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.
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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.
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This summer, New York City will host a number of exciting business events. If you are looking for networking opportunities or forums to share ideas and innovations, these events are great for meeting potential business partners and investors.
The NYC Real Estate Summer Kickoff Networking Party is designed for real estate professionals and businesses to meet like-minded colleagues in a laid-back and fun environment. The free social event is planned for June 28 at 230 Fifth, a greenery-lined rooftop bar and restaurant with beautiful panoramic views of Midtown Manhattan.
Another networking event planned a week earlier on the of June 23 is the New York Social Summer Bash, a Be Social Change event at the Wix Lounge on 235 West 23rd Street. The evening is an opportunity to mingle with new business connections while kicking off the summer. Be Social Change is the city’s largest social impact community and professional development hub.
The NYC Professional Network is a creative forum for businesses and professionals to meet potential clients, business partners and investors. It also stages events throughout the year, including the New York Entrepreneurs, Start-up and Business Network on August 22. Billed as the largest event of its kind in New York City, the evening of networking brings together tech start-ups and entrepreneurs as well as professionals, freelancers and others from across the city. It is an ideal place for businesses and entrepreneurs to look for leads on co-founders, team members, partners, mentors and coaches. The event is being held at the Hudson Terrac in Hell’s Kitchen. Although it is free to attend, an RSVP is required.
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For several decades, the predominant corporate culture in the United States has been characterised by long working hours and a generalised reticence to taking vacations. However, in recent years flexible working practices have begun to be frequently implemented in companies around the globe in an attempt to provide employees with a better work-life balance. This trend has of course had a direct impact on US-based firms too, and it is estimated that more than 3 million US employees now benefit from flexible work arrangements.
As one of the most prosperous and forward-looking cities in the country, New York has led the way with regards to the implementation of flexible working practices. This article provides an overview of the progress made so far, as well as a review of the most flexible workplaces in New York.
Flexible Work Arrangements in New York: General Trends
According to data published by the Bureau of Labor Statistics, flexible work arrangements are particularly common among New York employees who hold managerial, executive, or administrative roles in the private sector. Within the public sector, New York employees who work for the federal government are more likely to have access to flexible working arrangements than their local or state government counterparts.
Another trend worth mentioning refers to the widespread adoption of flexible working practices across genders and age groups. For example, a New York Times article recently drew attention to the fact that telecommuting is no longer an option limited to mid-career employees, as the typical telecommuter profile has grown to include young graduates and employees close to retirement age irrespective of their gender.
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Office accommodation is one of the biggest expenses an expanding company has to consider. Every cent counts and negotiating the best deal possible can save your business enough to launch a marketing campaign or perhaps hire extra staff.
Here are a few useful tips that should enable you to get more for less:
Tip 1: Evaluate the permitted uses of the leased space. Are you planning to expand in a few years time? Do you intend on subleasing any of the space to a third party? It’s advisable to ask for an option to be able to sublet the premises in case you have to downsize or move part of your team to another office.
Tip 2: How long is the lease for? It’s generally easier to get discounts and concessions if you plan on signing a long-term contract. However, in the current economic climate you may be able to successfully negotiate a short-term deal with bonuses that would normally only be available to long-term tenants. Always investigate lease renewal terms and conditions, especially if leasing short-term.
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Conferences are opportunities for technology entrepreneurs and start-ups to look for co-founders, investors and partners. They also provide a forum for established businesses to showcase their services and products, as well as share best practice. An international centre for business and innovation, New York City hosts several technology conferences each year.
Social Media Week
Social Media Week spurs a worldwide conversation about connecting the world through technology. Events are held in 18 cities including London, Mumbai, Chicago, Sydney, Mexico City, Los Angeles, Milan and Jakarta. The theme for 2016 is ‘The Invisible Hand’, and events will delve into the hidden forces of technology and look at ways to harness them for good. Now in its eight year, Social Media Week New York attracts thousands of marketing, media and technology professionals. Held at The TimesCenter and the SVA Theatre from February 22 to 26, the expected line-up of 230 speakers include New York Times Company CEO Mark Thompson, CollegeHumor co-founder Ricky Van Veen, and Refinery29 co-founder Philippe von Borries. Go to http://socialmediaweek.org/newyork for more information. (Twitter: @smwnyc)
The fourth annual Techweek NYC takes place from October 10 to 16. At previous events, key note speakers included Reddit co-founder Alexis Ohanian and Buzzfeed founder Jonah Peretti. The event attracts businesses and innovators from every aspect of the technology sector, from Fortune 500 CEOs sharing their success stories to start-ups looking for investors. Techweek also includes events in Los Angeles, Dallas, Miami, Detroit, Chicago, Kansas City and Toronto. Speaker sessions showcase breakthrough trends and success stories to educate delegates on what is relevant and innovative. The Entrepreneur Expo is an opportunity for companies to present their services and provide advice to tech entrepreneurs and start-ups, while the launch Competition reveals the best new businesses in the New York area. Several events are also hosted by sponsors and partners. For further information go to www.techweek.com/newyork. (Twitter: @TechweekNYC)
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In a global mega city like New York, keeping up to date with the latest developments in the world of business is essential to keep your enterprise relevant and ensure continued success. Below is a list of just some of the top business conferences being held in the New York area in 2016.
Mobile Innovation Summit
March 10-11, 2016
The Sheraton in New York
Key Speakers include:
- Christophe Gillet (Vimeo)
- Steve Holland (Match.com)
- Jenny Gove (Google)
Companies looking to benefit from mobile computing advertising get the chance to talk to the companies that are creating new ways to utilize this growing marketing platform.
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With the Christmas holiday quickly approaching, many business owners and managers are thinking about the office Christmas party. There is always a question on what to do, how to structure the party, and what to eat. The planning process often becomes excessive and stressful making the Christmas party a chore instead of a celebration.
The truth is, the annual Christmas party does not have to be an elaborate occasion filled with mind numbing “get to know your co-worker” games and tasteless finger foods. Your office Christmas party can be a fun and relaxing occasion that leaves everyone feeling good.
Setting The Time And Date
Business owners must take into account that their employees are also planning their own holidays at home. Having the party too close to the holidays could place everyone in a stressful mood. Opt for a time near the beginning of December when everyone is not feeling the holiday stress. This also helps your business if you are scheduling the party off site. By planning your party early in December you will avoid many holiday pricing schedules.
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Thanksgiving has always been a popular holiday. Setting aside a day where families can come together and be thankful for each other and all that they have is truly wonderful. In fact, people hold this holiday so dear that more people travel to be with their families on Thanksgiving than any other holiday.
Transferring this great feeling over to the office is easy with a little planning. The gathering can result in a true bonding experience among employees and raise office moral. Following these simple tips can help you create the perfect Thanksgiving gathering for your office or business.
Be Thankful for Each Other
While it may be tempting to turn this event into a be thankful for your job, it should be more centered on being thankful for everyone who contributes to the success of the office or business. Everyone should realize that they are appreciated and should also be able to express their gratitude for the people they work with each day. It is a true morale booster and creates a wonderful experience for the party.
Make the Dinner Personal
While turkey is traditional and should be available, encourage employees to bring a dish that is special to their family or traditions for this holiday. This allows employees to bring some of their personal life and heritage to the gathering, making it a more personal experience. Make sure that you have enough side dishes and desserts to make everyone happy and be sure to ask if there are any special dietary needs that should be met so that everyone is included.
Hold the Party the Week Before the Holiday
It is probably very wise to hold the office Thanksgiving party a week before the real holiday. This ensures that employees are not over stressed from having to make plans and run errands for their own holiday at home. Some businesses may even want to opt for a weekend party when employee family members can also attend.
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Business in the Bronx
One of New York City’s five boroughs, The Bronx is one of the most densely populated counties in the United States. The borough is also home to the New York Botanical Garden, Yankee Stadium, the Bronx Zoo, and other famous parks and attractions. With a population of more than 1.4 million people, the Bronx is a mix of European, African American and Caribbean cultures and the birthplace of hip hop. Since the late 1980s, the area has seen significant revitalization and development focusing on new housing. In more recent years, formerly vacant lots in South Bronx are being redeveloped for residential and commercial use.
The Bronx’s Economy
The Bronx is primarily a residential borough, and its economy is focused on local markets. The borough’s economy is service oriented with a majority of private sector sobs within the service sector. Health care, trade, education, and social services account for nearly half of all private sector jobs in the Bronx. In terms of population and employment, the borough is growing. After seeing significant decline up until the 1980s, the Bronx added 53,600 jobs between 1983 and 2012 – an increase of 33 per cent. Since 1980, the Bronx’s population has increased by 20 per cent.
The number of businesses also rose by 26 per cent between 1990 and 2011, with the largest growth in the South Bronx. Most businesses in the area are small, with about two-thirds employment less than five employees. Approximately 80 per cent of businesses in the Bronx employ less than ten employees. Most businesses are in the retail sector, followed by real estate.
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