Council hearing spotlights loan‑readiness proposal and SBS Funds Finder pilot for small businesses

Majority Leader Amanda Farias urged the Committee on Small Business to back Intro. 1350, which would require the Department of Small Business Services (SBS) to provide loan‑readiness resources to help small business owners prepare financing applications and connect with community development financial institutions (CDFIs). “By establishing this mandate, not just a policy, we're making sure that these vital services aren't optional,” Farias said.

SBS described current services that already aim to increase capital access. Harish Khan, SBS chief of staff, told the committee that SBS operates Funds Finder, an online capital marketplace that lists loan and grant products and allows business owners to schedule free one‑on‑one appointments with funding advisers. Khan said Funds Finder launched in September 2023 and reported over 6,000 businesses created accounts and more than 1,200 scheduled one‑on‑one appointments; he also described the 2025 pilot 'My Business Finance Coach' that connects businesses to licensed certified public accountants (CPAs) for hands‑on support.

Pilot details and early metrics: Khan said the finance coach pilot began in April 2025 and runs through December 2025. He said the pilot has already served roughly 300 business owners and that the specialized coaches will provide up to five hours of assistance per business to help prepare financial statements and loan applications. Khan also described broader Funds Finder usage figures in multiple places during testimony: in one account he cited over 6,000 accounts and 1,200 scheduled appointments since launch; later in the hearing SBS reported over 2,000 businesses have received appointments through Funds Finder and about 350 have received appointments through the specialized finance coach pilot. SBS said all client-facing services and appointments are provided free of charge.

Why it matters: Committee members framed Intro. 1350 as an equity issue. Majority Leader Farias said access to capital is a persistent barrier, and the bill aims to improve loan readiness particularly for women, immigrant and entrepreneurs of color.

SBS results and recommendations: Khan told the committee that business owners who work with SBS funding advisers “are 14 times more likely to succeed in accessing funding.” He described Funds Finder as integrated with the finance‑coach pilot and said SBS would assess pilot outcomes at year's end to decide whether to expand the program.

Public testimony and next steps: The Bronx Chamber of Commerce testified in favor of Intro. 1350 and urged the Council to advance both bills. No formal action or vote occurred at the hearing. Council members asked SBS to provide clearer performance metrics and timelines; SBS agreed to provide follow‑up data, including pilot usage windows and counts, as the agency continues the April–December 2025 pilot.