Last Updated on August 23, 2023 by Hannah Stevens
The federal government allocates the majority of the budget of more than $62,419.00 millions dollars in grants and additional funding sources of $52,183.00 from local governments into the business sector since small businesses and large corporations are the backbone of economic growth in New York. The state of New York has 441,241 businesses, and they are broken down as follows:
New York Business Sector Breakdown by Size
- 289,137 registered businesses in New York have 0 to 4 employees. People who work at home with sole proprietorship are included in this breakdown.
- 67,897 registered businesses in New York have 5 to 9 employees.
- 39,595 registered businesses in New York have 10-19 employees.
- 33,026 registered businesses in New York have 20-99 employees.
- 7,391 registered businesses in New York have 100 to 499 employees.
- Over 4,195 registered businesses in New York have over 500 employees.
New York Business Sector Breakdown in Service Industries
- 58,518 registered businesses in New York are in the Professional, Scientific and Technical Services sector.
- 25,251 registered businesses in New York are part of the Administrative, Support, Waste Management, and Remediation Services sector.
- 44,492 registered businesses in New York belong in the Accommodation and Food Services sector.
- More than 52,362 registered businesses in New York are also service orientated businesses, but are not categorized in the sectors above.
You may also be eligible to apply for grants for small businesses if you work in the agriculture industry. The state of New York has more than 36,000 farms.
Small Businesses in New York
It is difficult to start and manage a small business in New York. More than $400,790,000,000.00 US dollars is spent on employee salaries/payroll alone in the state of New York, and every year, more than 58,161 businesses declare bankruptcy. The federal government doesn’t provide grants for expanding or starting a business publicly. However, some small business grants can be given in New York to help business owners start and grow their ventures. Moreover, grant recipients don’t have to repay the government funding. So, it is worth looking into small business grants to help fund your business.
Contact New York financial aid agencies to apply for business grants.
Recent State Funding Opportunities
Below is a list of opportunities recently published in the local state: