Since November 2009, BOEDC has pushed over $32 million into the Bronx economy
At a luncheon this afternoon, Bronx Borough President Ruben Diaz Jr. joined with the Bronx Overall Economic Development Corporation to celebrate the success of the economic development agency and its lending programs: the Business Initiative Corporation, the Bronx Initiative for Energy & the Environment and the Bronx Empowerment Zone.
The Bronx Overall Economic Development Corporation (BOEDC) helps to stimulate the Bronx economy by providing small businesses with Bronx Initiative for Energy & the Environment (BIEE), Bronx Empowerment Zone (EZ), and Springboard microloans. In addition, the Business Initiative Corporation of New York (BIC) grants Bronx businesses access to U.S. Small Business Administration 504 loans.
From October 2009 to November 2010 BIC provided 41 loans to Bronx businesses, totaling $24,148,000. There are also seven loans pending, totaling a BIC investment of $5,311,000. So far in 2010 there have been five approved BIEE loans, totaling $480,000; 20 EZ loans totaling $2,302,082.30; and four Springboard microloans totaling $53, 800.
“These are great numbers, especially in a down economy, and it shows just how much businesses are ready to invest in the Bronx. I applaud the BOEDC for its efforts to spread new capital through our economy this year, and I know that we will continue to expand the reach of the BOEDC and encourage more business growth in the years to come,” said Bronx Borough President Ruben Diaz Jr.
“We have been providing important financial support and assistance to our business community, and the results are already showing. This year, BOEDC has been actively and successfully carrying out its mission to improve our borough’s business environment by working together with our merchants’ associations and small and large business owners towards the common goal of building a brighter economic future for The Bronx”, said Marlene Cintron, president of the BOEDC.