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flag NYC saw record business closures in spring 2025, losing nearly 5,000 companies.

flag New York City saw a record number of business closures in spring 2025, losing nearly 5,000 companies due to pandemic impacts and tariffs. flag Asian-owned businesses, including several Chinatown staples, were particularly affected. flag In response, city and state officials launched financial aid programs, such as the NYC Future Fund, to support struggling minority-owned enterprises.

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