How Businesses in the Bronx, New York Support Local Charities and Organizations

The Bronx Community Foundation is devoted to eliminating inequality and constructing a sustainable future for all Bronxans. WHedCo assists low-income New Yorkers in creating their own economic opportunities by providing programs that help people build careers and start small businesses. Philanthropic counseling clients include national and family foundations, public charities such as the Heisman Trophy Trust, and government entities such as the New York State Attorney General. The grant program organized by The New York Community Trust enabled New York Life employees and agents to uncover stories of resilience in the face of adversity, and identify nonprofit organizations that are making a difference. The funds provided emergency funding to local businesses and bridge loan funding until the government had contingency funding.

The Trust also helps value-seeking companies develop a giving strategy, strengthen their presence in local communities, and award grants that have an impact. When the New York State Attorney General's office needed an organization to manage a portion of the estate of the late philanthropist Brooke Astor, it turned to The Trust. The Bronx Business Continuity Loan (BBCL) was established with an interest rate of 3.75% for small businesses without credit available elsewhere; businesses with credit available elsewhere are not eligible. The organization has also collaborated to help address part of the avalanche of migrants arriving in New York from the border. The Trust is spearheading the initiative to create a public bank that would provide credit for sustainable energy projects and community businesses. To help achieve its goal, The Trust organized a grant program for the Foundation, which identified, funded and reported on 12 New York theaters that work with local communities to attract new audiences.

The Bronx Business Continuity Loan Fund was created to help sustain video companies during the COVID-19 pandemic. Priority will be given to direct service providers who address essential healthcare and food insecurity, as well as arts and culture. The Bronx Community Foundation, WHedCo, The New York Community Trust, and The Trust are all working together to support local charities and organizations in the Bronx. Through grant programs, bridge loans, public banks, and other initiatives, these organizations are helping to create a more equitable future for all Bronxans. By providing access to resources such as emergency funding, credit, grants, and more, these organizations are helping to ensure that local businesses can continue to thrive in the face of adversity.