The Bronx, New York is a municipality that has seen its economy boosted by a variety of sectors, including healthcare, leisure, hospitality, retail and wholesale. To further support local businesses, the New York Empowerment Zone Corporation has approved funds to be managed by the Bronx Economic Development Corporation in partnership with the New York Business Initiatives Corporation. These funds are provided through the U. S.
Small Business Administration's Community Advantage Loan Fund and are available to eligible applicants. We are proud to represent New York's 15th district and are committed to providing small businesses with the rights and protections they need to operate safely and fairly. In a discussion group, Chinatown business owners reported that they had to choose between signing a long-term lease without knowing if their business would be profitable in 10 years or a short-term lease that would allow them to pay an increase in the market price when it expires. In an interview, a Lower East Side business owner considered signing a lease in a bourgeois neighborhood to be a “risky bet”.
Previous reports from the Association for Neighborhood Housing Development (ANHD) have cited commercial storage, barriers to obtaining funding, and lack of government resources as threats to small businesses in the city. These companies are facing a decline in the number of consumers and human trafficking, as well as a decrease in new businesses. In other words, while businesses in Chinatown and the Lower East Side are closing at a faster rate than almost every other neighborhood in the city, new businesses are constantly taking their places. Older companies must modernize to attract new customers, while new companies must be informed about the needs and norms of the wider community. Immigrant-owned small businesses are crucial to the economic and cultural vitality of New York City, but traditional renters currently face a series of challenges that hinder their chance of survival.
Despite these obstacles, there are now more businesses in the county than in the last four decades, and the unemployment rate has fallen to an all-time low. The focus of these funds will be on lending to businesses located in the South Bronx and, in particular, in the New York Empowerment Zone, including Hunts Point, Port Morris and the Yankee Stadium area. Companies employ an average of 4 workers and 56% of respondents live in the neighborhood where their company operates. We want to thank all those who have played a critical role in making this initiative a reality: The Bronx Economic Development Team, The New York Business Initiatives Corporation, Congressman Ritchie Torres, The Regional Administrator of The Small Business Administration Marlene Cintron, Governor Kathy Hochul, Empire State Development President Carl Hastie, Mayor Eric Adams and all other organizations involved.