Bloomberg Bringing "Business Incubator" to the Hunts Point BankNote Building

 (Photo courtesy of the Mayor's Office)

Michael Bloomberg, New York's pro-business mayor and an entrepreneur himself, turned his sights on the South Bronx today as the next hub for new start-up businesses. The Mayor and the EDC broke ground on a "Business Incubator," in the BankNote building, on Garrison Avenue in Hunts Point, which will offer support and affordable office space for people looking to start their own business ventures.

The 11,000-square-foot space will be able to accommodate up to 400 entrepreneurs, according to a press release, and will consist of conference rooms and 180 workstations. Potential tenants can rent desk space for $295 per month and shared work space for $195 per month. The incubator will also host networking events and provide business training services and other support.

“More than 15,000 new businesses were established in the Bronx in 2008, the most recent period for which there is data, and we’re creating the new Bronx business incubator to build on that momentum,"  said Mayor Bloomberg.

This incubator will be the sixth to open across the city--the EDC says the others have been a success so far--but the first planned for the Bronx. Bloomberg initiated the program in 2008, during Wall Street's economic meltdown, in an attempt to get the city's business economy back on it's feet.

The Bronx still has the highest unemployment rate of all the boroughs, at 13 percent.

"It can be hard to be an entrepreneur, so any help we can afford new small businesses is welcome, especially in this economy,” Borough President Ruben Diaz Jr., said in a statement. “It is my hope that this new business incubator will lead to new job growth right here in the Bronx."

The city expects construction of the space to be finished this February. The BankNote Building, a former money-printing factory built in 1909, is currently home to organizations like Sustainable South Bronx, the Arthur Aviles Theatre and BAAD!