NYCEDC and Business Outreach Center Network Announce the Launch of BXL Business Incubator in the South Bronx
Startup Entrepreneur Incubator Will Provide Workspace, Individualized Business Counseling, Business and Financing Workshops, and Programming for Local Entrepreneurs and Small Businesses
New York City Economic Development Corporation (NYCEDC) and Business Outreach Center Network (BOC) today announced the launch of BXL Business Incubator (BXL), a business incubator in Hunts Point that supports early stage entrepreneurs as they grow their businesses and create jobs in the Bronx. In addition to providing small businesses and entrepreneurs with work stations and shared workspace, BOC, the new incubator operator, is providing individualized needs assessment and business counseling, business plan development and financial workshops, small business loans through BOC Capital Corp. CDFI, access to mainstream sources of capital, and individualized technology and financing assistance. Tech-oriented workshops and networking events are also available for youth and local entrepreneurs from across the five boroughs. The nearly 11,000-square-foot space provides approximately 120 workspaces – comprised of small offices, dedicated work stations and co-working space for individuals, conference rooms, and common spaces – designed for the needs of businesses in sectors such as technology, digital media, healthcare, biomedical and professional services. BXL is also supported by Capital One and Spring Bank, a Bronx-based commercial bank and CDFI.
“By providing affordable workspace, business training and a collaborative environment, BXL Business Incubator will be the home of some of the most innovative start-ups and small businesses in the Bronx, providing a setting in which these small businesses can succeed and create jobs,” said NYCEDC President Kyle Kimball. “Supporting the entrepreneurs that are the backbone of the economy is vital to expanding economic opportunity for New Yorkers in every neighborhood. This incubator will continue to prove that the Bronx is a center of growth, innovation and diversity.”
“We, at BOC, are excited to promote and develop the entrepreneurial community growing at the BXL Business Incubator,” said BOC Executive Director Nancy Carin. “BXL is a vital entrepreneurial space, that is both affordable, and rich in resources and opportunities. We value the energy and creativity in the Bronx and look forward to the growth and success of incubator businesses, and to our shared role in the economic development of Hunts Point and the Bronx as a whole.”
"Capital One is proud to partner with the Business Outreach Center Network to launch the BXL Business Incubator," said Theresa Bedeau, Vice President of Community Development Banking at Capital One Bank. "Capital One is focused on supporting small businesses and innovative programs that are transforming communities like The Bronx, while investing in programs that develop digital and technical skills that are increasingly necessary in our economy."
“We knew we had to jump when BOC came to us with this opportunity to help. The question was, what’s the best way?” said Vice President of Spring Bank Brian A. Blake. “Through conversations with BOC’s management we settled on a letter of credit, which BOC has used to secure the lease. We couldn’t be happier. Several companies in the BXL are Spring Bank customers. It’s crucial for all Bronx based businesses to have an affordable place to launch.”
“The BXL Business Incubator is a much-needed resource for those in The Bronx with an entrepreneurial spirit looking to launch their dreams while also helping boost the borough’s economy,” said Bronx Borough President Ruben Diaz Jr. “The workspace provided helps those entering the business world build a foundation, which most take for granted, and helps propel a burgeoning business in the right direction. Economic development is a top priority of my administration and the BXL Business Incubator provides tools our small business communities need to grow and expand. I would like to thank the New York City Economic Development Corporation and its president, Kyle Kimball, for developing this innovative program right here in The Bronx.”
"Local entrepreneurs will now have access to the facilities, counseling and financial support they need to succeed-all in one place and right here in the Bronx,” said Congressman José E. Serrano. “BXL Business Incubator will serve as a one-stop shop where those who aspire to start or grow a small business will be able to unleash their potential in a supportive community. This is great news for our workforce and our economy. I am especially happy to see that some of the financing opportunities that will be available for startups and small business owners at the BXL Business Incubator will be provided by the BOC CDFI and Spring Bank using federal CDFI funds. I am a strong supporter of the promoting local economic development through community development financial institutions (CDFI's), and have worked for years to increase federal funding for CDFI programs. I applaud the New York City Development Corporation for choosing to invest in entrepreneurship and innovation through business incubators.”
“I commend NYCEDC and BOC for their launch of the BXL Business Incubator,” said Assemblymember Marcos Crespo. “Our communities are filled with eager, determined and highly skilled entrepreneurs who are ready to lead the next generation of job creators. The Bronx Incubator will offer the tangible resources, from workspace to mentorship, that these startups will need in order to reach their goals. I am excited to see what their future holds and the positive impact that this will have in furthering economic development growth in The Bronx.”
The BXL incubator re-launches at the site of the former Sunshine Bronx Incubator, which was launched in 2010 and transitioned to BOC management. This new incubator reflects the City’s continued commitment to investing in the emerging and innovative small business community in the Bronx, long the source of untapped entrepreneurial and growth potential. Currently, 57 businesses are operating from BXL, 47 of which are minority-owned, resulting in 90 jobs.
New York City Economic Development Corporation is the City's primary vehicle for promoting economic growth in each of the five boroughs. NYCEDC's mission is to stimulate growth through expansion and redevelopment programs that encourage investment, generate prosperity and strengthen the City's competitive position. NYCEDC serves as an advocate to the business community by building relationships with companies that allow them to take advantage of New York City's many opportunities. Find us on Facebook or follow us on Twitter, or visit our blog to learn more about NYCEDC projects and initiatives.
About Business Outreach Center
Business Outreach Center (BOC) Network’s mission is to improve the economic prospects of traditionally underserved groups, with a focus on low- and moderate-income entrepreneurs and their communities, and thereby create genuinely brighter futures. Working with a network of collaborating member organizations, BOC's service model is designed to support entrepreneurs at every stage of business development. BOC delivers business counseling and training, and helps connect local entrepreneurs to the full complement of financial, legal, and other important business resources to help their businesses thrive and grow, as well as, specialized programming for industrial, child care and construction industries and immigrant small business owners. Its affiliate loan fund, BOC Capital Corp., provides affordable capital to small businesses through microloans up to $50,000 and contract-based loans up to $150,000.