SVP launched our Small Business Empowerment Program in 2020  to provide a holistic approach to establishing financial independence, self-sufficiency, and small business growth for vendors across the five boroughs. Our multilingual program provides vendors with the tools, resources, and skills to grow their businesses, so they feel empowered to make business decisions that will help them succeed —with a particular investment and focus on women-owned businesses.

 

Street vendors engage with the program in three phases:

 

1. ​Business Compliance and Digital Literacy 

   • Street Vending 101: Business compliance such as citing rules; obtaining necessary documentation to operate including ITIN numbers, Sales Tax Certificate of Authority, and mobile food vending licenses; and tax payments. 

   • E-payments: Exploring and setting up electronic payment systems, which have become crucial in an increasingly cashless economy. 

   • Social media: Using different platforms and apps to promote and market products online, as well as online vending. 
      

2. Personal Finance and Finance for Small Businesses

   • Finance for small businesses: 

     • Providing tangible tools and making sure vendors have the proper documents needed to be loan-ready, keeping in mind the wide range of financial literacy within our membership including those who operate relatively informally and/or have difficulty accessing technology like Excel and QuickBooks. 

     • Personal finance, such as banking basics and understanding credit. We have established partnerships with several CDFIs to support vendors in creating personal and business bank accounts and other financial assistance. 

     • Working with vendors to identify grant and loan opportunities and complete applications. 
        

3. Marketing

   • ​Brand marketing: Creating logos, menus, business cards, and other marketing materials to help vendors make their businesses uniquely theirs. 

   • Market opportunities: Connecting vendors to business inquiries from individuals or organizations looking to hire street vendors for public or private events; information on participating in street festivals and pop-up markets, and connecting vendors to additional market opportunities outside of their standard business operation.  

 

By empowering vendors to improve their financial literacy, our services help them integrate into the formalized economy - allowing them to open bank accounts, access credit, regularly pay and file taxes, and grow their businesses. The program has grown exponentially, due to the demand from our members. In 2022, we conducted over 500 individual consultations with vendors.