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.

As a business owner, it is important that you are aware of New York tax laws that may impact your business. For example, those who operate a restaurant may need to ensure that wait staff properly claim tips in their annual income taxes. Those who hire employees on a contractual basis may need to report these hires to the IRS. Here are some of the basic employee tax laws and regulations that every New York employer should understand.

Created in 1996 to help revitalize the Upper Manhattan and South Bronx market place, the New York Empowerment zone is a federal economic development initiative. If your business qualifies and operates in the Empowerment Zone you could be eligible for increased depreciation tax deductions, employer wage credits and tax exempt bond financing.

Companies looking to relocate to Lower Manhattan are entitled to various tax savings and incentives programs. These incentives include Sales Tax Savings, Commercial Rent Tax Savings, Special WTC Rent Reductions and the Lower Manhattan Relocation Employment Assistance Program.