The Economic Impact of Businesses in the Bronx, New York: A Comprehensive Guide

Employment in the Bronx district has seen a remarkable growth of 20 percent, and the Small Business Administration (SBA) is the only federal cabinet-level agency that is solely dedicated to small businesses. The Bronx Economic Development Corporation (BXEDC) is a mission-driven, non-profit organization that works to help local small businesses grow and succeed. New projects such as the four additional Metro-North stations the state plans to build, the renovation of Orchard Beach, and other infrastructure and development projects will bring back funds to the local economy. As highlighted in a report by New York State Comptroller Thomas P.

DiNapoli, the sudden and drastic closure of businesses in New York City had the most impact on the leisure and hospitality sector. Most of the district's businesses are small, and measures implemented to combat the health impacts of COVID-19 forced many to close. The goal of BXEDC is to drive 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. The organization works to create access to healthcare, alleviate hunger, invest in small business growth, and inspire young people to improve their communities and those of their county.

Bronx Borough President Rubén Diaz Jr. called on New Yorkers to support Bronx businesses this summer. There are countless organizations that are doing incredible work for the community and other businesses. The SBA continues to help small business owners and entrepreneurs pursue the American dream.

According to DiNapoli's analysis, the COVID-19 pandemic had a greater impact on the Bronx than any other county, with unemployment peaking at 24.6% last May. Existing federal, state, and municipal programs to support businesses and individuals must continue to adjust and communicate to those most affected, including Bronx residents. Programs such as Paycheck Protection Program (PPP) loans were essential resources, but they were slow to reach businesses in the county. The Bronx needs support from all of New York City.

There are many organizations that focus on economic and business development in the area. For example, there is a local advocate who works with small businesses and property owners on Southern Boulevard between 163 St. 26, 167th St., engaging with the South Bronx community through direct outreach activities and various programs to generate local economic growth.