In September 2023, the NYC Department of Small Business Services and Next Street launched the NYC Funds Finder, a unified platform for small businesses to find trusted, low-cost loans and grants and access one-on-one technical assistance. A year after the platform’s creation, it has since distributed over $1 million in affordable capital from a community of approved lenders, including CDFI partners.

This new tool fulfills a key recommendation from CUF’s December 2022 report, Bolstering Minority- and Immigrant-Owned Businesses by Scaling Up CDFIs, which recommended that the city create “a unified portal [that] would allow small business owners to complete one form and be seamlessly matched with participating CDFIs or other community lenders that could support their capital needs and provide tailored technical assistance.”

Our report revealed that New York City’s community development financial institutions (CDFIs) serve only a tiny fraction of the small businesses and aspiring entrepreneurs who could benefit from affordable loans and business advising. One major barrier we identified was the lack of a simple, streamlined way for entrepreneurs to connect with the right CDFI for their needs.

CUF commends the NYC Department of Small Business Services for strengthening New York City’s minority- and immigrant-owned businesses by expanding the reach and impact of the city’s CDFIs.