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July 16, 2009

U.S. House O.K.’s Funding to Aid NYC Small Businesses

Washington, DC –The U.S. House of Representatives today approved $200,000 to benefit three small business development programs in New York’s 12th Congressional District.  The funding, included in the Fiscal Year 2010 Financial Services Appropriations bill, will be used to help New York City entrepreneurs grow their businesses and establish new firms.  Congresswoman Nydia M. Velázquez (D-N.Y.), who chairs the U.S. House Committee on Small Business, said that supporting the growth of small businesses will lead to new job creation and strengthen the local economy.

“Small businesses are the backbone of New York’s economy, representing 99 percent of the employers in the state.  These resources will go toward helping help entrepreneurs do what they know best: innovate, build new enterprises, and create jobs for the City,” Velázquez said.

The funding Velázquez secured in the Financial Services appropriations bill will benefit three important projects:

  • Southwest Brooklyn Industrial Development Corporation: $80,000 for the organization’sPlan Ahead Brooklyn” program, which provides technical workshops to link industrial businesses with the resources they need to develop long-term plans for sustainable business growth.
  • Brooklyn Hispanic Chamber of Commerce: $60,000 to extend the Chamber’s “Business Incubator” programs that educate communities on how to run and manage small businesses.
  • New York Industrial Retention Network: $60,000 to provide technical assistance and financing to manufacturers who are seeking to implement energy conservation projects.

“With the future of our national economy clearly focused on green technologies, now is the time to invest in the development of innovative businesses,” said Velázquez.  “The City already hosts the largest concentration of green jobs in the nation, and by taking advantage of these resources we can continue leading the way in expanding these cutting edge fields.”

The legislation must now be approved in the U.S. Senate.

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