Council Member Justin Brannan speaks with Louis Coluccio Jr., proprietor of A.L.C. Italian Grocery in Bay Ridge, in regards to 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 will leverage the ability of the Comptroller’s Workplace to make sure small companies have the help 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 because the 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 mentioned metropolis authorities should develop into a proactive associate within the survival and development of those 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 mentioned. “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 mentioned 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 help system.
Brooklyn’s small companies are bracing for the financial affect of President Trump’s tariffs. Enterprise homeowners not too long ago informed Brooklyn Paper they continue to be apprehensive about rising prices and long-term uncertainty.File picture by Gabriele Holtermann
His proposed initiatives embody 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 beneath 10%, regardless of town’s said purpose of 30%. Brannan’s proposal would purpose to fulfill that focus 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 fee system requiring metropolis companies to pay small enterprise distributors inside 30 days, somewhat than the present 90-day normal.
“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 laws 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 Evaluate 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 offer $5,000 to $10,000 in seed funding for companies in underserved communities.
The plan’s fifth pillar goals to strengthen neighborhood help by establishing a Small Enterprise Group Possession Fund, which might assist companies purchase stakes of their business properties. It additionally requires increasing small enterprise incubators that provide inexpensive area and mentorship.
Council Member Justin Brannan, who represents District 47, is working 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 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 mentioned. “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 presently serves because the New York Metropolis Council member for District 47, encompassing Bay Ridge, Coney Island, Sea Gate, and components of Dyker Heights, Tub Seaside and Gravesend.
