With U.S. Census Data showing that 78% of NYC small businesses reported a continuing negative impact from the pandemic as of March 2021, it now remains a critical moment to celebrate and show support for every business that has endured and adapted to keep NYC running.
Venture Forward has provided us with data around New York-based microbusinesses organized by borough that breakdowns the pandemic’s adverse effects on the small businesses and the people behind them.
Venture Forward defined microbusinesses as:
- 92% – Less than 10 employees
- 1 in 2 – Has both presence online and brick+mortar
- 60% – Provides main or supplemental income
- 1 in 4 – Not in traditional workforce
- 74% – Identified purpose as commercial
Small business is BIG – 1 new business per 100 people has major impact on the economy.
Percentage point drop in unemployment
New jobs created by each additional entrepreneur
Increase in economic resilience
Increase in median household income
Thank You New York Small Businesses for the impact you have on the economy!
Support NYC’s Small Business owners and help build our economy back.