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If you own a new business in the Bronx and could use the funds to promote it, a new competition might be just the ticket.
The Bronx Economic Development Corporation (EDC) is launching the inaugural “BX-Factor Challenge,” awarding $10,000 to one talented entrepreneur in the borough.
According to EDC, the purpose of the contest is to “uplift Bronx businesses that have historically faced challenges in accessing capital.”
Subsidy application It will open on February 1st and close on March 15th. The five finalists will be notified in mid-April and will pitch their concept and use of funds in front of a panel of business judges. Pitch events will be held during the following periods. bronx week In May.
“The BX-Factor Challenge is an exciting initiative not only because of the resources available to us, but also because it allows us to shine a spotlight on some of our borough’s great businesses during Bronx Week.” said EDC Chairman Rob Walsh. said in a statement announcing the contest.
To be eligible, businesses must be located in the Bronx, but business owners don’t necessarily have to be from the Bronx, said Marshall Strawbridge, director of outreach for the Bronx EDC. The organization said it aims to incentivize non-Bronx residents. As well as supporting local entrepreneurs, set up shop within the borough.
Other requirements include that the applicant must own a new business (opened less than a year) and have fewer than 100 employees.
When it comes to entrepreneurship, the Bronx has proven to be resilient and innovative. The South Bronx has been labeled a special focus “empowerment zone” by EDC due to its history of divestment and lack of access to traditional banking, and was recently highlighted in an article. report “By Thomas DiNapoli, National Comptrolleractivation”
The South Bronx’s population and businesses grew significantly from 2011 to 2021, and the post-pandemic employment recovery was stronger than expected, the report said. Although the area has faced long-standing challenges, the number of businesses in the South Bronx in 2022 was 20% higher than in 2011, according to the report.
Despite these positive indicators, Strawbridge told the Bronx Times that Bronx-based entrepreneurs still face barriers to banking and lending, including low credit scores and incomplete record-keeping. He said that he often does this.
Mr Strawbridge said the $10,000 award in the form of a grant is open-ended, unlike other types of loans, and is more beneficial to those in the position.
“In some cases, there is an urgency to this moment,” Strawbridge said.
Founded in 1981, Bronx EDC is a nonprofit organization focused on economic policy and entrepreneurship in the borough. EDC works with Business Improvement Districts and other local organizations to unlock more capital for entrepreneurs, create better conditions for small businesses, and promote the Bronx as a tourism and business development hotspot.
Find the grant application form at the following URL: bxedc.org/bx-factor.
To contact Emily Swanson: [email protected] or (646) 717-0015. For more coverage, follow @bronxtimes on Twitter, Facebook and Instagram.
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