Monday, March 18, 2024

NYS Office of the Comptroller DiNapoli Releases Profile of New York's Small Business Owners

 

Office of the New York State Comptroller News

Even as many small businesses shuttered their doors or struggled through the pandemic, entrepreneurs in New York continued to identify and pursue new opportunities, according to an analysis by State Comptroller Thomas P. DiNapoli. New York exceeds the nation in the share of businesses that are majority female and minority-owned; however, they continue to represent less than one-quarter of all owners in New York state.

“New Yorkers have always had a great entrepreneurial spirit and drive, and that was no different even during some of the more difficult times of the pandemic,” DiNapoli said. “Policymakers should encourage small business growth, and particularly initiatives to spur entrepreneurship and foster successful businesses that reflect the diversity of our state.”

DiNapoli’s report found that for 9 out of 10 New York business owners, being their own boss and greater income potential were the primary reasons they started their business. Over 80% cited flexible hours, work-life balance and the best avenue to promote their ideas as reasons. For 72% of New York business owners, their business serves as the primary source of their income. According to data from the Kauffman Institute, the share of New York’s population that started a new business was 12th highest among states in 2021.

DiNapoli’s analysis also found:

  • New York’s share of majority minority-owned firms, 26.4%, is higher than the national average (21.7%), but lower than other large, diverse states, like California, Florida and Texas. Of minority-owned businesses, the greatest share of firms nationally and in New York were Asian-owned – 17.6% in New York and 11.3% in the U.S.
  • Hispanic and Black business owners are significantly underrepresented relative to their shares of New York’s population. New York’s share of Hispanic-owned firms, 5.9%, is well below the share of state population (19.5%). Rates were significantly lower for Black business ownership: 3.4% of owners compared to 14.2% of population in New York.
  • New York lags the nation in the share of firms that are owned by veterans. New York’s 3.3% share of majority veteran-owned firms was the lowest among the 36 states that supplied reliable data for the survey. In contrast, the national average was 5.4%.
  • New York exceeds the national average in the share of business owners that were foreign-born at 28.7% compared to 18.5% nationwide. The share of business ownership is also higher than the share of New York’s population (22.3%).

DiNapoli said promoting and expanding initiatives designed to assist small businesses, and underrepresented business owners in particular, is necessary. Empire State Development’s Division of Small Business administers critical programs that assist the business community including the Business Mentor NY program that provides free business mentorship to entrepreneurs and Entrepreneurial Assistance Centers that provide training and technical assistance to small businesses.

In addition, the state needs to ensure federal funds intended to assist small businesses under the State Small Business Credit Initiative, a federal program established in 2010 to increase access to capital for traditionally underserved small businesses, are allocated efficiently and effectively. Research indicates access to capital and other financing resources is often identified as a key reason for low rates of business ownership among women and people of color.

The New York State Common Retirement Fund makes investments intended to generate market returns consistent with the risk of private equity while supporting New York’s small businesses. The New York Credit Small Business Investment Company Fund provides credit financing to eligible New York-based companies. The Fund also invests in Pursuit, which underwrites loans to small businesses in New York. Pursuit has made 1,227 loans totaling $462 million to businesses in all 62 counties. Pursuit has an active Veteran’s Loan Program through which New York business owners who serve in the National Guard or Reserve, along with honorably discharged former active-duty members, can access small business loans. Pursuit has a goal of making at least 25% of its loans to Minority and Women-Owned Business Enterprises. As of 2023, 20% of Pursuit loans that were due to Fund investments were made to women-owned businesses and 28% were made to minority-owned businesses. The In-State Private Equity Investment Program has provided $1.7 billion to 560 New York companies since March 31, 2023.

Analysis

Economic and Policy Insights – New York State Business Owners

New York State Business Owners Dashboard

Governor Hochul Launches Effort to Protect New Yorkers Ahead of Total Solar Eclipse on April 8

eclipse glasses in front of the I Heart NY sign

New York State Will Distribute Limited Edition I LOVE NY Eclipse Glasses at 30 Locations Throughout the State – Including New York State Welcome Centers and Select Service Areas Along NYS Thruway

Urges New York Stargazers to be Wary of Scams, Fake Merchandise and Phony Accommodation Listings

Announces Expansion of Ongoing I LOVE NY Eclipse Safety Awareness Campaign to Include Messaging Promoting Glasses Distribution Across the State

Builds on Statewide Preparations for Once-in-a-Generation Celestial Event 


Governor Kathy Hochul today launched a statewide effort to protect New Yorkers ahead of the Total Solar Eclipse on Monday, April 8. The effort includes statewide distribution of limited-edition I LOVE NY eclipse glasses at 30 locations throughout the state – including New York State Welcome Centers and select service areas along the NYS Thruway – as well as a reminder for stargazers to be wary of scams, fake merchandise and phony accommodation listings. In addition, the Governor expanded an I LOVE NY campaign to urge New Yorkers to take proper safety precautions during the eclipse. Today’s announcement builds on previous actions to prepare the state, as well as New York stargazers, for the once-in-a-generation celestial event.

“The total solar eclipse will be a once-in-a-generation experience for our state, and it’s critical that New Yorkers have the tools and information to enjoy it safely,” Governor Hochul said. “From heightening awareness of scams to providing thousands of New Yorkers with eclipse glasses, I’m focused on giving everyone the resources they need to safely experience this extraordinary event.”

On April 8, a total solar eclipse will encompass the western and northern parts of New York State with the roughly 100-mile wide path of totality entering in the southwestern part of the state at just after 3:15 p.m. and departing northern New York just before 3:30 p.m. Cities and towns within this path include Jamestown, Buffalo, Rochester, Syracuse, Watertown, Old Forge, Lake Placid and Plattsburgh. The entire event will last for up to 2 ½ hours, marking the time the sun is first obstructed to the last moments when the moon’s shadow is cast.

I LOVE NY Eclipse Glasses

During the eclipse, it is especially unsafe to look directly at the sun without specialized eye protection and can result in serious injury. The partial phases of the solar eclipse can only be safely observed directly with specialized eclipse glasses or a handheld solar viewer ­– regular sunglasses are not a safe replacement.

A limited quantity of I LOVE NY eclipse glasses will be available beginning today at locations throughout the state, including New York State Welcome Centers and select service areas along the New York State Thruway (at the Applegreen C-Stores). A full list of locations distributing I LOVE NY glasses, as well as other sources for eclipse glasses, are available here. Glasses will be limited to two pairs per person, while supplies last, with a limited amount distributed daily. The glasses were approved by the New York State Department of Health and carry an ISO certification.

A digital marketing campaign was launched in January to promote general awareness of the eclipse and viewing options across New York State. Messaging of the campaign has expanded to include safety and preparedness information as well as information on eclipse glasses distribution. The campaign will continue to run up until the eclipse on April 8.

Protecting Stargazers From Scams

The New York Department of State’s Division of Consumer Protection is providing tips for the hundreds of thousands of consumers planning to travel to New York State to witness the solar eclipse over New York. Consumers need to be informed of their rights, shop smartly to safeguard their hard-earned money and stay vigilant to protect themselves from scams.

According to the Better Business Bureau, scams associated with the 2024 solar eclipse may include:

  • Travel Scams: Scammers may advertise discounted travel packages or transportation services for viewing the eclipse, only to disappear with customers’ money or provide subpar services.
  • Fake Merchandise: Unscrupulous vendors might sell counterfeit or overpriced eclipse-themed merchandise.
  • Phony Accommodation Listings: Scammers could create false hotel or rental listings claiming to have optimal views of the eclipse while these listings may not exist or properties may not be as described, or the lister is not really the owner.

To safeguard against these scams, consumer should:

  • Try to pay with a credit card. Credit cards often offer more protection than paying by cash, check or debit card. Some credit card companies also offer perks like trip insurance or concierge service while traveling and may offer additional protections if the trip is cancelled. Check with your credit card company on the conditions of travel expenditure reimbursement.
  • Purchasing Merchandise. Purchase eclipse viewing glasses and other related products only from reputable vendors or verified sources. Look to see if the glasses include the ISO stamp and message When seeking eclipse glasses or handheld solar viewers, your best bet is to start with the AAS list of suppliers so you can be sure your viewers are safe.
  • Personal Information. Exercise caution when providing personal or financial information online. This advice is good all year round, not just for the eclipse.
  • Do Your Research. Verify the legitimacy of accommodation listings by researching the property and reading reviews from trusted sources.

Any consumer who encounters a marketplace problem while enjoying the eclipse in New York can file a complaint with the Division of Consumer Protection at dos.ny.gov/consumer-protection.

Additional Preparations for Total Solar Eclipse

New York State is committed to providing a safe and fun eclipse experience, recognizing the convergence of public safety and tourism promotion. Travelers are encouraged to plan an extended getaway for a more enjoyable event, including avoiding post-eclipse traffic like the massive backups following the Great Eclipse of 2017, which bisected the United States from Oregon to South Carolina.

Educational Information and Viewing

Earlier this month, Governor Hochul announced the eclipse events and activities scheduled at New York's State Parks, in coordination with NASA. I LOVE NY has launched the multi-platform “Come for the Eclipse, Stay for New York” campaign to present New York as THE place to be to witness this event. The campaign and a special eclipse website highlight viewing location information in the five regions that will experience the path of totality, a variety of attractions and special eclipse-related events happening across the state across its digital platforms including InstagramFacebookTikTok and Twitter/X. A downloadable special edition eclipse poster is also available, created through I LOVE NY's partnership with acclaimed artist and professional astronomer Dr. Tyler Nordgren. Visit iloveny.com/eclipse for viewing locations and additional safety tips.

Join Assemblymember Zaccaro, Jr for an Easter Egg Hunt Weekend

 

Friends, 

We invite you to join us for a weekend of Easter Egg Hunts across our community (details below). Both events are FREE for all to attend and will feature the Easter Bunny, music, popcorn, face painter, and—of course—Easter eggs! 
  • Saturday, March 23rd, 11am - 2pm - Outside the 52nd Precinct on Webster Avenue
  • Sunday, March 24th, 11am-2pm - Pelham Parkway Greenway at Williamsbridge Road 
A big THANK YOU to our partners the NYPD Community Affairs Bureau, Metro Plus, Ponce Bank and CCA Metro for their commitment to our community and helping to make this event a success.  
 
Can't wait to see everyone out there! 

Sincerely, 

John Zaccaro, Jr.   

Former President of Energy Company Pleads Guilty to $5.5M Illegal Kickback Conspiracy and Commodities Insider Trading Scheme

 

The former president of a Texas energy company pleaded guilty last week to an illegal kickback scheme and a commodities insider trading scheme involving natural gas futures contracts.

According to court documents, Matthew Clark, 56, of Needville, Texas, conspired with others to direct his employer’s trades to Classic Energy LLC, a brokerage firm owned and operated by Matthew Webb, 54, of Tiki Island, Texas, in exchange for illegal kickbacks. Specifically, Clark accepted more than $5.5 million in illegal kickbacks, which were generated from commission fees paid by his employer to Classic Energy.

“Matthew Clark steered his company’s commodities trading business to a broker in exchange for over $5.5 million in illegal kickbacks. He also misappropriated confidential information about his company’s planned commodities trades and used that information to enrich himself and his co-conspirators,” said Principal Deputy Assistant Attorney General Nicole M. Argentieri, head of the Justice Department’s Criminal Division. “When corporate insiders engage in insider trading and other deceptive trade practices for their own financial gain, they don’t just harm the company — they undermine the integrity of our financial markets. This groundbreaking investigation was the first to result in criminal convictions for commodities insider trading. It will not be the last.”

“Matthew Clark made millions trading in natural gas commodities, but unlike most Houston traders, he made his money illegally through the use of kickback schemes involving associates, relatives, and his employer’s proprietary insider information,” said U.S. Attorney Alamdar S. Hamdani for the Southern District of Texas. “The natural gas futures contract market is an integral part of Houston’s economy, and to preserve the integrity of that system, it is important that commodity traders who buy and sell those contracts not engage in illegal and unfair practices. That’s why my office is committed to holding those accountable, like Clark, who use kickbacks and inside information to enrich themselves at the expense of the public’s trust in the U.S. markets.”

Clark also misappropriated his employer’s material nonpublic information and engaged in prohibited commodities transactions. Webb, through Classic Energy, brokered Clark’s natural gas futures trades with counterparties who were identified in advance of executing the trades. The predetermined counterparties included John Ed James, 54, of Katy, Texas, and Peter Miller, 49, of Puerto Rico. Clark, Webb, James, and Miller then shared the net profits generated from these illegal prearranged trades.

“The FBI and its partners will continue to relentlessly pursue those who engage in illegal kickback schemes,” said Assistant Director Michael Nordwall of the FBI’s Criminal Investigative Division. “This plea should make it known to others that participate in illicit activity that threatens the integrity of our financial systems that there are consequences to your actions.”

Clark pleaded guilty to one count of conspiracy to commit honest services wire fraud, one count of prohibited commodities transaction, and one count of commodities insider trading. He is scheduled to be sentenced on June 24 and faces a maximum penalty of 20 years in prison for the honest services wire fraud conspiracy count and 10 years in prison on each of the prohibited commodities transaction and insider trading counts. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

Webb pleaded guilty in June 2021 to conspiracy to commit commodities fraud and wire fraud and to violate various provisions of the Commodity Exchange Act; James pleaded guilty in February 2021 to conspiracy to commit commodities fraud and wire fraud; and Miller pleaded guilty in February 2022 to conspiracy to commit commodities fraud. Miller is scheduled to be sentenced on June 20. Webb and James are scheduled to be sentenced on July 1.

In two other related cases, Marcus Schultz, 44, of Houston, and Lee Tippett, 64, of Jacksonville, Florida, pleaded guilty in July 2020 and August 2021, respectively. Schultz pleaded guilty to conspiracy to commit wire fraud and to violate various provisions of the Commodity Exchange Act, and Tippett pleaded guilty to conspiracy to commit commodities fraud and honest services wire fraud. Tippett was sentenced on Feb. 20 to two years and nine months in prison followed by three years of supervised release. Schultz is scheduled to be sentenced on July 1.

The FBI Houston Field Office is investigating the case.

Providing Legal Services to Immigrants and New Arrivals in NY Could Yield Billions in Economic Benefits, New Report Finds


Providing universal legal representation in immigration proceedings in New York could generate billions of dollars for the economy and enable tens of thousands of individuals to stay in their communities, New York City Comptroller Brad Lander finds in a new report, Economic Benefits of Immigration Legal Services. The report also finds that asylum seekers currently living in City shelters could earn a collective total of over $470 million. 

“Immigration is a boon for New York City’s economy – immigrants are more likely to work, start a business, and contribute billions of dollars into our New York economy in spending power and tax revenue,” said Comptroller Brad Lander. “Investing in immigration legal services will bolster New York City’s bottom line by keeping workers in the workforce, getting new arrivals work authorization, keeping families together and providing pathways to upward mobility.” 

Specifically, the Comptroller’s report finds: 

  • Providing access to attorneys for all immigrants in New York State facing deportation proceedings could result in an additional 53,000 New Yorkers being able to remain in communities across the state. 
  • Preventing deportation of these 53,000 New Yorkers could result in an estimated net benefit of $8.4 billion for the federal, state, and local governments, calculated as the net present value over 30 years of new tax revenues less services received. 
  • The approximate earning potential of asylum seekers in City shelters is over $382 million and, if the federal government granted all working-age asylum seekers work authorizations, that earning potential could rise to over $470 million. 

New York State’s Access to Representation Act (ARA) (S999A/A170A), sponsored by State Senator Brad Hoylman-Sigal and Assemblymember Catalina Cruz, guarantees that any New Yorker facing deportation has a right to an attorney. The current wait time for the first immigration court hearing for asylum seekers or others seeking legal status is estimated to be four years, due to the backlog of cases. Universal legal representation would make immigration court more efficient, increase the likelihood of winning in court, and ensure asylum seekers can join the workforce and further contribute to the economy. 

The Comptroller’s report analyzes the potential economic benefits of enacting the Access to Representation Act, the economic detriments of deportation, and the potential earning power of the approximately 64,800 new arrivals in New York City shelters upon receiving work authorization.   

Read Economic Benefits of Immigration Legal Services here.   

Governor Hochul Initiates Assessment of the Office of Cannabis Management and Taps Commissioner Jeanette Moy to Lead Effort

cannabis plants  

Governor’s Plan Will Assess the Office of Cannabis Management’s Organization, Identify Opportunities for Improvement, and Begin the Implementation of a Long-Term Strategic Plan

Commissioner Moy and a Team of State Government Leaders Will Embed in OCM for a Minimum 30-Day Period

Commissioner Moy Will Have Access to Resources from OGS and Other State Agencies While Also Working in Partnership with OCM Leadership and Staff

Governor Kathy Hochul today initiated an assessment of the Office of Cannabis Management to identify opportunities for improvement and begin implementation of a strategic plan for the long-term success of the legal cannabis rollout. Commissioner for the Office of General Services Jeanette Moy will serve as lead and executive sponsor of the effort, supported by experienced State government leaders.

“Today, we take the first step in revamping New York’s legal cannabis industry to ensure its long-term success,” Governor Hochul said. “I have full confidence in Commissioner Moy’s ability to identify areas that need improvement, establish standards and processes across agencies, and jumpstart the next phase of New York’s legal cannabis market.

New York State Office of General Services Commissioner Jeanette Moy said, “Governor Hochul has prioritized a State government that is transparent, more efficient and responsive for all New Yorkers. I look forward to working with OCM’s leadership to help get this agency’s work on track and find ways to streamline the application process and get businesses open.”

New York State Office of Cannabis Management Executive Direct Chris Alexander said, “We have built a cannabis market based on equity, and there is a lot to be proud of. At the same time, there is more we can do to improve OCM’s operations and we know Commissioner Moy, a proven leader in government, will help us get where we need to be. We owe it to operators across the supply chain and consumers alike, who are looking for more access and opportunity in our budding, regulated market. At the end of the day, it’s all about doing what’s right for New Yorkers.”

Commissioner Moy will embed in OCM for a minimum 30-day sprint to assess the agency’s organization. As part of the plan, several goals have been identified, including:

  • Top-down review of organizational structure, processes, and systems with a focus on improving OCM license processing times and application-to-opening timeframes for new cannabis retailers and businesses.
  • Develop key performance metrics and an executive-level licensing dashboard to provide the Executive Chamber with a timely, accurate, and comprehensive picture of licensing activity for legal retailers.
  • Identify and implement changes to policy, procedure, and regulation (within the bounds of the MRTA) to streamline the licensing process and simplify application and review for prospective licensees.
  • Develop three-month and six-month action plans with organizational change initiatives, milestones, and actions to continue improving agency functions while developing a world-class licensing and regulatory agency for New York States’ cannabis industry.

Commissioner Moy will have access to resources from OGS, the Office of Information Technology Services, and other State agencies to support the development of systems and dashboards. Additionally, OCM leadership and staff will work in partnership with Commissioner Moy and her team to help streamline the assessment process.

Following the initial 30-day period, the potential for external consulting may be considered to support a second, longer-duration phase of the effort.

Van Cortlandt Park Alliance - Please Take Action to Help with Upcoming Parks Budget Cuts


On Thursday afternoon, 3/21, the Parks Committee of the City Council will hold a hearing to stop the huge budget cuts being threatened by City Hall.

The upcoming cuts will be devastating! 

 

The time to act is NOW! 

 

Sign the NY4P letter to the Mayor.

 

Write a letter to the City Council and upload it here by Wednesday at 1pm. 

Please write about how much VCP +/or other parks mean to you. 

 

Join us on Thursday, 3/21 at noon for a rally on the steps of City Hall. 

 

Testify! Sign up to testify on 3/21

 

Here are the facts. Please feel free to include them in your letter. 

  • The NYC Parks budget has been cut by 5%, or $25M, for this fiscal year (FY2024). 
  • NYC Parks is already chronically underfunded and understaffed: there are not nearly enough maintenance workers and PEP officers to keep our parks clean and safe.
  • The FY2025 Preliminary Budget is $583M, nearly $55M less than the budget for this fiscal year.
  • The hiring freeze and reduced budget will result in nearly 1,000 fewer parks workers, making it impossible for the agency to ensure parks are safe, clean, green, and resilient across the city.
  • If enacted, New Yorkers can expect trash strewn parks and playgrounds, delayed activation of sprinklers and water fountains amidst unprecedented summer heat, reduced hours and public programming at rec centers, long term bathroom closures, and neglected tree canopy care.
  • NYC Parks now has fewer workers than it did before the pandemic despite increased demand and clear need for these spaces, and thousands fewer workers than it had decades ago.
  • The NYC budget has grown by 127% since 1980, and every other frontline city agency’s budget has grown by between 127%-165%, while NYC Parks has only grown by 72%.
  • We demand 1% of the city budget for NYC Parks. Mayor Adams repeatedly committed to this investment but hasn’t yet followed through.
  • Parks are critical infrastructure for public health and safety and are drivers of social equity. They should be funded as such.
  • All New Yorkers deserve safe, clean, green and resilient parks, pools, beaches and recreation centers.

Our Contact Information

Van Cortlandt Park Alliance

80 Van Cortlandt Park South, Ste. E1
Bronx, NY 10463

718-601-1460

http://vancortlandt.org