New York SIFP – $5,000 Grant For Certified Minority, Women & Veteran Suppliers

Grant Overview

Access Capital, Funding Readiness & Supplier Development Grant for New York B2B Businesses

Donor: Empire State Development (ESD), Founders First Capital Partners

About: The Supplier Innovative Finance Program (SIFP) is a groundbreaking initiative offered by Empire State Development in partnership with Founders First Capital Partners, specifically designed to empower certified small business suppliers in New York State. This program represents a critical component of New York’s implementation of the U.S. Department of the Treasury’s $10 billion State Small Business Credit Initiative (SSBCI), with a dedicated focus on socially and economically disadvantaged individuals (SEDI businesses).

The SIFP addresses three fundamental challenges that certified suppliers face in today’s market: limited access to capital, insufficient funding readiness, and the need for expanded business capacity. By tackling these obstacles head-on, the program creates pathways for sustainable growth and increased market competitiveness for underrepresented business owners across New York.

For eligible B2B and B2G businesses generating between $250,000 and $10 million in annual revenue, the program offers a comprehensive suite of resources strategically designed to transform business operations and financial positioning. The multi-faceted approach includes educational modules for funding readiness, strategic funder matchmaking sessions with mission-driven capital providers, and for select participants, a $5,000 unrestricted grant to fuel business growth initiatives.

What sets this program apart is its holistic approach to supplier development. Rather than simply providing funding, the SIFP equips business owners with the knowledge, connections, and resources needed to build sustainable enterprises that can effectively compete for contracts and access diverse capital sources long-term. The educational component includes on-demand modules that identify and address common pitfalls that prevent funding success, while providing concrete assessment and ratings of current funding readiness.

The matchmaking component connects suppliers with a diverse ecosystem of capital providers specifically aligned with the unique needs of minority, women, veteran, and LGBTQ+ owned businesses. These include mission-driven venture capitalists, Community Development Financial Institutions (CDFIs), and alternative lenders who understand the specific challenges and opportunities these businesses face.

Recent program finalists like Kayln Romaine of Dream Forward Consulting, Rehman Naeem of Pro Builders Material, and Darian Coker of CC Paving and Excavating exemplify the diverse range of B2B and B2G businesses benefiting from this initiative. Their success stories highlight the program’s impact across various industry sectors throughout New York State.

For business owners struggling to navigate the complex world of capital acquisition and supplier development, Grantaura offers specialized grant research and application services that can maximize your chances of securing this and similar funding opportunities. Our expert team can evaluate your eligibility, prepare compelling application materials, and guide you through every step of the process, significantly increasing your likelihood of success with programs like the SIFP. Contact us today to explore how our comprehensive grant services can help your business access the capital and resources needed for sustainable growth.

Focus: Small business development, Supplier diversity, Capital access, Business capacity building, Minority entrepreneurship, Women entrepreneurship, Veteran entrepreneurship, LGBTQ+ entrepreneurship

Region: New York, United States

Eligibility:
-Business must possess active or in-progress business certification from recognized organizations (MBE, WBE, DBE, DVBE, VOSB, LGBTBE, 8a, SDB, SBA, etc.)
-Business must be headquartered in New York State
-Business must operate on a business-to-business (B2B) and/or business-to-government (B2G) model
-Business must generate between $250,000 and $10 million in annual revenue
-Business owner must be a founder, owner, or CEO of the company
-Business must have a professional website and established business model
-Business must demonstrate capacity for growth and scalability
-Business must be able to participate in program components including educational modules and funder matchmaking sessions

Benefits:
-Funding Readiness: On-demand educational modules that identify funding obstacles and provide assessment of current funding readiness
-Funder Matchmaking: Access to diverse capital providers including mission-driven VCs, CDFIs, and Alternative Lenders
-Grant Funding: Selected New York-based certified suppliers receive a $5,000 unrestricted grant
-Business Growth: Support for increasing business capacity and market awareness
-Network Access: Connections to a community of like-minded entrepreneurs and potential business partners
-Financial Education: Knowledge to navigate complex funding environments and pitch effectively to potential investors

Deadline: Rolling basis

Terms:
-SSBCI: State Small Business Credit Initiative – A $10 billion federal program designed to expand access to capital for small businesses emerging from the pandemic with a focus on those that have traditionally faced capital access barriers
-SEDI: Socially and Economically Disadvantaged Individual – Refers to business owners who have experienced prejudice or cultural bias due to their identity as members of groups without regard to individual qualities
-CDFI: Community Development Financial Institution – Mission-driven financial institutions certified by the U.S. Treasury Department that deliver affordable lending to help low-income, low-wealth, and disadvantaged communities
-MBE: Minority Business Enterprise – A business that is at least 51% owned and operated by individuals belonging to minority groups
-WBE: Women Business Enterprise – A business that is at least 51% owned and operated by one or more women
-DBE: Disadvantaged Business Enterprise – A small business owned and controlled by socially and economically disadvantaged individuals
-DVBE: Disabled Veteran Business Enterprise – A business that is at least 51% owned by one or more disabled veterans
-VOSB: Veteran-Owned Small Business – A small business that is at least 51% owned by one or more veterans
-LGBTBE: LGBT Business Enterprise – A business that is majority-owned by LGBT individuals
-8(a): SBA’s Business Development Program – A program for small disadvantaged businesses
-SDB: Small Disadvantaged Business – A small business concern that is at least 51% owned by one or more socially and economically disadvantaged individuals
-B2B: Business-to-Business – Commercial transactions between businesses
-B2G: Business-to-Government – Commercial transactions between businesses and government agencies