NY SBDC financial impact to counties surpassed $300M in 2023

ALBANY — New York Small Business Development Center (New York SBDC) generated a financial impact surpassing $300 million for counties across the state during its 40th anniversary year in 2023. New York SBDC provided direct support to more than 23,000 small-business clients, SUNY Chancellor John King, Jr. said in releasing the SBDC’s 2023 annual report on Aug. 7 The center helps entrepreneurs through one-on-one individualized advisement grants, specialized education, and business research that “fuels economic growth.” The Onondaga SBDC, located at Onondaga Community College in the town of Onondaga, serves counties in both Central and Northern New York. SUNY administers the New York SBDC, which is primarily funded by the U.S. Small Business Administration (SBA). The program is “committed to fostering a diverse and inclusive business landscape across the state,” SUNY said. The 2023 annual report indicates more than half of SBDC clients (53 percent) were women-owned small businesses; 41 percent were minority-owned; 15 percent 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,” King said in the announcement. “…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.” “In 2023, we continued to reset, modernize, and build on the many successes of our almost 40-year-old state network,” Sonya Smith, state director of the New York Small Business Development Centers said in the SUNY announcement. “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.” Throughout their 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, SUNY said.

About the New York SBDC

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, per its description in the SUNY news release. Its 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 professional certification to keep their business and technical knowledge up to date. Their efforts are augmented by the New York SBDC Research Network — described as “one of the most advanced” business-information resources in the country. Located in Albany, the Research Network provides New York SBDC business advisors with the latest economic, demographic, regulatory, and other data that can have an impact on small-business success.