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.