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.

Is It Comparatively Easier To Work In the Bronx?

Chasing Fires

A photo of firefighters reporting to an arson in New York City. Photo courtesy of City Limits.

It’s been more than 45 years since the Bronx was known as a burning borough. At that time, thousands of houses and apartment buildings were lost to illegal conflagrations.

Crime rates were high. By the mid-1970’s, the murder rate in the region was increased by 3 times in just 5 years, as compared to the total number of murders in the entire New York City.
Kids were robbed on the roads. A huge number of middle-class inhabitants fled. The people who remained behind excessively relied on upon welfare and public housing.

Today, because of the neighborhood revitalization that started under Mayor Ed Koch, the revolution in policing and public wellbeing that began under Mayor Rudy Giuliani, the brilliant public and private speculation of Mayor Michael Bloomberg, and New York’s inheritance of mass transit, the Bronx is boasting-of its new individuals, new occupations, and, trust it or not, with its popular new eateries. Urban areas from Detroit to Newark to Cleveland never recuperated their midcentury population highs-even Boston, considered a productive city, is 19 percent beneath its 1950 population rate-yet the Bronx is set to surpass its pre-1970’s population soon. More working individuals live there today than any other time in recent memory.

The once-scorched Bronx is now quite safe and clean. Foreign tourists are anxious to trek north to see “the real New York” before it vanishes altogether. But, the borough’s boom hasn’t done much to ease the most prominent problems of the bad old days, which is multigenerational government reliance.

The Bronx was earlier a rural region, which now is considered one of the best places to live in, as well as to set up a business. Between the turn of the last century and the beginning of World War II, the Bronx’s population grew almost seven times, to about 1.4 million individuals.

New York’s immigrant population needed to escape crowded Manhattan, and the city’s new metros made that possible. Jews-foreigners and also evacuees-from Europe made their homes in the south and mid-Bronx, which was less than an hour’s ride from midtown Manhattan. The Irish lived farther north.

By mid-century, however, the Bronx was well along the way that would make the borough central to the crisis of America’s aging urban areas. The 100 housing ventures that New York City had built in the borough in the beginning amid the Great Depression and proceeding through the 1960’s progressed toward becoming hatcheries of crime and dependency. By 1955, it was seen that the major share of the New York Housing Authority’s new development in the last 13 years was seen in the lower Bronx, for stabilizing the middle-class. Even the people from lower economic classes were taking control over private housing.

Fire in the bronx

The Fires That Leveled The Bronx In The 1970s

Bronx real estate economics are quite friendly for rising entrepreneurs, for example a restaurateur who can’t stand a chance to compete with the big chains of restaurants in Manhattan can open up diner or bar in Mott Haven or Port Morris; and for engineers, including Somerset Partners and the Chetrit Group, which plan to manufacture extravagant lofts and apartment suites in the more industrial neighborhoods of the South Bronx. Yes, they want to sell the apartments for more than half a million dollars for small units, and they want to rent these apartments out for more than $2,500 a month. And, while tycoons won’t purchase or lease these condos, middle-class families who can’t afford the housing costs of Manhattan, Brooklyn, or the Queens waterfront will definitely go for it.

You will be surprised to see the employment figures of Bronx. In 1990, more than 420,700 Bronx occupants had jobs. Today, however, the Bronx has 547,200 workers; one can see the growth of more than 30% in the last 25 years. Job growth outpaced population growth in the borough by nearly twofold. In October, the Bronx’s unemployment rate was 6.5 percent, a rate which had earlier been in double digits. The number of occupants in the district who don’t work or look for work has also been reduced. The rate of Bronx adults right now taking part in the workforce is 59.5%, not radically lower than the country’s 63.8 percent rate.

Therefore people are now moving to the Bronx to settle and to establish their business.