The Social Justice Fund, The Asian American Foundation, Renaissance, and the State of New York Announce $5.5 Million Initiative to Fuel NYC Small Business Growth
New “NYC Elevating Business Loan Program” represents a coordinated effort by philanthropic, government, and private sector leaders to expand access to affordable capital for entrepreneurs across New York City’s five boroughs.
“TAAF Cities: NYC” initiative launches to support NYC’s nearly 2 million AAPI residents and the city at large.
NEW YORK CITY – Today, the Social Justice Fund, The Asian American Foundation (TAAF), Renaissance Economic Development Corporation (Renaissance), and the State of New York unveiled the NYC Elevating Business Loan Program, a $5.5 million initiative to help small businesses remain strong, competitive, and positioned for long-term growth. Through affordable loans, free financial counseling, and multilingual training services, this groundbreaking program builds on the Social Justice Fund’s capital strategy and represents a coordinated partnership with TAAF, Renaissance, and the State of New York—made possible in part through State Small Business Credit Initiative (SSBCI) funding from Empire State Development—to expand access to affordable capital across the five boroughs.
More than 180,000 small businesses power New York City and employ around one million workers. Yet according to TAAF’s research, too many entrepreneurs struggle to access the capital needed to maintain or expand their operations due to cumbersome application processes, high borrowing costs, language barriers, and limited awareness of available funding sources.To address these challenges, the NYC Elevating Business Loan Program will offer loans of up to $100,000, which small business owners can use to manage cash flow, buy equipment, improve storefronts, and more.
Businesses in the five boroughs of NYC are eligible to apply, and those based in Brooklyn will be eligible for affordable capital thanks to the Social Justice Fund’s investment in the program, reflecting its longstanding commitment to supporting entrepreneurs in Brooklyn and across the city. The program will be operated by Renaissance, a U.S. Treasury-certified Community Development Financial Institution (CDFI) and affiliate of Asian Americans for Equality (AAFE), which has supported under-resourced entrepreneurs since 1997. Small business owners interested in applying can visit https://www.renaissancesbs.org/loan-program/nyc-elevating-business-loan-program, email info@renaissancesbs.org, or call 212-964-6022. Assistance will be available in English, Chinese, Korean, and Spanish, and applicants may access no-cost business counseling, financial analysis, and application support.
Led by an initial investment of $1 million from the Social Justice Fund and $500,000 from The Asian American Foundation, the fund catalyzed an additional $4 million in lending capital through Empire State Development, New York’s chief economic development agency.
This represents one of the Social Justice Fund’s largest commitments to small business support to date and builds on its ongoing strategy of deploying loans and grants to address persistent access-to-capital challenges. Since launching its post-pandemic loan program, the Fund has provided loans, equity investments, and grants to help entrepreneurs grow and adapt in changing economic conditions.
The investment marks the first major action under The Asian American Foundation’s new “TAAF Cities: NYC” initiative, which aims to spur cross-sector investments and develop innovative solutions that promote economic opportunity, safety, and cultural pride in neighborhoods where the city’s vibrant Asian American and Pacific Islander (AAPI) communities reside. This initiative is also made possible through the generous commitment of TAAF’s partner, Cummins Inc.
WHAT THEY ARE SAYING:
“Small, local businesses are the backbone of a thriving community,” said Clara Wu Tsai, founder of the Social Justice Fund and Governor of the New York Liberty. “Investing in their success creates a ripple effect of economic opportunity across New York City. We are proud to partner with Renaissance and TAAF and look forward to seeing the continued growth of the businesses receiving this support.”
“The ‘NYC Elevating Business Loan Program’ will expand access to affordable capital and help build a more resilient, welcoming economy for all New Yorkers,” said Joe Tsai, TAAF Board Member and Governor of the Brooklyn Nets. “We’re grateful to our partners and the State of New York for making this program possible and invite anyone who believes in the power of small businesses to join us in unlocking even more resources. This critical effort also launches our ‘TAAF Cities: NYC’ initiative to promote safety and prosperity not just for New York City’s nearly 2 million AAPI residents, but for all communities that call this city home.”
“All of us at Renaissance and AAFE are grateful to the Social Justice Fund, The Asian American Foundation, and Empire State Development for this innovative collaboration to help our small businesses thrive,” said Renaissance Managing Director Jessie Lee. “Our partners have come together to invest meaningfully in the future of entrepreneurship in New York City’s under-resourced communities, catalyzing economic opportunity and neighborhood stability at a critical time. The Renaissance team is enthusiastic and energized about this opportunity to implement a transformational program across the five boroughs.”
"New York's small businesses are the backbone of our communities, and we are proud to put the State's lending capital to work so more entrepreneurs can open, grow and thrive across the state," said Governor Kathy Hochul. "Working with the Social Justice Fund, The Asian American Foundation, and Renaissance, we are expanding affordable financing that will help close long-standing gaps in access to credit and ensure that New York's AAPI and other diverse business owners share fully in our State's economic momentum."
"Small businesses are at the heart of what makes New York City's neighborhoods vibrant, and ensuring their owners have access to affordable capital is central to our economic development mission,” said Empire State Development President, CEO and Commissioner Hope Knight. “Empire State Development was proud to bolster this partnership with $4 million in lending capital, helping to unlock a total $5.5 million program that will put real resources into the hands of entrepreneurs in every borough. Programs like this are crucial to how we turn the state's economic development tools into tangible opportunities for the communities that need it most."
One of the program’s first loans was awarded to Brooklyn entrepreneur Matthew Vuong, owner of Icedu Inc. d/b/a Pho Table. “Access to capital is one of the toughest challenges for a small business owner looking to grow,” said Matthew Vuong. “The NYC Elevating Business Loan Program made a real difference for me by providing funding to hire new staff and do more marketing to spread the word about our restaurant. The loan application process was simple and fast, and I’m really grateful for their support.”
New York City is the second city of focus in The Asian American Foundation’s “TAAF Cities” initiative, which first launched in Seattle in May 2025 and aims to advance safety and economic revitalization in cities with major AAPI populations. Home to some of the largest, most diverse, and fastest-growing AAPI populations in the country, New York City also boasts a thriving AAPI business community. According to 2023 estimates, AAPI-owned businesses generate $72 billion in annual revenue, employ over 327,000 people, and contribute approximately $13 billion in annual payroll for the city. In the months to come, TAAF will announce additional actions and partnerships as part of its deepening commitment to place-based collaboration between public and private institutions, philanthropy, and community organizations. Updates will be available at taaf.org.
About the Social Justice Fund
Clara Wu Tsai launched The Social Justice Fund in 2020 in Brooklyn to support economic mobility within communities across the borough. Driven by a $50 million commitment over ten years, the Social Justice Fund invests in programs that are scalable and confront the root causes of racial gaps in education, health, and wealth.
About The Asian American Foundation (TAAF)
TAAF serves the Asian American and Pacific Islander (AAPI) community by promoting safety, fostering belonging, and advancing prosperity. Launched in 2021 in response to the rise in anti-Asian hate and to address the long-standing underinvestment in AAPI communities, we invest in initiatives to combat anti-Asian hate, integrate AAPI studies into school curricula, elevate authentic AAPI storytelling, and expand resources and representation for our communities. Through our high-impact initiatives, events, and investments in national and local nonprofits, we’re creating a permanent and irrevocable sense of belonging for millions of AAPIs in the United States. For additional information about TAAF, please visit www.taaf.org or follow @TAAForg on Instagram, LinkedIn, TikTok, or Facebook.
About Renaissance Economic Development Corporation
Renaissance was founded in 1997 by Asian Americans for Equality (AAFE), a comprehensive community development organization. Since its creation, Renaissance has provided more than $70 million in affordable financing to over 2,500 small businesses, helping to retain or create 7,000 jobs in mostly low-and-moderate income communities. The organization is a Community Development Financial Institution (CDFI), certified by the U.S. Department of the Treasury and also a U.S. Small Business Administration (SBA) microlending intermediary. Renaissance has always served as a first responder, providing immediate assistance to isolated communities during 9/11, Hurricane Sandy, the pandemic and many other citywide crises. Renaissance serves the New York Metro Area. Please visit us at: www.Renaissancesbs.org or follow us on Instagram or Facebook.
About Empire State Development
Empire State Development is New York's chief economic development agency, and promotes business growth, job creation, and greater economic opportunity throughout the state. With offices in each of the state's 10 regions, ESD oversees the Regional Economic Development Councils, supports broadband equity through the ConnectALL office, and is growing the workforce of tomorrow through the Office of Strategic Workforce Development. The agency engages with emerging and next generation industries like clean energy and semiconductor manufacturing looking to grow in New York State, operates a network of assistance centers to help small businesses grow and succeed, and promotes the state's world class tourism destinations through I LOVE NY. For more information, please visit esd.ny.gov, and connect with ESD on LinkedIn, Facebook and X.
