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.
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.
The SBA offers a variety of loan programs for particular purposes. Check whether you fit to participate in the programs or not.
A central location for a huge number of loan programs from the 26 federal grant providing agencies.
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.
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.
Gives up to $50,000 to small as well as medium-sized manufacturers for projects related to the improvement of productivity.
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.
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.