If you're already in a worker cooperative, we can help you operate and grow your business. Whether you're a company that's just starting out or one that's been in business for years, it's critical to have a list of resources you can turn to when you have questions, need help, or look for other organizations that do a good job. In the Bronx, there are countless organizations that are doing incredible work for the community and other businesses. Below, you'll find a list of organizations that, in some way, focus on economic and business development.
This is by no means a comprehensive list, but it's a good starting point. We will continue to update this list in the future. We promote sustainable and equitable business practices to improve the Bronx's economy and generate wealth in the community. It is often observed that small businesses contribute disproportionately to the growth of employment in their communities.
If you delve a little deeper into this stylized fact, you discover that it's new small businesses that are responsible for this growth. On reflection, this makes sense given that, by definition, old small businesses aren't growing. If they had grown quickly, they would no longer be small. A related fact is that the failure rate is quite high for small new businesses.
Taken together, this means that it is important to provide an environment that is conducive to the formation of new companies. The more new businesses are created, the more likely they are to survive and become larger, more prosperous members of the local economy. As the Bronx's largest employer, Montefiore contributes significantly to the economic stability of the community. In fact, thousands of our own associates live in the Bronx, forcing us to participate to ensure community development.
For example, only 2% of COVID-19 relief dollars from New York City Small Business Services were distributed to businesses in the Bronx. In my speech today, I will focus on the perspectives of the Bronx, the important role that community banks play in the local economy, as well as the specific challenges faced by local small businesses. See information from organizations that help companies prepare their employees, services, and facilities for emergencies. Bank loans can help businesses, especially new and small businesses, expand and create jobs, and residents to invest in improving their homes, neighborhoods and communities.
Finally, in addition to certification, it would be useful to have consistent transparency standards and requirements for transparency for organizations that provide loans to small businesses. Its goal is to drive the systemic change necessary to support equitable economic development in the Bronx by organizing and building coalitions, building community power, and promoting economic development policies that invest in people as much as they invest in places. This means greater investment in our neighborhoods, which can be transformational for local business owners and their employees, families and communities. “I have seen the power that SBA programs have to transform businesses and create opportunities here in the county,” said BICNY President Rafael Roger.
A comprehensive index of all licenses, permits, and other regulations that may be necessary to do business in New York City. We will move forward to ensure that small businesses that want to take their organization to the next level have access to capital. Access to new markets through BronxChange will allow Bronx entrepreneurs to expand their businesses, hire their neighbors with fair wages and good benefits, provide new training and asset building opportunities for their employees, and improve health outcomes and environmental quality in the Bronx. On previous visits to the District, I heard several small business owners express concern about their ability to access credit.
