Council Member Justin Brannan speaks with Louis Coluccio Jr., proprietor of A.L.C. Italian Grocery in Bay Ridge, concerning the challenges dealing with small companies amid rising prices.
Picture courtesy of Justin Brannan’s marketing campaign
As New York Metropolis’s small companies face mounting financial challenges tied to President Trump’s federal tariffs and commerce insurance policies, Metropolis Council Member and New York Metropolis comptroller candidate Justin Brannan on Tuesday unveiled a complete five-pillar small marketing strategy that may leverage the facility of the Comptroller’s Workplace to make sure small companies have the assist and instruments wanted to outlive and thrive within the present local weather.
Confronted with rising costs fueled by President Trump’s tariffs on imported items — on prime of inflation and hovering rents — small companies, which make use of practically half of New York Metropolis’s workforce, are dealing with a degree of uncertainty not seen for the reason that COVID-19 pandemic. For immigrant-owned companies, notably in hard-hit areas like Chinatown, the stakes are existential.
Drawing on his expertise as a former small enterprise proprietor and the partner of a present one, Brannan stated metropolis authorities should turn out to be a proactive associate within the survival and development of those very important neighborhood anchors.
“In the face of uncertainty and the unpredictability of Trump’s tariffs, our small businesses are again left feeling like they have to fend for themselves,” Brannan stated. “As a former small business owner and the husband of a current small business owner, I know the struggle all too well. I will leverage the power of the Comptroller’s Office to ensure our city’s small businesses have the tools they need, not just to survive this moment but to thrive with the full support of city government.”
If elected comptroller, Brannan stated he would work to increase entry to capital, streamline metropolis contracting, scale back regulatory burdens and purple tape, present tax reduction for brand spanking new small companies and set up a community-based enterprise assist system.
Brooklyn’s small companies are bracing for the financial influence of President Trump’s tariffs. Enterprise homeowners lately informed Brooklyn Paper they continue to be apprehensive about rising prices and long-term uncertainty.File photograph by Gabriele Holtermann
His proposed initiatives embrace making a Small Enterprise Funding Fund in partnership with native banks and credit score unions to supply low-interest loans and grants, notably in underserved communities. Brannan additionally known as for mandating that 1% of metropolis pension fund investments be directed towards Minority- and Ladies-Owned Enterprise Enterprises, or MWBEs.
A key a part of the plan would streamline metropolis contracting. Contracts awarded to MWBEs stay under 10%, regardless of the town’s acknowledged objective of 30%. Brannan’s proposal would purpose to fulfill that concentrate on by holding companies accountable and growing a real-time, clear on-line platform to trace MWBE participation. It will additionally implement a fast-track cost system requiring metropolis companies to pay small enterprise distributors inside 30 days, moderately than the present 90-day commonplace.
“I think by implementing stronger oversight and creating a real-time online tracking program, we can at least have some insight into how many of these MWBEs are actually successful in winning these contracts,” Brannan informed Brooklyn Paper. “It’s a huge issue right now because we’re undermining our own goals.”
One other part of the plan is a multilingual “one-stop shop” — together with a devoted hotline and on-line portal — to assist companies navigate metropolis rules and entry sources for licensing, permits and tax points. Brannan additionally proposes a “First-Time Forgiveness” coverage for non-critical violations and the creation of a Everlasting Regulatory Overview Committee.
The fourth pillar requires eliminating enterprise taxes for brand spanking new small companies throughout their first three years and launching a New Enterprise Grant Program to supply $5,000 to $10,000 in seed funding for companies in underserved communities.
The plan’s fifth pillar goals to strengthen neighborhood assist by establishing a Small Enterprise Neighborhood Possession Fund, which might assist companies purchase stakes of their business properties. It additionally requires increasing small enterprise incubators that supply reasonably priced area and mentorship.
Council Member Justin Brannan, who represents District 47, is operating for comptroller within the June 24 Democratic major.Picture by Emily Assiran
Brannan, who’s dealing with Manhattan Borough President Mark Levine and state Sen. Kevin Parker within the June 24 Democratic major for comptroller, emphasised that the town’s monetary watchdog should be a proactive associate in serving to small companies develop and survive.
“When small businesses struggle, neighborhoods suffer. And when entire communities shutter, it’s not just storefronts we lose — it’s jobs, community, and city revenue,” Brannan stated. “That’s to say nothing of the Wall Street stumbles, which provide the revenue we rely on to pay teachers, fund public safety, and deliver basic services. That’s why this plan matters, and I will fight every day to make sure New Yorkers are protected from threats from the federal government.”
Brannan at present serves because the New York Metropolis Council member for District 47, encompassing Bay Ridge, Coney Island, Sea Gate, and elements of Dyker Heights, Tub Seaside and Gravesend.
