Grow Your Business in Bronx — Business Incentive Information

Grants

here are different sorts of grants, for example, ones from establishments, companies, or private associations

The atmosphere for doing business in the Bronx, NYC,  has never been better.

In case you are willing to establish or expand your business, you are at the right place. Here you will get several benefits such as tax-based incentives, lower rentals, assets, and training for entrepreneurs and organizations willing to go global, various industry as well as university associations cultivating the advancement of innovative technologies and products. Here you will also get the financial support you require in the development and growth of your business.

Unless your business includes the improvement of new technology or it belongs to the category of non-profit organizations, it is hard to find a loan or grant to start as well as expand your business.

Despite the fact that numerous productions and television shows announce grants to independent companies, there are only a few types of government grants available to small businesses. Examples of these are the Small Business Innovation Research and the Small Business Technology Transfer grants. There are other grants as well which are available for new businesses, inventions, products, and technologies.

Finding and distinguishing government offices that give grants for specific purposes or in particular subject areas requires significant time, exertion, and research. Getting a loan is not that easy if you don’t know whom to approach in the first place. There is a great deal of rivalry amongst the companies who provide grants. In order to get a grant, you need to provide the funding organization a well-written proposal that clearly expresses your objectives and sets a plan as well as the budget for all your activities.

Loans or grants are “free,” in that you don’t need to pay back the money loaned to your business. In any case, if you are granted a loan you might be required to show periodic progress, program assessments, and additionally, budgetary reports to the legislature (State or Federal) or the organization, which provided the loan.

By far most of the government grants are given to non-profit associations for projects and administrations that benefit the community or the public. There are different sorts of grants, for example, ones from establishments, companies, or private associations. These non-government associations have particular requirements with respect to who is qualified to apply for and be allowed financing. Overall, establishments don’t give grants to revenue driven ventures.

· BusinessUSA – Access Financing

This interactive tool from the Federal Government enables you to illustrate  your business needs and accordingly creates a rundown of government financing programs that might be accessible to you.

· SBA Loan Programs

The SBA offers a variety of loan programs for particular purposes. Check whether you fit to participate in the programs or not.

· Grants.gov

A central location for a huge number of loan programs from the 26 federal grant providing agencies.

· IDA Commercial Tax Incentives

This is availed of to get significant capital speculations that result in the creation and maintenance of countless jobs within the Bronx and other parts of New York City. Advantages may incorporate exemption from sales and use tax, exemption from real-estate tax and mortgage recording tax waivers.

· Industrial and Commercial Abatement Program (ICAP)

Property tax abatement for the construction or renovation of property. After getting these benefits, one can use the remainder for expanding, improving, or modernizing an existing structure anywhere in the NYC, except for the cities listed in it.

· Industrial Effectiveness Program (IEP)

Gives up to $50,000 to small as well as medium-sized manufacturers for projects related to the improvement of productivity.

· Industrial Business Zone Credit (IBZ)

Relocation tax credit of $1,000 per representative up to $100,000 altogether. Modern organizations in assigned zones may fit the bill for this program.

· Job Creation and Retention Program (JCRP)

Gives discretionary incentive grants in return for a commitment to creating more than 75 new jobs in NYC. The compensated employments must be kept up for at least 10 years. The level of assistance is based on several components including economic impact, the number of employments conferred and an evaluation of the requirement for public funds to empower the venture.

The Via Verde affordable housing complex in the South Bronx

The Via Verde affordable housing complex in the South Bronx

There are several other incentive programs that you can browse through and select the one which suits your needs and requirements in the best possible way, and provide you the required assistance.


Business in the Bronx vs. Business in the World

New York

New York City comprises 5 boroughs sitting where the Hudson River meets the Atlantic Ocean. At its core is Manhattan, a densely populated borough that’s among the world’s major commercial, financial and cultural centers. Its iconic sites include skyscrapers such as the Empire State Building and sprawling Central Park. Broadway theater is staged in neon-lit Times Square.

New York City has the third largest economy in the US and ranks as the 15th or 16th largest economy in the world. It has five boroughs – the Bronx, Manhattan, Queens, Staten Island, and Brooklyn; and each one of them plays a role in the GDP of the NYC.

We all are aware of the businesses in Manhattan and Brooklyn, but we hardly know about the businesses in the Bronx borough. Earlier, the place was not very popular but with the changes in time, it has become one of the popular areas where people want to establish their business, as well as possibly even settling down. The Hub is the largest place to provide employment and other amenities to the borough.

Brooklyn,-NY

Brooklyn, one of New York City’s 5 boroughs, sits on the western end of Long Island. The iconic Brooklyn Bridge, built in 1883, connects it to Manhattan. Neighborhoods range from high-end DUMBO (between Manhattan and Brooklyn bridges)

Amongst all the five boroughs of NYC, the least expensive and the fastest developing borough is none other than the Bronx. You will get larger spaces at reduced prices for both renting and buying purposes. Since the borough is under development, the opportunities there are many, and you can easily get a relatively inexpensive workforce to help in your business.

The Bronx has struggled a lot to gain as much appeal as its sister boroughs have in the recent years. The borough has several ongoing and upcoming projects, which will aid the economy of Bronx. This is the main reason why many people are moving here.

Turning the Kingsbridge Armory into a huge Ice Center

In 1910, it was initially built to keep the National Guard’s Eight Coastal Artillery Regiment, but now the Kingsbridge Armory serves as the platform for various exhibits, boxing matches, film sets and was also used as a place to conduct temporary meetings between the US authorities after World War II.

Earlier the city was set to transform the place into a shopping center, but now plans have changed and it will be converted into the largest indoor ice facility in the world. The Kingsbridge National Ice Center or KNIC will include nine ice arenas, a 5,000-seat arena, a dedicated space for community activities, and a free after-school program with mentoring and skating lessons.

Creating a Waterfront District

In a city of various rivers, it is easy to understand why everyone is willing to invest in a waterfront park.  These sites feature public spaces as well as recreational facilities, high-end housing developments, and also empower the amenities in nearby neighborhoods. The expansion of these waterfronts has demonstrated an enormous impetus in financial development, and now the Bronx will have a piece of this pie.

Extension of the Metro-North Railroad into the East Bronx

The project will grant direct access to and from Penn Station. The proposed route would separate from the New Haven line and stop at Co-operation City, Morris Park, Parkchester and Hunts Point. It will not only provide Bronxites with access to Manhattan but also to Connecticut and vice versa.

The completion of these stations will encourage new business catering to commuters.

The Mall at Bay Plaza

Earlier the Bronx was lacking the kind of retail variety which other boroughs are offering. But now it has a projected building which is 1.4 million square feet of retail space, with which the Bronx will become a retail oasis. This sudden growth in the retail sector will boost the Bronx Terminal Market and open various opportunities for entrepreneurs.

The Bronx is a developing borough, therefore, that offers a lot of amenities and opportunities, which you won’t get anywhere else. The future here is so bright that people are moving to the borough from all other boroughs as well as other cities.