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New York Empowerment Zone: financing, incentives and tax exemptions

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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.

Private investment is encouraged in the area with public funds and tax incentives along with small business assistance. New York neighbourhoods included in the Empowerment Zone are Port Morris, Hunts Point, Inwood and Washington Heights, West, East and Central Harlem, Mott Haven, west of Grand Concourse up to 176th Street and Highbridge.

The program is administered by the BRISC (Business Resource and Investment Service) in the Upper Manhattan Zone and includes access to training, technical advice, direct loans, financing and entrepreneurial assistance. Businesses in the Bronx Empowerment Zone can apply for financing at below market fixed interest rates and low fees along with other benefits.

For more information and advice on whether your company qualifies please visit the websites of the Upper Manhattan Empowerment Zone Development Corporation (UMEZ) or The Bronx Overall Economic Development Corporation (BOEDC).

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