DiNapoli: Small Businesses Are Vital To State’s Economy

There are more than 451,000 small businesses in New York State, covering a vast spectrum of firms from neighborhood coffee shops to specialized tech firms.

Earlier this month, State Comptroller Thomas DiNapoli released a report highlighting the enormous contributions these small businesses make to New York’s economy. They generate more than $950 billion in annual revenue and 3.9 million jobs. That’s just over half of all private sector employment.

State government has a responsibility to help small businesses prosper and create jobs. My office plays a role in that important task – not only in our overall work to promote effective use of taxpayer dollars, but through initiatives such as our In-State Private Equity Program, which has committed $1.3 billion of Common Retirement Fund resources for private equity investment in New York. The Fund also supports small business loans through our partnership with the New York Business Development Corporation.

However we measure their impact, small businesses are critical to New York’s economy. This report aims to highlight the scope, diversity, and contributions of our small businesses so policymakers may formulate policies to promote prosperity in every region of the Empire State.

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