NEW YORK, NY – The NYC Department of Small Business Services (SBS) and Next Street have joined forces to launch NYC Funds Finder, an innovative online marketplace designed to connect New York City’s vibrant small business community with crucial funding opportunities and expert financial guidance. This groundbreaking platform, powered by Next Street’s expertise and technology, aims to streamline access to loans, grants, and invaluable one-on-one financial assistance, all in one user-friendly hub.
NYC Funds Finder, accessible at nycfundsfinder.nextstreet.com, represents a significant leap forward in supporting the backbone of New York City’s economy – its small businesses. This initiative is further strengthened by the support of the Mastercard Center for Inclusive Growth and aligns with the priorities of Vice President Kamala Harris’s Economic Opportunity Coalition, underscoring its national significance in promoting equitable economic growth.
The platform directly addresses the persistent challenges faced by small business owners, particularly those from underserved communities, in securing the necessary resources to thrive. Next Street’s platform, known as Next Street Scale, is specifically engineered to dismantle barriers related to accessing capital, business planning support, and upskilling opportunities. These obstacles are often exacerbated by systemic inequities that disproportionately affect women and minority-owned businesses. For instance, despite representing over 30% of all small businesses, Black and Latino(a) business owners receive only a fraction of government funding (SBA Lending Reports). Next Street is committed to bridging this gap by leveraging its extensive experience and trusted network to facilitate connections between these businesses and responsible funding sources.
“For too long, a lack of accessible and affordable financing has hindered the potential of countless small business owners,” stated SBS Commissioner Kevin D. Kim. “The NYC Funds Finder, powered by Next Street, directly tackles this issue by providing a centralized platform where businesses across New York City can discover funding opportunities specifically tailored to their unique needs. This collaborative effort with Next Street, Mastercard, and our network of community lender-partners will empower New York City’s small businesses with the financial tools and advisory services essential for launching, expanding, and flourishing.”
Christopher Weaver, Executive Director of the Economic Opportunity Coalition, emphasized the platform’s broader impact: “The Economic Opportunity Coalition is proud to support the launch of NYC Funds Finder, a direct result of investments from our esteemed members, Mastercard and the Kresge Foundation. This platform, leveraging Next Street’s technology, is a transformative tool, dramatically improving how entrepreneurs can efficiently navigate and secure capital from both private and public sectors, including SBA and SSBCI funding. This initiative is a significant stride towards the Coalition’s overarching mission of fostering economic opportunity within underserved communities. We anticipate the success of this pilot program in NYC and its potential for replication in other markets.”
Michael Roth, Co-CEO of Next Street and former Small Business Administration (SBA) Administrator, highlighted the core mission driving the platform: “Through two decades of conversations with small businesses, Next Street has consistently heard about the critical need for access to responsible capital providers and reliable advisors. This need is even more pronounced for minority-owned businesses. The NYC Funds Finder platform, built on Next Street Scale, represents a crucial advancement in addressing this challenge and delivering vital support directly to small businesses.”
NYC Funds Finder acts as a central hub, aggregating diverse funding options from SBS and Next Street’s network of trusted partners. Beyond simply listing resources, the platform offers a seamless pathway for business owners to connect with free SBS advisors. These expert advisors provide invaluable assistance in navigating the funding landscape and completing application processes, ensuring businesses can access the most suitable financing solutions for their specific circumstances.
The adaptable nature of Next Street Scale allows for its implementation by various organizations, including corporations and government entities, seeking to empower small businesses across diverse geographies and sectors. Beyond financial and advisory services, Next Street Scale is designed to be a comprehensive resource, with the potential to incorporate educational modules, contract opportunities, and peer networking features in future iterations. Organizations interested in exploring the capabilities of the platform are encouraged to contact Michael Roth at [email protected].
Sandy Fernandez, Vice President of North America at the Mastercard Center for Inclusive Growth, underscored the platform’s efficiency and inclusivity: “NYC Funds Finder, powered by Next Street Scale, is designed to streamline the process for entrepreneurs, particularly those traditionally underserved, to identify and access the specific support they require for sustainable growth. By integrating tools for capital access, technical assistance, and city services, we are creating greater efficiency for small businesses. The Mastercard Center for Inclusive Growth is proud to contribute the strengths of our Mastercard Strive USA initiative to this vital project and our ongoing collaboration with Next Street.”
To safeguard small businesses from predatory lending practices, Next Street has implemented rigorous eligibility criteria for capital providers featured on the platform. Financial institutions interested in joining NYC Funds Finder and supporting NYC’s small business ecosystem can complete the application form available at form for evaluation by Next Street.
About the NYC Department of Small Business Services (SBS)
The NYC Department of Small Business Services (SBS) is dedicated to fostering economic opportunity and security for all New Yorkers. SBS achieves this mission by connecting individuals to quality jobs, empowering businesses to thrive, and building vibrant communities across all five boroughs. For comprehensive information about SBS services, please visit nyc.gov/sbs, dial 311, and follow SBS on social media: Facebook, Twitter, and Instagram.
About Next Street
Next Street specializes in creating and implementing solutions that effectively connect entrepreneurs and small business owners with the right resources at the right time. With a focused commitment to supporting small businesses facing systemic barriers, Next Street leverages nearly two decades of experience, a dedication to anti-racism, and a broad network of small business advocates, operators, and investors. Next Street accelerates the positive impact of institutions and advisors on small businesses, empowering millions of businesses with the expertise, tools, and capital necessary for long-term success. To learn more, visit nextstreet.com.
About the Mastercard Center for Inclusive Growth
The Mastercard Center for Inclusive Growth is committed to advancing equitable and sustainable economic growth and financial inclusion worldwide. By utilizing Mastercard’s core assets, including data insights, expertise, and technology, and managing the philanthropic Mastercard Impact Fund, the Center produces independent research, scales global programs, and cultivates a community of thought leaders and practitioners dedicated to inclusive growth.
