A Survival Guide For a Businessman in the Bronx
Bronx Zoo

The Bronx Zoo is a zoo located in the Bronx, a borough of New York City, within Bronx Park. It is the largest metropolitan zoo in the United States and among the largest in the world.

The Bronx is one of the New York City’s five boroughs, which are some of the most densely populated counties in the US.  It is home to the Yankee stadium, the Bronx Zoo, the New York Botanical Garden and other famous places and attractions.

At present, the property rates here in the Bronx are less than the rates applicable in other NYC boroughs, which is a huge advantage for a businessman to set up his business in the Bronx. There are various companies which are booming here and offering several jobs to the residents of the Bronx.

The Bronx’s Economy

Third Avenue

Shoppers along Third Avenue in the Hub, a neighborhood that has been called the Times Square of the Bronx.

Earlier the Bronx was considered as one of the major residential boroughs and its economy was over focused on local markets. But now the scenario is changing, not only is the Bronx considered best for residential purposes but is also considered best for commercial utilization. The Borough’s economy mainly depends on private sector jobs. Trade, social services, healthcare, and education represent almost 50% of all private sector employments in the Bronx. As far as the population and employment are concerned, the borough is growing rapidly. After seeing a huge decline till the 1980’s, the borough has added more than 54,600 jobs from 1983 to 2012 and is still adding to it. The employment has increased by 33% and the population has increased by 20%.

The number of organizations in the Bronx also rose by 265 from 1990 to 2011, with the biggest development in the South Bronx. Most organizations in the region are small, but are now expanding their businesses. Most organizations are in the retail sector and real estate sectors.

There are few things which a new businessman should know for the survival of his business and to be prepared for any worst case scenario:

· Don’t just rely on FEMA

Businessmen don’t understand the working of FEMA. They think that FEMA will come and give them a check in case of an emergency or crisis, which is a myth. Mostly help comes as a low-interest loan that entrepreneurs must apply for by demonstrating their misfortunes.

This can be troublesome in the Bronx because people don’t keep records of their business. So make sure that you keep at least three years of tax returns as well as receipts for your hardware and stock.

· Backup your important documents

Don’t just stop with the tax returns and receipts, but also keep a record of other documents and licenses which you used consistently in running your business. Keep the copies online, as well as offsite in fireproof or waterproof boxes.

· Know your insurance policy

If an emergency occurs, your business will face losses, but if you have the right insurance, your losses can be minimized. Review your insurance policy now and ensure you know precisely what it covers. This is particularly valid in the Bronx, where numerous immigrant entrepreneurs may not see how protection strategies function in the U.S.

· Prepare your employees well

In a crisis, your employees are your best asset to help ensure that your entryways recover rapidly. So don’t overlook your staff’s personal needs. The better prepared your workforce is to face a large-scale disaster on their home front, they will be more prepared to pitch in at your company in the time of need.

· Partner with other organizations

Indeed, even if you have good employees to support you, you can still feel alone while going through a disaster. That is the reason you need to join a business organization in your community which will help you to overcome the disaster.

Use these tips to prepare yourself for any disaster while setting your business in the Bronx.

Incentives Fetched by Businessmen in the Bronx
Bronx High School of Science — Bedford Park, Bronx

Bronx High School of Science — Bedford Park, Bronx

To start a business, every businessman needs money to fund the expenses related to the business.

The Bronx is considered as one of the booming districts of New York City for establishing new businesses as well as expanding them.

Regardless of whether you are considering starting a new business in the Bronx or anywhere else in the New York City, or whether you already have your business located here, you are fit for several incentive programs which will benefit your business in short as well as long terms.

Business incentives are offered at various federal levels and programs which offer tax redemptions as well as other benefits.

These incentive programs are designed in such a way that they promote the borough as well as New York City’s objectives of creating jobs and empowering monetary development and business enhancement.

Different agencies direct these programs and applying for these incentive programs can be a bit complicated.  The city has devoted staff to help you explore these procedures. You can also search for a specific program, match it with your needs and then contact the agency executive to help you in availing that particular program. There are several incentive plans, among them being:

Business Incentive Rate (BIR)

This incentive reduces the components of power bills by 30-35 percent. Organizations are anticipated to expand with time and to maintain their work in New York City. The organization must likewise apply for other city or state advantages that equal or surpass the estimation of the BIR advantage. Those advantages incorporate, yet are not restricted to: Industrial Advancement Agency (IDA) incentives, Excelsior Jobs Program, Energy Cost Savings Program and Industrial and Commercial Abatement program. The incentives can last up to five years.

Capital Access Loan Guaranty Program

This program provides up to a 50 % guarantee on loans for all micro and small businesses that are trying to establish their firms in the Bronx or other parts of New York City and are facing difficulties in accessing loans. Loans can be used as a working capital, for purchasing equipment as well as for improving leases.

Commercial Expansion Program (CEP)

The program allows a lease reduction of up to $2.50 per square foot for new, expansion and renewal of leases. Business organizations, as well as not-for-profit associations, are eligible to get these benefits for up to 5 years; manufacturers are eligible to avail this benefit for up to 10 years. It is applicable for businesses located in the Bronx, Brooklyn, Staten Islands and some of the other parts of New York City.

Economic Development Fund (EDF)

EDF is mainly for the not-for-profits, industrial as well as commercial business which is into the expansion, construction and rehabilitation of facilities; working capital; procurement of apparatus and hardware; and the preparation of full-time permanent workers.

Energy Cost Savings Program (ECSP)

It provides reduction for energy costs for your business that (a) move to, (b) make changes to the property in, or (c) rent space in already improved buildings in the Bronx, Manhattan above 96th Street or in Brooklyn, Queens, or Staten Island. ECSP can reduce the expenses of the delivery part of electricity charges by 45% as well as the delivery component of petroleum gas charges by 35%. Benefits can last for 8 years, followed by a 4-year phase out.

How the Bronx has Gained Momentum in Promoting Businesses
The Bronx has made considerable progress :BPC-Campus-2009

The Bronx has made considerable progress :BPC-Campus-2009

The Bronx has made considerable progress since the 1970’s.  Both private and public speculations have made a difference in creating new businesses in the Bronx, which has also produced a large number of new jobs.

Since the economic environment has improved drastically in the Bronx, private investments have accelerated there as well.

In fact, in the times of the Great Recession, the Bronx not only survived but also faced it in a better way as compared to the rest of the nation, as well as the other four major boroughs of New York City.

While the United States is still recovering from the jobs it lost during the recession, the number of jobs in the Bronx has increased without any interference since 2007.

People are choosing to stay and live in the Bronx along with their families because crime rates have decreased greatly and communities have been renewed. The Bronx has additionally turned into a magnet for immigrants who are looking for a fresh start. These components have helped the precinct recapture more than three-quarters of the population lost in the 1970s.

View of Jersey City from the Hudson River

View of Jersey City from the Hudson River

Economic development in the Bronx profits by the district’s closeness to Manhattan’s and New Jersey’s central business district, and it has easy access to the extensive railway and highway networks of the area. It also gets benefits from an incorporated mass transit framework and a still underdeveloped waterfront. The expansion of a suburbanite rail service to Manhattan and to the northern suburbs would also enhance the economic development in the Bronx.

While the Bronx has had awesome developments in the past decades, the borough still faces some challenges. The unemployment rate stays high, educational achievement is low and numerous occupants still live in destitution.

Proceeding with private and public investments in the region as well as in New York City will produce more jobs, but these jobs will require highly skilled or well-educated workers. Job creation in the Bronx and other regions of New York City will open several doors of new opportunity for Bronx residents.

Here are some of the Highlights of Bronx

  • The Bronx has added more than 240,000 occupants from 1980 to 2012, and the numbers are still increasing at a rate of 20%.
  • Private sector employment grew by more than 7.7% from 2007 to 2012, outpacing various districts except for Brooklyn. Since 1983, the Bronx has included 53,600 occupations, which is more than a 33% increase in the job market.
  • Health care, educational service, and social services represented more than half of the private sector jobs in 2012, reflecting the substantial number of medical facilities and foundations of higher education situated in the Bronx.
  • Total private sector compensation was more than $9.3 billion in 2012, which is the highest salary on record. The average private sector pay was $43,610, higher than in Brooklyn and Staten Island.
  • The number of organizations in the Bronx rose by 26% from 1990 to 2011. Business development has been strengthening in the South Bronx, where the number of organizations developed by 25% from 2000 to 2011.
  • Most organizations in the Bronx were small in 2011, but now they are also expanding and the number of jobs, as well as a number of employees working for each firm, has increased.
  • Over the past 25 years, the public sector has created or restored more than 100,000 housing units, and the private sector has added thousands more. Indeed, even with government appropriations, almost one-fifth of Bronx family units spend the greater part of their livelihoods on leases.
  • There has been a reduction of more than 75% in the crime rate since 1990, and the number of murders has fallen by 78% in the last 2 decades.
  • The Bronx is one of the Metro-North Railroad’s fastest developing markets (weekday boardings have tripled since 1985).
  • Several green activities are in progress in the Bronx to decrease pollutants and lower the energy costs for organizations and inhabitants.

At present, Bronx is considered as one of the best places to start your business or to expand your business.  The market is full of opportunities for various sectors, housing being one of them. Several construction projects are in line and are in progress in the Bronx, which will bring more jobs in the borough. The rate of development is increasing, along with the rise in property prices. The Bronx is now booming and the Bronx is Burning.It has been left behind in the past.