Michelle Parks wants to open the only roller skating rink in the Bronx, which would be a boon for borough boys and girls who often lack venues for organized sports.
“The last rink in the Bronx closed six months ago, and I’ve always wanted to open one,” Parks said. But the 40-year-old from Parkchester did not know how to start a line of credit or how to apply for loans.
Which is why Parks was one of more than 100 prospective and current north Bronx business owners who attended the third annual North Bronx Economic Development Summit on June 19.
Attendees heard panel discussions on gaining access to capital and creating marketing schemes. They also networked with 19 city, state and community organizations that promote businesses in the Bronx, such as the Bronx Overall Economic Development Corporation (BOEDC), Lehman College’s Small Business Development Center and the Bronx Business Alliance.
The free summit, co-sponsored by Citibank and Mosholu Preservation Corporation (MPC also publishes the Norwood News), was held in Monroe College’s new Ustin Hall Jerome Avenue, which houses its new King Graduate School of Business.
“It was absolutely successful,” said Roberto Garcia, MPC’s director of economic development. “Business owners received a wealth of information from different panelists, including lending, security, health care, staffing and creating a business plan.”
Before the first economic summit three years ago, there had not been one for the North Bronx in more than 15 years, Garcia said. But since the 1990s, the Bronx has undergone a wave of immigration and an economic resurgence.
In the Bronx, about 98 percent of businesses are small businesses, according to Kate Shackford, the executive vice president of the BOEDC, which acts as a liaison between the city and more than 500 Bronx businesses. The BOEDC’s “Buy Bronx” campaign encourages major developers of Bronx projects to use suppliers and contractors from the borough.
Despite the economic downturn and Bronx County having the third highest poverty rate among large counties in the country, panelists were optimistic that the Bronx’s economy will continue to improve.
Though manufacturing has declined, health care and retail remain strong. Large retail projects like the Kingsbridge Armory and Gateway Terminal Market could provide opportunities for new and diverse small businesses. And the Bronx Business Alliance, a nonprofit business development group, hopes to revive many commercial corridors by creating new Business Improvement Districts.
Citibank was also eager to provide services for Bronx businesses. Of businesses that apply for its loans, 38 percent are first-time small businesses, according to Citibank officials. All of its free financial education classes are taught in numerous languages.
Brendon Smalls, a 21-year-old from Baychester, and Richard Stewart, a 24-year-old from Wakefield, were one pair of Bronx business partners hoping to create a social networking Web site for the fashion industry.
“Now that we got some marketing tips and know how to apply for loans,” Stewart said, “we hope to launch soon.”