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.


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.