If you own a new business in the Bronx — and could use some funds to help boost it — a new competition could be just the ticket.
The Bronx Economic Development Corporation (EDC) is launching its first-ever “BX-Factor Challenge,” which will award $10,000 to one worthy entrepreneur in the borough.
The goal of the competition, according to the EDC, is “to uplift businesses in the Bronx that have historically faced challenges in accessing capital.”
Grant applications opened Feb. 1 and close on March 15. Five finalists will be notified in mid-April and will pitch their concept and plan for using the money before a panel of judges from the business sector. The pitch event will take place during Bronx Week in May.
“The BX-Factor Challenge is an exciting initiative not only due to the resources we are making available but also because we will be able to shine a spotlight on some of our borough’s amazing businesses during Bronx Week,” Rob Walsh, president of the EDC, said in a statement announcing the contest.
Businesses must be located in the Bronx to be eligible — but the business owner does not necessarily need to be a Bronx native, according to Marshall Strawbridge, director of outreach for the Bronx EDC, who noted that the organization aims to incentivize non-Bronxites to set up shop in the borough in addition to supporting homegrown entrepreneurs.
Other requirements are that applicants must own a new business (open less than a year) and have fewer than 100 employees.
When it comes to entrepreneurship, the Bronx has proved resilient and innovative. The South Bronx — labeled by the EDC as an “Empowerment Zone” of special focus due to its history of disinvestment and lack of access to traditional banking — was recently highlighted in a report by State Comptroller Thomas DiNapoli for its “revitalization.”
According to the report, both population and businesses in the South Bronx grew significantly between 2011 and 2021 and post-pandemic job recovery was stronger than expected. Though the area faces longstanding challenges, the report said, the South Bronx had 20% more businesses in 2022 than in 2011.
Despite positive indicators like these, Strawbridge told the Bronx Times that Bronx-based entrepreneurs still often face barriers to banking and lending, such as low credit scores or incomplete record keeping.
Strawbridge said that the $10,000 prize in the form of a grant — which comes with no limitations, unlike any type of loan — is more beneficial for those who may be in that position.
“In some cases, there’s the urgency of now,” Strawbridge said.
The Bronx EDC, established in 1981, is a nonprofit focused on economic policy and entrepreneurship in the borough. The EDC works with the Business Improvement Districts and other local organizations to open up more capital for entrepreneurs, create better conditions for small business and promote the Bronx as a hotspot for tourism and business development.
Find the grant application at bxedc.org/bx-factor.
Reach Emily Swanson at eswanson@schnepsmedia.com or (646) 717-0015. For more coverage, follow us on Twitter, Facebook and Instagram @bronxtimes
