Dennis Dang

July 11, 2024

NYS Self-Employment Assistance Program (SEAP), entrepreneurship without venture capital

On my way to applying for unemployment assistance, I discovered that the New York State Department of Labor provides an assistance program for those aiming to start their own business called Self-Employment Assistance Program. SEAP can offer up to 26 weeks of assistance without my need to look for new work. The maximum weekly benefit is $504/week according to their PDF. I already have at least a year's worth of runway from savings. Since I've allocated 3-6 full-time months to build Finny, the financial planner for the common person, SEAP's assistance timeline aligns well. I want to earn some money by month 3. The assistance program will bolster my coffers, extending my timeline since I'm currently adverse to venture capital for now.   

The most appealing part of SEAP is that it offers accountability. It requires me to do 20 hours of entrepreneurial training and have 2 in-person meetings with a business consultant. Unsure what these really entail, but I gladly welcome the networking and social interactions in a business context. I probably should join some indie dev / entrepreneurial circles to keep my own motivation going too that's geared for tech and personal finance.

Here're the minimum eligibility requirements for SEAP:
• At least 18 years old;
• Identified by the state's profiling system as being likely to exhaust regular Unemployment Insurance benefits;
• Eligible for at least 13 weeks of Unemployment Insurance benefits when the application for the SEAP is received, and;
• Willing to work full-time in establishing a business that is located in New York State.
In addition, you must complete a SEAP orientation and have an acceptable business idea before you apply for the SEAP.

Pending point #2 and #3, I think I should be able to qualify.

Back to watching the 2 SEAP orientation videos!

Here's the direct link to the application site.

Dennis