A new $5.5 million loan program is launching to help New York City small businesses access affordable capital and support long-term growth, with Brooklyn entrepreneurs among those expected to benefit.
The NYC Elevating Business Loan Program was announced on March 9, through a partnership between the Social Justice Fund, The Asian American Foundation, Renaissance Economic Development Corporation and the State of New York. The initiative combines low-cost loans, financial counseling and multilingual training to help business owners maintain and expand their operations.
Funding for the program includes support from the Empire State Development through the federal State Small Business Credit Initiative. Together, the partners aim to increase access to financing for entrepreneurs across the city’s five boroughs, particularly those who have historically faced barriers to traditional lending.
“Small, local businesses are the backbone of a thriving community,” said Clara Wu Tsai, founder of the Social Justice Fund and Governor of the New York Liberty. “Investing in their success creates a ripple effect of economic opportunity across New York City. We are proud to partner with Renaissance and TAAF and look forward to seeing the continued growth of the businesses receiving this support.”
Small businesses are a major driver of the city’s economy. More than 180,000 small businesses operate in New York City and collectively employ about one million people. Despite that impact, many entrepreneurs struggle to secure the capital needed to grow. Research from The Asian American Foundation has found that complicated applications, high borrowing costs, language barriers and limited awareness of funding opportunities often prevent small business owners from accessing financial resources.
The NYC Elevating Business Loan Program seeks to address those challenges by offering loans of up to $100,000. Business owners can use the funding for a range of needs, including managing cash flow, purchasing equipment, upgrading storefronts or making other operational improvements.
The program will be administered by Renaissance Economic Development Corporation, a Community Development Financial Institution certified by the U.S. Department of the Treasury. Founded in 1997 by the community development organization Asian Americans for Equality, Renaissance has provided more than $70 million in affordable financing to over 2,500 small businesses in the New York metro area, helping support thousands of jobs in low- and moderate-income communities.
Beyond lending, the program will also offer free business support services. Applicants can receive no-cost financial analysis, business counseling and help navigating the application process. Assistance will be available in English, Chinese, Korean and Spanish.
The initiative is backed by a $1 million initial investment from the Social Justice Fund and $500,000 from The Asian American Foundation. Those commitments helped leverage an additional $4 million in lending capital from Empire State Development, bringing the total program size to $5.5 million.
The announcement also marks the first major initiative under The Asian American Foundation’s new TAAF Cities: NYC program. The effort aims to encourage public and private sector partnerships that promote economic opportunity, neighborhood safety and cultural pride in communities where Asian American and Pacific Islander residents live and work.
New York City is the second city included in the TAAF Cities initiative, following a launch in Seattle in 2025. The city is home to one of the largest and fastest-growing Asian American and Pacific Islander populations in the country, along with a large and active small business community.
According to 2023 estimates, AAPI-owned businesses in New York City generate about $72 billion in annual revenue, employ more than 327,000 people and contribute roughly $13 billion in payroll each year.
Small business owners interested in applying for the NYC Elevating Business Loan Program can learn more or submit an application through Renaissance Economic Development Corporation.
