Why Governor Hochul's Shocking Holiday Challenge Could Transform New York's Small Businesses Forever!

New York Governor Kathy Hochul is making a heartfelt appeal to residents this holiday season, encouraging them to support small businesses and recognize their vital role in job creation and community engagement. On November 29, New York will celebrate Small Business Saturday, a day dedicated to promoting local retailers, restaurants, and service providers as shoppers prepare for the holidays.

“Every time we choose a local shop, restaurant, or service provider, we’re investing in our neighbors and our neighborhoods,” Governor Hochul stated. “As the daughter of a small business owner, I know the long hours, hard work, and heart that go into running a family business. Small Business Saturday is a reminder that our local enterprises aren’t just places to shop; they’re engines of opportunity and cornerstones of community. This holiday season, I encourage New Yorkers to shop small and help keep our main streets thriving.”

Statistics highlight the significance of small businesses in New York, as those with fewer than 100 employees account for a staggering 98% of all businesses in the state and employ nearly 40% of the private-sector workforce. From farm stores and family-run shops to independent restaurants and tech startups, these businesses contribute significantly to the “character and creativity” of communities across the state.

Hope Knight, President and CEO of Empire State Development, emphasized the importance of small businesses, stating, “New York's small businesses drive innovation, create jobs, and define the character of our communities. When we support them, we’re not only fueling local growth - we’re preserving the character and creativity that make New York unique. Empire State Development is proud to support entrepreneurs and small business owners with the resources, programs, and capital they need to grow and succeed in every region of the state.”

The retail sector alone is projected to generate billions in revenue, with an anticipated $507 billion in sales for 2024, contributing approximately $20.3 billion in state sales tax. Retail workers in New York bring home an average of $971 per week, which significantly supports household incomes statewide.

Under Governor Hochul’s leadership, the state has expanded access to various resources aimed at supporting small businesses. These include:

• Main Street Capital Loan Fund: Offering up to $100,000 in startup and early-stage financing.
• Small Business Technical Assistance: Providing free expert support for meeting funding requirements.
• Entrepreneurship Assistance Centers: Establishing a support network for early-stage business development.
• Low Interest Capital Program (LINC): Expanding financing options to help thousands of small businesses grow.

Additionally, the New York State Department of Labor provides hiring assistance, career fairs, and resources related to business tax credits.

To further support local economies, state officials are urging residents to:

• Shop local and independently owned stores.
• Purchase gift cards to support future business.
• Visit farmers markets for seasonal foods and gifts.
• Explore New York-made goods at Taste NY markets or online.
• Try neighborhood restaurants and cafés.
• Share positive experiences and reviews online.

On Small Business Saturday, shoppers can benefit from a 30% discount at ShopTasteNY.com, which features a variety of New York-made food items, crafts, and specialty gifts.

As the holiday shopping season approaches, the message from state leaders is clear: supporting local businesses isn't just good for the economy; it strengthens the fabric of our communities and ensures their continued vibrancy. By choosing to shop small, New Yorkers can make a meaningful impact this holiday season.