Small businesses succeed when they have access to capital, clear information and trusted guidance. In NYC, entrepreneurs also face challenges like navigating funding, managing cyber risk and adapting to economic uncertainty, which makes resilience and strong networks essential.
Small businesses play a vital role in New York City’s economy, yet today’s economic climate is creating real challenges for owners. That was a key focus of TD’s Small Business Season Event last month, which explored how entrepreneurs can be better supported as they build, grow and sustain their businesses.
“Small businesses are the heart of our neighborhoods,” said Marcus Gonzales, Community Business Development Officer, TD Bank U.S. “They create jobs, fuel innovation and keep our local economy moving forward.”
Against that backdrop, Ksenia Bushmeneva, an economist with TD Economics, TD Bank U.S., described the overall U.S. economy as “resilient but turbulent” and pointed to trends likely to shape small businesses in the months ahead, including the growing use of artificial intelligence to reduce costs and improve efficiency, as well as a number of business- and investment-friendly federal tax changes.
How can small businesses access capital and support?
Speakers emphasized several essentials for helping small businesses thrive, including access to capital, clear information and strong partnerships among financial institutions, community groups and city agencies. Together, these supports can help entrepreneurs overcome obstacles and pursue growth.
Steve Garibell, Vice President, Community Business Development Strategy, TD Bank U.S., emphasized the unique role financial institutions play at the intersection of community development and economic progress. Their responsibilities, he said, extend beyond traditional banking services to helping small businesses grow stronger and remain competitive.
TD has provided debt capital to Community Development Financial Institutions (CDFIs) to lend to NYC contracts. The bank also recently invested in the NYC Future Fund.
Financial institutions can also serve as connectors and mentors, helping business owners find resources beyond traditional banking. Sherri Lane, Assistant Commissioner at the New York City Department of Small Business Services (SBS), and Hope Knight, CEO & Commissioner of Empire State Development (ESD), highlighted city and state programs, as well as flexible financing options, that help businesses start, operate and grow.
One of the biggest challenges for small businesses, Sherri said, is access to information. Many entrepreneurs struggle to find — or fully understand — the resources available to them. She noted that TD, and everyone serving the small business community, plays an important role in helping owners navigate the assistance that already exists.
What does it take to sustain a small business?
Entrepreneurship is often discussed in terms of strategy and statistics, but a discussion at the event highlighted a deeper truth: The challenge is not only building a business but sustaining yourself along the way.
During a panel conversation, moderator Helene Lerner, author, public television host and founder of WomenWorking.com, shared a personal story about organizing an event on a hot day when the air conditioning failed just before hundreds of guests arrived. Faced with the setback, she had a choice: panic, freeze or adapt. She chose honesty, adjusted the schedule to allow for more breaks and made sure water was available. Despite the disruption, the event was a success — and taught her that resilience is just as key as a business owner as industry know-how and gaining customers.
"There's never going to be a perfect time when everything lines up," Helene said. "The question is not whether challenges will happen. The question is how you respond when they do."
That mindset brought Anoush d’Orville, Founder and CEO of Advisory Solutions, to entrepreneurship when he lost what he thought was a dream job. That unexpected loss opened the door to a future better than he had imagined by building his own business.
Another theme that was emphasized was the importance of building a network not just for referrals but for perspective, encouragement, ideas, accountability and at times, survival.
Jeff Lindor, Founder and CEO of Gentleman’s Factory , an enterprise that focuses on providing professional networking opportunities and spaces for men, shared how a mentor changed his life by encouraging him to think beyond his immediate surroundings. “That lesson helped me build a company focused on community and purpose,” he said.
Rachel Kellner, owner of Aigner Chocolates spoke about the challenge (or myth) of balancing home life and being a business owner. What helped most, she explained, was learning to take care of herself first. “If I can take care of myself, then I can figure the rest out.”
Why do networks and partnerships matter for small businesses?
Ralph Bumbaca, Regional President of Metro New York, TD Bank U.S., said the discussions were a powerful reminder of what’s possible when a community comes together with a shared purpose.
He emphasized the value of connection, such as how TD, chambers of commerce, New York City’s SBS and CDFIs can work together to help small businesses succeed.
For example, Ralph noted that CDFIs can offer loans to smaller businesses, often ranging from $4,000 to $12,000, to help owners manage short-term and urgent needs such as billing, receivables or inventory.
He added that while funding matters, resilience and determination matter just as much.
“You can feel both the passion and the pressure small business owners face every day,” he said. “Our role is to help anticipate and meet those challenges by connecting them with resources, capital, information and guidance.”
Small Business FAQs: Funding, Risk and Support
How can small businesses find funding and support?
Small businesses can access funding through banks, CDFIs and government programs, but navigating those options isn’t always straightforward. TD helps connect business owners to these resources and provides guidance beyond traditional banking.
What are the biggest challenges small businesses face today?
Access to capital and clear information remain key challenges. Many business owners also need to manage risks like cybercrime while adapting to changing economic conditions.
Why is networking important for small business owners?
Strong networks offer more than referrals—they provide perspective, mentorship and support. Bringing together business owners, experts and community partners can help businesses grow and navigate challenges.
We hope you found this helpful. This article is for informational purposes only and is based on information available as of June 2026 and is subject to change. This content is not intended to be used or acted upon with respect to any client's specific circumstances. For specific advice about your unique circumstances, consider talking with your qualified professionals.
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