The Bronx is a vibrant and diverse area, home to a wide range of small businesses. WHedCo is committed to helping low-income New Yorkers create their own economic opportunities by starting small businesses. To ensure everyone has access to the necessary information, they have created a fact sheet on how to “survive small business,” available in multiple languages both online and in print. Businesses in this industry face the unique challenge of having to continue investing in the business and exhausting their savings when savings even exist, when it is impossible to predict when real estate transactions will close, when development projects will be completed, etc.
To address this issue, New York City has implemented new and innovative programs that promise immediate and systemic relief. Brooklyn Borough President Eric Adams recently held a roundtable of small business owners in Brooklyn, and many of the steps Small Business First is taking to reduce its regulatory burden are in line with the concerns that they and many others across the county have expressed. In the near future, more emphasis will be placed on new or existing companies and on steering them in the right direction for a wide range of services. To ensure that small businesses get the help they need, I have been meeting with surveying companies in my community to see exactly what they want and need to get back on track. The New York City Hotel Alliance has also released a plan to rescue restaurants and save nightlife in response to COVID-19. The nature of all real estate businesses is that you must continue investing in your business as the work gets done, but payment isn't received until much later in the process.
To learn more about some of these South Bronx small business owners who are at the forefront of this push, read on. In a city known for its immigrant entrepreneurs, it is essential that help reaches those who need it most: the “essential” businesses, which include countless wineries, convenience stores, and restaurants that are part of the city's vast food supply chain. To make sure these industries receive help today and instill confidence in these small businesses, Mayor de Blasio has proposed initiatives that indicate to the New York small business community that their elected officials have not forgotten them. In the new fiscal year, several new and existing programs will help boost the resilience of small businesses across the city, create more employment opportunities in emerging markets, and revitalize trade corridors.
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