The Bronx Economic Development Corporation (BXEDC) Company Profile

Background

Established in March 1981, the Bronx Economic Development Corporation (BXEDC) is a 501(c)(3) non-profit organization dedicated to fostering economic growth in The Bronx. Its mission is to strengthen and expand existing Bronx-based businesses while attracting new enterprises to the borough. BXEDC focuses on providing capital access to small businesses, offering management and technical assistance, and advocating for economic development policies that benefit the community. The organization collaborates closely with the Bronx Borough President's office to address economic development issues.

Key Strategic Focus

BXEDC's strategic priorities include:

• Capital Access: Facilitating affordable financing options for small and medium-sized businesses in The Bronx, particularly in low- to moderate-income areas.

• Business Capacity Building: Providing technical assistance and resources to enhance the operational capabilities of local businesses.

• Community Engagement: Collaborating with local stakeholders, including Business Improvement Districts (BIDs), to revitalize commercial corridors and support community development initiatives.

These efforts aim to stimulate economic activity, create employment opportunities, and improve the overall business environment in The Bronx.

Financials and Funding

BXEDC's financial activities are primarily funded through contributions, program services, and investment income. In the fiscal year ending June 2023, the organization reported:

• Revenue: $1,719,593

• Expenses: $2,193,454

• Net Assets: $26,491,988

Notably, in August 2023, BXEDC secured a $10 million loan program approved by the New York Empowerment Zone Corporation. This program, administered in partnership with the Business Initiative Corporation of New York (BICNY), provides loans ranging from $5,000 to $350,000 to support small and medium-sized businesses in the South Bronx.

Pipeline Development

BXEDC has launched several initiatives to support business growth, including:

• Community Advantage Loan Program: Provides working capital loans from $5,000 to $350,000 to businesses throughout the borough.

• Microloan Program: Offers loans up to $50,000 for small businesses to cover expenses such as equipment purchases and renovations.

• Storefront Improvement Initiative: Aims to transform commercial corridors by investing in the beautification of storefronts and reclaiming public spaces.

These programs are designed to provide financial support and resources to local businesses, fostering economic development and job creation in The Bronx.

Technological Platform and Innovation

While BXEDC does not focus on proprietary technologies, it leverages various platforms and methodologies to support its initiatives:

• Loan Administration Systems: Utilizes financial management tools to efficiently process and manage loan applications.

• Data Analytics: Employs data analysis to identify economic trends and inform strategic decisions.

• Digital Outreach: Maintains an active online presence through its website and social media platforms to engage with the community and disseminate information.

Leadership Team

BXEDC's leadership comprises experienced professionals dedicated to economic development:

• Rob Walsh, President: Appointed in June 2023, Walsh brings extensive experience, having served as Commissioner of New York City's Department of Small Business Services.

• Rafael Roger, Vice President: Oversees lending operations and has a background in financial services.

• Duncan Still, Chief Financial Officer: Manages the organization's financial activities and reporting.

The leadership team collaborates to advance BXEDC's mission and support the Bronx business community.

Leadership Changes

In June 2023, Rob Walsh was appointed as President of BXEDC, succeeding Marlene Cintron. Walsh's appointment marks a strategic move to enhance the organization's support for Bronx businesses and communities.

Competitor Profile

As a non-profit economic development corporation, BXEDC operates in a unique space with limited direct competitors. However, other organizations contribute to economic development in The Bronx:

• New York City Economic Development Corporation (NYCEDC): Focuses on city-wide economic growth initiatives.

• Bronx Chamber of Commerce: Provides networking opportunities and advocacy for local businesses.

While these organizations share similar goals, BXEDC's localized focus and tailored programs distinguish it within the borough.

Strategic Collaborations and Partnerships

BXEDC collaborates with various entities to strengthen its impact:

• Business Initiative Corporation of New York (BICNY): Partners in administering loan programs to support local businesses.

• Bronx Borough President's Office: Works closely on economic development initiatives and policy advocacy.

• Local Business Improvement Districts (BIDs): Provides technical assistance and resources to enhance commercial corridors.

These partnerships enable BXEDC to leverage resources and expertise to better serve the Bronx community.

Operational Insights

BXEDC's operations are strategically designed to address the unique economic challenges of The Bronx.