient to sign a funding agreement. If for any reason you violate the terms of the grant, you may be responsible for paying back the funds. For example, using the grant for an illegitimate purpose may violate the agreement and require business owners to pay back the grant.
In some cases, New York State small business grants may require you to spend the money by a certain date. You may also have to provide proof of payment and a written statement detailing how you’ve spent the grant.
How to Apply for Small Business Grants in New York State
On New York State’s Grants Management page, you can find, apply for, and manage NY small business grants. There is a search page that can take you to a list of grants related to a given keyword or time period. It’s helpful to have a specific grant in mind when searching.
For more research help, the New York Public Library maintains a guide to national and local grants for business.
Another resource is NYC Funds Finder, supported by the city’s department of Small Business Services, which can point you toward NYC small business grants that may be suitable for your company.
Documents and Requirements
Each NYS small business grant will have its own specific requirements. In general, though, the plan you present in your application should clearly explain your business, what sets it apart from competitors, and details about how the grant money will be spent.
You may also need supporting documentation, which might include:
• Certificate of incorporation or articles of organization (for LLCs)
• Licenses and permits
• Proof of insurance
• Financial statements
Submission Deadlines and Tips
Your application must be in by the grant deadline. Rolling grants have no set deadlines — they accept applications year-round — but do eventually get depleted, so it’s worth getting your application in as soon as it’s ready.
Some grant writing tips:
• Allow plenty of time to complete your proposal.
• Read samples. You can ask if the grant you’re applying for can provide samples of past winners’ proposals. These may suggest how yours might stand out.
• Follow instructions to the letter. You don’t want to miss any key requirements.
• Be specific. Include plenty of detail about your business plan and financials, statistics to back up your problem statement, and research on the audience you want to serve.
New York Resources for SMB Owners Looking for Funding
Here’s a look at some resources for small- and medium-sized businesses looking for funding in the Empire State.
New York Small Business Development Center (NYSBDC)
The NYSBDC is a statewide network with roughly 90 locations throughout New York State. It provides New York’s small business owners with the following services at no cost:
• Business training courses, seminars, and workshops
• Library and research services
• Confidential business counseling
SBA District Offices in New York
The U.S. Small Business Administration (SBA) is a federal agency that provides resources and support to small business owners. The SBA has three district offices in New York:
• SBA Buffalo District Office. This SBA district serves 14 of the westernmost counties of New York. Depending on where you’re based, you can contact the main office in Buffalo or the satellite office in Rochester.
• SBA Metro New York District Office. This SBA district serves 14 counties in New York City, Long Island, and the surrounding area. Depending on your county, you can contact the main office in New York City or the satellite office in Hauppauge.
• SBA Syracuse District Office. This SBA district serves 34 counties in upstate New York. Depending on your location, you can contact the main office in Syracuse or schedule a call with one of the virtual offices in Albany or Elmira.
Alternative Funding Sources for Small Businesses in New York
If you don’t qualify for NYS small business grants, you’re not necessarily out of funding options. Here are some other ways you may be able to get the capital you need to launch or grow your business in New York.
NY Microloan Lenders
Community-based funders may offer microloans ranging from $500 to $50,000 or even more to underserved small business owners in New York. Often these are women and minorities. Interest rates tend to be low and the qualification criteria are often less stringent compared with other business loans.
Microloans can provide an infusion of cash to get a startup off the ground or grow an existing business. However, you may need to provide a microlender with a personal guarantee and collateral in order to secure funding.
SBA Loans for New York Businesses
An SBA loan is partially guaranteed by the U.S. Small Business Administration and financed by banks and other lenders. Loan amounts range from $500 to $5.5 million.
Because the federal government guarantees it will repay most of the loan amount if a borrower defaults, it reduces the lender’s risk and encourages them to offer loans to companies they might not otherwise work with. For small business owners who can’t qualify for a traditional business loan, an SBA loan can be an ideal option. If you need a startup loan, the SBA microloan program is worth investigating.
SBA loan rates are among the lowest available, and repayment terms can go up to 10 or 25 years, depending on the purpose of the loan. However, the application process for an SBA loan can be long and rigorous, and you may have to pay additional loan fees.
New York SMB Loans from Private Lenders
Banks, credit unions, and online lenders may offer business term loans to New York business owners. Newer companies tend to have a better chance of approval through online lenders because these lenders typically offer more flexible qualification requirements.
With a term loan, you receive a lump sum of cash upfront and repay it over a set period of time, often up to 10 years. If you prefer a short-term loan, which is usually payable within three to 24 months, be aware that these tend to have higher interest rates than other business loans. Your business’s history, annual revenue, and creditworthiness (including your personal credit) generally determine the specifics of the loan and how much you can borrow.
Business Lines of Credit
A business line of credit is a flexible financing option that lets you borrow money on an as-needed basis up to a predetermined amount. Similar to using a credit card, you pay interest only on the money you’ve drawn. Once you’ve repaid your funds, you can draw on your line again.
Business credit lines are offered by banks, online lenders, and other lenders. Banks tend to have more stringent qualifications and lower rates, while online lenders may be more lenient, but offer higher rates.
Equipment Loans
If your business needs money to purchase equipment or machinery, equipment financing may be a good solution. The equipment you purchase serves as collateral for the loan. If you default, the lender can repossess and resell the equipment to recoup some of its losses. Since this lowers risk for the lender, equipment financing often comes with competitive interest rates.
The amount you can borrow with an equipment loan depends on what you need to finance. Many banks and online lenders will offer financing that covers the full cost of equipment.
The Takeaway
A variety of small business grants in New York State are available from the government and the private sector. It may take some research to find grants that match the needs of your small business, but those are the ones you’ll have the best chance of winning.
If you’re seeking financing for your business, SoFi is here to support you. On SoFi’s marketplace, you can shop and compare financing options for your business in minutes.
FAQ
How do you get a small business grant in New York?
To find a small business grant in New York, you might start by contacting the state’s Economic Development Administration and your local Small Business Development Center. You typically need to submit a grant application as a qualified small business owner to be considered for a NY small business grant.
How hard is it to get a business loan in New York?
You typically need to have been in business for at least two years and have strong financials to qualify for a business loan from a bank. Online alternative lenders tend to have more flexible qualification criteria but generally charge higher interest rates.
What is the easiest SBA loan to get approved for?
There’s no guarantee you’ll get approved for any SBA loan, but SBA microloans may be one of the easier ones to get if you’re a new business owner. Startups may be eligible for SBA microloans of up to $50,000. If you want a streamlined application process, look into an SBA Express loan.
What types of businesses are most likely to receive grants in New York?
New York’s Empire State Development has identified several statewide “priority industries” for funders and investors to focus on. These include:
• Advanced manufacturing and materials
• Biotech and life sciences
• Cleantech and renewable energy
• Construction
• Electronics and optics, photonics, and imaging (OPI)
• Film and TV production and post-production
• Software and digital media
Small businesses in these industries are likely to get more consideration when applying for grants in New York.
Are there specific grants for women or minority business owners in New York?
There are a few such grants for New York business owners. For example, the Empire State Development’s Supplier Innovative Finance Program offers up to $5,000 in unrestricted grants to support socially and economically disadvantaged businesses in New York. Companies must have annual revenues between $250,000 and $10 million and be certified as minority, women, veteran, or LGBTQ+ owned.
In addition, there are many small business grants for minorities that are available nationwide, including in New York.
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