For over 30 years, federal and private investment programs have focused on expanding the Bronx’s economic base and making this New York borough attractive to businesses large and small. For the most part, these programs have been successful, since according to the Center for Urban Culture, the Bronx comes out first in the list of New York boroughs in terms of business growth levels. It is estimated that this borough is currently home to more than 16,000 registered companies, and nearly 5,000 of those are small businesses.

Business growth in the borough continues to be promoted through a number of financial incentives and support programs, which are described below.

Financing and Incentives for businesses in the Bronx

The most popular loan programs available to those interested in setting up a business in the Bronx include:

Springboard mini loans, administered by the Springboard Mini Loan Fund in collaboration with the Bronx Overall Economic Development Corporation, available to local start-ups owned by women or those who belong to minority groups. Grants and loans are also available from Local Development Corporations, and are available to business owners who can commit to either creating jobs or attracting inward investment to the borough. For further information, please visit www.ci.nyc.ny.us/nyez.

Manhattan has one of the most dynamic economies in the United States. This New York City borough ranks high in terms of employment numbers and innovation, and is home to more than 125,000 firms. If you are looking to set up a business in Manhattan, this quick guide will provide you with information on the key support services available.

Financing and Incentives for businesses in Manhattan

The Upper Manhattan Empowerment Zone Development Corporation is a good starting point for local business owners in need of funding. This organization offers business investment loans, small business loans, and microloans ranging from $500 to $250,000.  Find out more information at www.umez.org/.

Sales & Use Tax Exemption applies to eligible Manhattan business owners who purchase equipment, furniture and/or fixtures for new office premises. The premises must be leased for at least 10 years and must be located at the World Trade Center Site, Battery Park City, or the World Financial Center.

A rent abatement program is available to tenants of office or commercial premises located in a specific area of Lower Manhattan (Zone 4 or the areas between Murray, Frankfort, South and West Streets and along Battery Place). This program applies to commercial premises built before 1975 and implies a rent reduction of $2.5/ square foot. For further information, contact the administering agency (the New York City Department of Finance). The CRP (Commercial Revitalization Program) is similar program also managed by the same agency. This scheme aims to boost commercial occupancy rates in designated parts of the Lower Manhattan area. Some of the incentives offered by this program include 3 and 5-year rent tax abatements on new, expanded, or renewed lease agreements.

The technology industry has found a welcoming home in New York. In fact, New York has become one of the most popular destinations in the world for tech businesses over the past few years. This includes both greater New York state and New York City. As a result, a steadily growing segment of the population here is employed by some type of technology-based business.

Tech Companies in New York

Tumblr

Tumblr is a microblogging platform that has gained immense popularity since its inception in 2007. As the number of venture capital firms in New York City rose over the past few years, CEO David Karp has been able to make some amazing upgrades to the service. What was once a small blogging service is now a multi-million dollar blogging company with over 100 employees.