Bronx Overall Economic Development Corporation

Empowerment zone - The Empowerment Zone program includes the operation of two loan programs for qualified Bronx Empowerment Zone companies. The Corporation is the administrator of the Bronx portion of the New York City Empowerment Zone. This program was a part of the President's Empowerment Zone and Enterprise Community Initiative. The goals of the program within the Bronx are economic development, sustainable community development, the development of community-based partnerships, and the development of a strategic vision of change. The Empowerment Zone programs offer loans at low interest rates and long repayment terms in exchange for the borrower's commitment to hire Bronx Empowerment Zone residents. The partners in this enterprise and the entities funding the program are the City of New York, the New York State Urban Development Corporation (doing business as the Empire State Development Corporation) ("ESDC"), and the United States Department of Housing and Urban Development. Fundamental to achieving the program's goal is the creation of permanent jobs through business development within the target zones. The legislation that supported the Empowerment Zones ended on December 31, 2013; however, the funding received under this program continues to be used to provide the same loan programs. In addition to these programs, the Small Business Administration (SBA) 7(a) Loan Program has become an essential tool for expanding access to capital, offering flexible financing options to small businesses within the Bronx Empowerment Zone. As part of an effort to strengthen and expand these initiatives, a Director of the Empowerment Zone has been hired to oversee operations, ensure effective allocation of funds, and enhance strategic partnerships that support economic growth and job creation within the borough.

Economic Development - Under this program, the Corporation performs research and analysis regarding current economic developments, marketing, and promotion of the Bronx through various media channels, ensuring that local businesses, investors, and residents are informed about opportunities within the borough. As the administrator of the Bronx Empowerment Zone, the Corporation actively supports businesses by providing real estate assistance, helping Bronx-based companies expand their operations, and facilitating the relocation of businesses looking to establish a presence in the Bronx. This includes site selection, navigating zoning and land use policies, and liaising with city agencies to streamline the expansion process. Additionally, the Corporation offers financial services information and assistance, helping businesses secure capital through a variety of loan programs, including the SBA 7(a) loan program, Bronx Empowerment Zone loan funds, and other small business lending initiatives. By leveraging partnerships with financial institutions and economic development agencies, the Corporation ensures that Bronx businesses, particularly minority- and women-owned enterprises (MWBEs), gain access to critical funding for growth, job creation, and operational sustainability. Beyond financing, the Corporation provides technical commercial revitalization assistance, working closely with Business Improvement Districts (BIDs) and local merchant associations to strengthen commercial corridors and improve the business environment. This includes storefront improvement programs, public space enhancements, and placemaking initiatives to support thriving retail districts. The Corporation also plays a vital role in fostering entrepreneurship by offering entrepreneurial assessment services, business development workshops, and technical assistance to new and existing business owners, helping them refine their business models, access capital, and develop sustainable growth strategies. As part of its broader economic development mission, the Corporation administers key workforce development and job creation initiatives, collaborating with local institutions to connect Bronx residents with employment opportunities. Programs are designed to ensure that businesses benefiting from financial assistance are reinvesting in the local economy by hiring Bronx-based workers. The Corporation's efforts are supported through a combination of city, state, and federal funding, as well as private sector investments and nonprofit collaborations, ensuring ongoing economic growth, business expansion, and long-term sustainability for the Bronx.