How to Set Up

New York City presents many challenges to someone wishing to start their own business. Taxes are extremely high and regulatory filings are considerable. Commercial space is widely available but is quite expensive. Statistics vary, but the Small Business Administration estimates that as many as four out of five businesses fail during the first five years. You would be well advised to retain the services of an attorney, experienced in new business start-ups as well as an accountant.

The single most important resource for a potential business start up is the New York Small Business Administration. The US Small Business Administration (SBA) was created in 1953 as an independent agency of the federal government to aid, counsel, and assist and protect the interests of small business concerns.

Financial assistance for new or existing businesses through guaranteed loans made by area bank and non-bank lenders. Free counseling, advice and information on starting, better operating or expanding a small business through the Service Corps of Retired Executives (SCORE), Small Business Development Centers (SBDC) and Women's Business Centers (WBC). They also conduct training events throughout the district - some require a nominal registration fee. Special loan programs are available for businesses involved in international trade.

United States Small Business Association
New York District Office
26 Federal Plaza, Suite 3100
New York, NY 10278
Tel: 1 212 264 4354
Fax: 1 212 264 4963
E-mail: Miguel.centeno@sba.gov

Website: www.sba.gov/ny/ny

Lawyers

It is advisable to retain the services of an attorney as soon as you decide to set up a business.

-top-