SUNY Chancellor King Announces Financial Impact of Small Business Development Centers to New York State Counties Surpassed $300 Million During 40th Anniversary
August 7, 2024
Small Business Development Centers Provided over 84,000 Counseling Hours to More Than 23,000 Businesses
Over Half of 2023 Small Businesses Supported Were Women-Owned, and 41% Minority-Owned
Full 2023 Annual Report is Available Here
Albany, NY – State University of New York Chancellor John B. King Jr. today announced annual results from the New York Small Business Development Center (New York SBDC), which provided direct support to over 23,000 small business clients, surpassing $300 million in financial impact to counties across New York State as the SBDC observed its 40th anniversary. The center empowers entrepreneurs through one-on-one individualized advisement grants, specialized education, and business research that fuels economic growth.
New York SBDC is administered by SUNY and primarily funded by the U.S. Small Business Administration. The program is committed to fostering a diverse and inclusive business landscape across the state. This past year, more than half of SBDC clients (53%) were women-owned small businesses, 41% were minority-owned, 15% were from rural counties, and clients were provided with more than 84,000 hours of free counseling.
"Economic development and upward mobility are fundamental to who we are at SUNY, and our Small Business Development Centers put these principles into action," said SUNY Chancellor King. "From Penguin Rep Theatre in Rockland to the DEK Superstars athletic facility in Farmingdale, our SBDCs impact thousands of New Yorkers every year. Together, we will set new standards of how dynamic networks of learning and entrepreneurship can powerfully support and enhance one another, while championing a future where every entrepreneur has the tools to realize their dreams."
NY State Senator Sean Ryan, Chair of the Senate Committee on Commerce, Economic Development, and Small Business, said, "The best economic bets we can make as a state are those funding programs with proven track records of providing a return on our investment. Through four decades spent backing New York's entrepreneurs, the SBDC has consistently demonstrated its value, spurring job creation and economic growth. Small businesses are the backbone of our state, and we must continue to prioritize programs and policies like the SBDC that support the people who drive New York's economy."
NY Assemblymember Carrie Woerner, Chair of the Assembly Small Businesses Committee said, "SBDC provides individualized programs and services that help entrepreneurs start, run and grow their businesses. Whether it be seed loans, marketing plans or technical assistance, these Development Centers offer proven strategies that support our incredibly valuable and economically essential small businesses. Earlier this year, I passed a NYS Assembly Resolution declaring March 20th ‘Small Business Development Centers Day' in effort to raise awareness of the tremendous impact these centers have on our state's local economies. I was honored to recognize members of SBDC in the Chamber and congratulate them on their 40th anniversary year."
State Director of the New York Small Business Development Centers Sonya Smith added, "In 2023, we continued to reset, modernize, and build on the many successes of our almost 40-year-old state network. We are evolving and bringing big systemic change, building consistency across the state, and setting a solid foundation for growth and what we hope is long-lasting, impactful change."
Curtis Groff, SBDC Client and Owner of Break-thru Boxing and Fitness said, "Working with the SBDC has been an integral part of my business life. When I started, I didn't really have an idea of how to actually run a business, but with their help, programing, and recommendations, I now have the confidence to run my business effectively and am currently looking to open a second location."
Melissa Baideme, Owner of C.K. Natural Fruit Juice and SBDC Client also said, "One of the greatest benefits of working with the Small Business Development Center is the tools they place in front of you, helping you open your doors to a world of success. I have been more than grateful for working with my SBDC coach and for all the motivation he has given me. At times when I feel a little stuck, he distracts those thoughts and keeps me going in one direction, which is the right direction."
Throughout its 40 years of service, Small Business Development Centers have assisted more than 580,000 small business clients, created and saved more than a quarter-million jobs, and injected over $8.5 billion into New York State's economy.
About the New York Small Business Development Center
The New York SBDC works closely with other state economic development agencies, faculty, and students at host institutions, as well as representatives from private industry and business to focus resources on assisting small businesses and entrepreneurs. The SBDC emphasizes counseling and training services to women, veterans, people with special needs, and minority clients.
Their work also includes connecting potential employers with job placement offices on SUNY campuses. This effort links SUNY students and alumni to jobs in the community.
The New York SBDC's full-time professional business advisors undergo rigorous professional certification to keep their business knowledge up-to-the-minute and their counseling skills sharp. Their efforts are augmented by the New York SBDC Research Network—one of the most advanced business information resources in the country. The Research Network, located in Albany, New York, provides New York SBDC business advisors with the latest economic, demographic, regulatory, and other data that can have an impact on small business success. Please find a local SBDC at nysbdc.org.
About the State University of New York
The State University of New York is the largest comprehensive system of higher education in the United States, and more than 95 percent of all New Yorkers live within 30 miles of any one of SUNY’s 64 colleges and universities. Across the system, SUNY has four academic health centers, five hospitals, four medical schools, two dental schools, a law school, the country’s oldest school of maritime, the state’s only college of optometry, and manages one US Department of Energy National Laboratory. In total, SUNY serves about 1.4 million students amongst its entire portfolio of credit- and non-credit-bearing courses and programs, continuing education, and community outreach programs. SUNY oversees nearly a quarter of academic research in New York. Research expenditures system-wide are nearly $1.1 billion in fiscal year 2023, including significant contributions from students and faculty. There are more than three million SUNY alumni worldwide, and one in three New Yorkers with a college degree is a SUNY alum. To learn more about how SUNY creates opportunities, visit suny.edu.
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Holly Liapis
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