Below are links to resources for our Entrepreneurs and Business Persons:
Guide to New York City and New York State Tax Incentives and Rebates
CHAMBERS OF COMMERCE
|Brooklyn Chamber of Commerce
||Access the free business services of the Chamber and its partners to help your business grow. The Chamber is committed to helping businesses achieve their goals and is here for you every step of the way. With services like financing assistance, recruitment and training, real estate development, and affordable health insurance, the Chamber has the tools to help your business launch, thrive and grow.
|Caribbean American Chamber or Commerce & Industry, Inc. –(CACCI)
||The Caribbean American Chamber of Commerce and Industry, Inc. (CACCI), founded in August 1985, is a statewide membership organization, which has developed expertise in providing business assistance to small and start-up business owners, in areas of business planning, financing, procurement, certification, expansion, and export/import opportunities.
|The Brooklyn (Kings County) Hispanic Chamber of Commerce
||The Brooklyn (Kings County) Hispanic Chamber of Commerce (BHCC) has been a trustworthy partner in Brooklyn in helping the small business community in becoming successful business owners.
Scorely is a business credit bureau where businesses can view, monitor and build their credit score at no cost. Also, businesses can access any credit report for free. Business credit reports are viewed and monitored by lenders, suppliers, landlords and customers. Take control of your business credit today.
Financial Literacy Resource List: Building One Brooklyn through financial education.
Borough President Construction Contractor Open House
New York State Empire State Development Corps
- 633 Third Avenue/ New York City, New York 10017 / (212) 803-3130
Empire State Development provides a variety of assistance aimed at helping businesses; whether you are an international company looking to make a move or a small business owner wanting to access capital – ESD is here to help. ESD offer loans, grants and tax credits, as well as other financing and technical assistance, to support businesses and encourage their growth within New York State.
New York City Economic Development Corporation
- 110 William Street /New York, NY 10038 / (212) 619-5000
NYCEDC has created an ecosystem to develop businesses across industries and stages of development with access to information, funding, training, and innovative competitions.Opportunity M/W/DBE is committed to increasing diversity on NYCEDC projects by helping Minority, Women-Owned, and Disadvantaged Business Enterprises (M/W/DBE’s) overcome challenges that may make it difficult to win contracts on public projects.
Dormitory Authority State of New York
- 515 Broadway/ Albany, NY 12207-2964/ (518) 257-3000
- One Penn Plaza, 52nd Floor/ New York, NY 10119-0098/ (212) 273-5000
DASNY procures goods and services on a competitive basis, awarding contracts to firms that will deliver high quality at the lowest possible cost to New York State, while promoting the use of Small, Minority and Women-Owned Business Enterprises.
New York City Department of Citywide Administrative Services
- One Centre Street, 17th Floor South/ New York, NY 10007/ 311
- DCAS Agency Procurement oversees the procurement processes of the various offices and lines of service within DCAS to maximize efficiency and ensure compliance with the City’s Procurement Policy Board Rules, the City Charter, applicable laws and executive orders, and mayoral directives.
- DCAS is dedicated to increasing Supplier Diversity because it supports the City’s commitment to encourage a competitive and diverse New York City business environment. A diverse supplier base helps spark innovation, strengthen engagement, and drives continuous improvement.
The vital NYC Minority- and Women-Owned Business Enterprise program (M/WBE) is designed to promote City government contracting and subcontracting opportunities for businesses certified as minority- and women-owned with a real and substantial presence in New York City and surrounding counties
New York City Department of Small Business Services (SBS)
- 110 William Street, 7th Floor/ New York, NY 10038/ 311
- Procurement Technical Assistance Centers (PTACs) help small businesses navigate and understand federal, state and local government procurement processes.
- The M/WBE Advisory Board is an important group of advocates in the City’s efforts to create greater access to contracting and other business opportunities for minority and women-owned businesses.
NYC Business Solutions (SBS)Created in 2004 and administered by SBS, NYC Business Solutions provides free information to entrepreneurs and business owners through its website and at its 12 locations in the five boroughs.NYC Business Express (SBS)Created in 2006 and administered by SBS and maintain by over 20 city agencies, NYC Business Express is a website that offers customized information and instructions on meeting government requirements for starting, operating and expanding a business in New York City. NYC Business Solutions (SBS)
SBS’s NYC Business Solutions offers technical assistance services at no cost to new and established business regardless of size in the following categories: legal, financing, incentives, navigating government, recruitment, training, selling to government, and certification.
- Certification: Certified businesses have greater access to government contracting opportunities. NYC Business Solutions offers classes, networking events, and targeted solicitations as well as inclusion in the City’s Online Directory of Certified Businesses.
SBS’s NYC Business Solutions offers courses in the following categories: business planning and operations; financing and accounting; marketing; and, government certification and contracting.
New Business Acceleration Team
Certain new businesses may be eligible for a new streamlined program from the New Business Acceleration Team (NBAT) that will make it possible for entrepreneurs to open their doors more quickly and help businesses get the answers and services they need. New restaurants and bars that serve food may be eligible.
NYC Economic Development Corporation
LEAP, The “Learn as you Earn” Advancement Program
LIFT Entrepreneurship: Supports low-income entrepreneurs as they start and grow businesses by providing space and technical support, access to loans, and partnerships with local anchor institutions.
NYC Department of Finance
- Commercial Expansion Program (CEP) – Administered by NYC Dept. of Finance. Rent abatement of up to $2.50 per square foot for up to five years for new, renewal, and expansion leases for commercial offices and industrial spaces. Available for businesses located in any area that is zoned C4, C5, C6, M1, M2, or M3 in Manhattan north of 96th Street or in any area in the other four boroughs — Brooklyn, the Bronx, Queens, and Staten Island.
- Industrial and Commercial Abatement Program (ICAP) – Administered by NYC Dept. of Finance. Property tax abatement for renovation or construction (successor to the ICIP program). To be eligible for benefits for new commercial construction, the applicant may build anywhere in New York City except in Manhattan south of the centerline of 96th Street and north of Murray, Frankfort, and Dover Streets. To be eligible for benefits for commercial renovation, the applicant may be expanding, modernizing, or otherwise improving an existing structure anywhere in the City except in Manhattan between the centerline of 59th Street and the centerline of 96th Street.
- Lower Manhattan Commercial Rent Tax (CRT) Reduction – Administered by NYC Dept of Finance. Offers a reduction in commercial rent tax to qualified tenants located in buildings south of Canal Street. Commercial rent tax has been eliminated for all leases signed at the World Trade Center site, including 7 World Trade Center and 130 Liberty Street, as well as for retail leases in the area bounded by Murray Street and Frankfort Street on the north, South Street on the east, Battery Place on the south, and West Street on the west. A five-year special reduction of commercial rent tax is available for new or renewal leases elsewhere in the area south of the centerline of Canal Street.
- Lower Manhattan Commercial Revitalization Program (CRP) – Administered by NYC Dept of Finance. Offers a rent abatement up to $2.50 per square foot of leased space. To qualify, premises must be located in an eligible building in Lower Manhattan. This abatement zone is generally defined as the area bounded by Murray Street and Frankfort Street on the north, South Street on the east, Battery Place on the south, and West Street on the west. Eligible buildings in this area must have been built before 1975 and be used as office or retail space.
- Lower Manhattan Relocation Employment Assistance Program (LMREAP) – Administered by NYC Dept. of Finance. Tax credit of $3,000 per job for 12 years for two types of businesses relocating to eligible premises within Lower Manhattan. The first type of business is an “Eligible Business” which: (a) has conducted significant business operations outside of New York City for at least 24 consecutive months before the year of relocation, (b) has not had employees working in New York City between January 1, 2002, and the date the business enters into the program, and (c) will move at least one employee from outside New York City to eligible premises in Lower Manhattan. The second type of business is a “Special Eligible Business” which has had employees working in Manhattan before the relocation but will move at least: (a) 250 employees or (b) a sufficient number of employees from outside New York City to increase its payroll in the City by 25 percent. Eligible premises must be nonresidential and must have been improved by construction or renovation.
- NYC Biotech Tax Credit – Administered by NYC Dept. of Finance. This tax credit provides small biotech companies with a refundable tax credit for facilities, operations, and training. Funding targets expanding firms with up to $250,000 per year to eligible firms.
- Relocation and Employment Assistance Program (REAP) – Administered by NYC Dept. of Finance. Relocation tax credit of up to $3,000 per qualified employee for 12 years. To qualify for REAP, an eligible business must renovate or relocate from outside New York City or from below 96th Street in Manhattan to the eligible area, which includes Manhattan above 96th Street or any of the other four boroughs — Brooklyn, the Bronx, Queens, and Staten Island. Certain minimum improvement requirements of the relocation premises apply.
Upper Manhattan Empowerment Zone/Bronx Overall Economic Development Corp.
- Empowerment Zone Benefits – Administered by Upper Manhattan Empowerment Zone and Bronx Overall Economic Development Corp. Package of tax credits including accelerated depreciation, wage tax credit, and various financing and work opportunity programs for businesses located within the Empowerment Zone. Neighborhoods in the zone include Central, East, and West Harlem; Inwood; Washington Heights; Highbridge; Hunts Point; Mott Haven; Port Morris; and west of the Grand Concourse up to 176th Street.
Mayor’s Office of Media and Entertainment, NYS Governor’s Office for Motion Picture & Television Development
- Film Tax Credit – Administered by Mayor’s Office of Media and Entertainment, NYS Governor’s Office for Motion Picture & Television Development. New York State provides a 30 percent refundable tax credit, and New York City provides a 5 percent refundable tax credit on production costs for quality feature films, episodic television, pilots, and television movies / miniseries.
Mayor’s Office of Industrial and Manufacturing Businesses
- Greenpoint-Williamsburg Relocation Grant Program – Administered by Mayor’s Office of Industrial and Manufacturing Businesses. Offsets relocation costs for eligible businesses that were impacted by the rezoning in Community Board 1 in Brooklyn. The eligible areas for relocation include Manhattan above 96th Street or any of the other four boroughs — Brooklyn, the Bronx, Queens, and Staten Island.
Mayor’s Office of Environmental Remediation
- NYC Brownfield Incentive Grant (BIG) Program – Administered by Mayor’s Office of Environmental Remediation. Reduces the cost of brownfield site cleanup and redevelopment throughout the development process, from the earliest stages of information gathering through environmental investigation and cleanup work. Total grant award per project ranges from up to $60,000 to up to $100,000, with the higher award amounts going to preferred community development projects.
Empire State Development Corporation
- Excelsior Jobs Program – Administered by Empire State Development Corp. This program provides job creation, investment and R&D incentives to firms in targeted industries including biotechnology, pharmaceutical, high-tech, clean-technology, green technology, financial services (back office & data centers), software development, new media, agriculture and manufacturing. Companies creating new jobs may also be eligible for a real property tax credit in return for making a significant investment.
- Industrial Effectiveness Program (IEP) – Administered By ESDC. Grants up to $50,000 to small- and medium-sized manufacturers for projects improving productivity.
- Jobs Now and Economic Development Fund (EDF) – Administered by ESDC. Grant and loan financing for projects creating new private sector jobs in New York State. Jobs Now requires the creation of at least 300 new jobs but projects creating at least 100 jobs may also qualify. Projects creating fewer than 100 new jobs may be eligible for financing through the EDF program. Both Jobs Now and EDF assistance is primarily used to offset the following categories of project costs: Real Estate Acquisition, Demolition, Construction, Site & Infrastructure, Machinery & Equipment and Construction Related Planning.
- Manufacturing Assistance Program (MAP) – Administered by ESDC. Grants up to $1 million to manufacturers that employ 50-1,000 people and that export 30 percent of production out of the region and invest $1 million in an eligible project.
- Metropolitan Economic Revitalization Fund (MERF) – Administered by ESDC. Provides loans to businesses investing in projects that retain or create a significant number of private-sector jobs in economically distressed areas. Loans may be used for improvement of land and buildings (including construction and renovation) and for machinery and equipment purchases.
- Small Business Revolving Loan Fund – Administered by ESDC. Provides loans to small retail, service and manufacturing businesses across New York State. Startup businesses may qualify if they meet certain criteria. Program loans may be used for working capital, acquisition and/or improvement of real property, the acquisition of machinery and equipment, or the refinancing of debt obligations, with the goal of creating or retaining jobs in New York State. The fund targets minority and women-owned firms and other small businesses that are having difficulty accessing traditional credit markets.
- World Trade Center Rent Reduction Program – Administered by ESDC. Provides $5 per square foot rent reduction for eligible tenants leasing the first 750,000 square feet of commercial space at the Freedom Tower and other WTC buildings, excluding 7 WTC.
New York State Department of Taxation and Finance
- Lower Manhattan Sales and Use Tax Exemption – Administered by NYS Dept. of Taxation & Finance. Expenditures for build-out and furniture, fixtures, and equipment (FF&E) of new office space are exempt from sales tax for eligible tenants signing new or renewal leases of 10 years or more at the World Trade Center site, the World Financial Center, and Battery Park City. An eligible space must be a direct lease with a term of 10 years or more. Elsewhere in the area south of Frankfort and Murray Streets, sales tax is eliminated on build-out only (not FF&E).
- NYS Investment Tax Credit – Administered by NYS Dept. of Taxation & Finance. Business tax credit on qualified purchases of machinery and equipment for manufacturing firms and an additional employment tax credit for creating new jobs.
- Qualified Emerging Technology Companies (QETC) Incentive Program – Administered by NYS Dept. of Taxation & Finance. Designed to help qualified companies invest in their innovations. Awards are based on research and development expenses and related costs, as well as jobs created and employee training expenses. Investors in qualified companies can also receive a non-refundable credit of up to $300,000 per year. Eligible companies must have products or services that are classified as “emerging technology,” such as new media, communications, IT, engineering, advanced materials, biotech, and electronics; have annual product sales under $10M and gross revenue under $20M (in the previous tax year); have 100 full-time employees or fewer with at least 75 percent based in New York; and have New York-based research and development spending totaling over 6 percent of net sales.
- Sales Tax Exemption for Manufacturers – Administered by NYS Dept. of Taxation & Finance. New York City businesses are entitled to an exemption from City and State sales tax on purchases of electricity, fuel oil, natural gas and steam that are used directly and exclusively in the manufacturing, processing, or assembling of tangible personal property for wholesale. Manufacturers that have been paying taxes on energy purchases are also eligible to apply for a rebate of overpaid taxes. Refunds are only available for taxes paid within the last three years.
New York State Department of Environmental Conservation
- NYS Brownfield Cleanup Program – Administered by NYS Depts. Of Environmental Conservation and Taxation & Finance. Provides benefits for the cleanup and redevelopment of brownfield sites including liability relief and tax credits. Tax credits are provided in four areas: cleanup, redevelopment, real property taxes, and purchase of environmental insurance. Tax credits are enhanced for sites in Environmental Zones, which are census tracts in which the poverty rate is at least 20 percent according to the 2000 Census and the unemployment rate at least 125 percent of the NY State average, or the poverty rate is at least double the rate for the county in which the tract is located.
New York State Foundation for Science, Technology and Innovation (NYSTAR)
- NYSTAR Centers for Advanced Technology (CAT) – Administered by NYS Foundation for Science, Technology and Innovation (NYSTAR). New York State’s 15 Centers for Advanced Technology (CAT) support collaborative research across academia and industry. The CAT program offers a strong asset to New York technology companies, spurring applied research and technology transfer. CATs are able to selectively match corporate contributions to a project.
- NYSTAR Small Business Technology Investment Fund – Administered by NYSTAR. NYSTAR offers venture capital to early-stage, high-tech companies in New York State that have developed innovative technology products and related services that display significant competitive advantage and market acceptance.
U.S. Small Business Administration
- Small Business Administration (SBA) 504 Loan Program – Administered by Small Business Administration Lenders. Provides businesses with long-term, fixed-rate loans for fixed assets such as equipment, land, and buildings. The SBA works with Certified Development Companies (CDCs) and private lenders to provide loans to small businesses. The private lender takes a senior position of up to 50 percent of the project cost; the CDC takes a junior position of up to 40 percent of the cost; and the borrower takes 10 percent. The maximum SBA portion is $1.5M when meeting job or other development goals and can increase up to $2M if approved by the SBA. The SBA portion of the loan is not subject to mortgage recording tax. A business must create or retain one job for every $50,000 provided by the SBA. “Small Manufacturers” have a $100,000 job creation / retention goal.
- Small Business Administration (SBA) 7(a) Loan Program – Administered by Small Business Administration Lenders. 7(a) loans are provided by participating lenders who receive a guaranty from SBA on a portion of the loan. The risk is shared between the lender and SBA. Commercial lenders make and administer the loan, and the business applies to the lender for financing. Under this program, the borrower remains obligated for the full amount due. The SBA offers a variety of 7(a) financing vehicles including the Patriot Express, SBA Express, and Community Express Programs, each with specific eligibility criteria.
U.S. Department of Labor
- Federal Work Opportunity Tax Credit (WOTC) – Administered by U.S Dept. of Labor and NYS Dept. of Labor. Federal tax credit that encourages employers to hire from nine targeted groups of job seekers: 1) Qualified Temporary Assistance to Needy Families recipients; 2) Qualified veterans; 3) Qualified ex-felons; 4) Designated Community Residents; 5) Vocational rehabilitation referrals; 6) Summer youth employees; 7) Food stamp recipients; 8) Supplementary Security Income recipients; 9) Long-term family assistance recipients.
- New Markets Tax Credit (NMTC) Program – Administered by US Treasury CDFI Fund. Facilitates private sector investment in capital projects in low-income communities, and is often used to finance acquisition / construction. Tax credit investors (often financial institutions) make a one-time, upfront equity contribution in exchange for a future seven-year stream of federal tax credits. These upfront equity contributions are channeled through intermediaries (“Community Development Entities” or CDEs) certified by the U.S. Treasury CDFI Fund. CDEs make seven-year investments in eligible projects.
- Section 179 Deduction – Administered by US Dept. of Treasury. Federal tax deduction allowing qualified businesses to accelerate depreciation for eligible equipment and other qualifying property purchased for business use.
U.S. Department of Commerce
- NYS Trade Adjustment Assistance Center (NYS TAAC) – Administered by US Dept. of Commerce. A cost-sharing grant to assist manufacturers in funding projects that improve their competitive position.
- Credit Ready NYC – Administered by the New York City Council, the New York Bankers Associations and the New York Business Development Corporation. A two-pronged approach where the Council assists small businesses by working with banks to help steer businesses toward alternative lenders where appropriate and by educating small business owners themselves.
- Small Business Investment Companies – Administered by US Small Business Administration. SBA provides venture capital through the Small Business Investment Company (SBIC) Program, a unique public-private investment partnership. SBA itself does not make direct investments. It works with SBICs, which are privately owned and managed investment firms licensed by SBA to provide financing to small businesses with private capital they raise and with funds borrowed at favorable rates through SBA.
- Community Development Credit Unions – The Community Development Credit Unions (CDCU) provide loans to small businesses in low-and moderate income communities. The CDCU serves populations generally considered the hardest to serve, including low-income wage earners, recent immigrants, and people with disabilities.
- Seedco Financial Services – Seedco Financial Services provides loans and other services to small businesses and nonprofit organizations that cannot access affordable financing through banks. It offers loans to small businesses with 100 or fewer employees that operate and/or hire most of their employees from economically distressed and traditionally underserved areas or who are minority-or women-owned business enterprises. Eligible businesses include those that have been in operation for at least one year with annual revenues of at least $200,000. Funds can be used for working capital, inventory, equipment, leasehold improvements, and other approved activities.
- Project Enterprise – Project Enterprise provides loans, development services, and networking opportunities to entrepreneurs and small businesses in under-resourced communities in New York City.
- ACCION USA – ACCION USA helps qualified small businesses grow with business loans of up to $50,000 for profitable businesses with six or more months of operation. Start-up loans up to $30,000 for businesses with more than six months of operation, but that are not yet profitable. And transition loans up to $30,000 for the purchase of an existing business or a change in business location.
- New York Business Development Corporation – New York Business Development Corporation (NYBDC) works in conjunction with lending partners to provide loans to small businesses, with products for established businesses and start-up businesses or those in their early stages. Funds may be used for working capital, refinancing, business acquisition, purchase of equipment or owner-occupied real estate and improvement to real-estate including leaseholds.
- Credit for Success Program (“Second Look”) – Administered by NYBDC. NYBDC has contracted with many of its member banks to form a regional lending consortium to provide small businesses with an independent “second look” at a loan application that has been declined by the bank of account. Applications for the Credit for Success program will be accepted from small businesses located in New York State. The small business must first make the loan application to and be declined by its bank of account. Additionally, the small business must agree to seek business counseling from the SBDC serving the region. The counseling must be substantially completed prior to the approval of the loan. Applicants must meet all eligibility requirements of SBA.
New York State Office of General Services (OGS)
- 41st Floor, Corning Tower Empire State Plaza/ Albany, NY 12242/ (518) 474-3899
- The disposition of surplus state personal property is managed through the OGS State Surplus Property Program, which implements the sale of property through online auctions, or at statewide vehicles and equipment auctions. In contrast, the Bureau of Land Management facilitates the sale of surplus real estate property.
- The Office of Minority and Women-Owned Business (M/WBE) and Community Relations is responsible for ensuring that the Office of General Services (OGS) and its host agencies comply with the provisions of New York State Executive Law, Article 15A and the rules and regulations set forth in 5NYCRR, Part 140 – 144. These policies are intended to promote and encourage participation by minority and women-owned businesses in state contracting opportunities.
The M/WBE Program reviews policy, sets M/WBE participation goals, reports results, and monitors contractors to enhance the agency’s overall compliance. In addition, the Program staff interact with individual M/WBE companies to assist them in doing business with New York State and OGS. Finally, the Program facilitates the active engagement of community-based ethnic groups in special programs and events sponsored by OGS.
Division of Minority and Women’s Business Development
Empire State Development (ESD) is New York’s chief economic development agency.
The mission of Empire State Development is to promote a vigorous and growing state economy, encourage business investment and job creation, and support diverse, prosperous local economies across New York State through the efficient use of loans, grants, tax credits, real estate development, marketing and other forms of assistance.