BOEDC has committed approximately US$387,000 towards part of the program while the Clean Air Communities has committed US$300,000.
BOEDC, as administrator of the Bronx Empowerment Zone and through its lending subsidiary, the Bronx Initiative Corporation, has facilitated economic incentives for businesses to start, expand and relocate to The Bronx and employ borough residents.
Azure noted that funding for the Bronx hybrid electric shuttle bus program was provided by the Clean Air Communities (CAC) collaborative and BOEDC
, with the former contributing approximately $300,000 to the project and the latter approximately $387,000.
Roy Berman, head of BOEDC's Finance & Business Services Division, projects that the loans, which range from $16,500 to $215,000, will create and retain 25 jobs and finance growth which traditional lenders had overlooked.
BOEDC, a division of the Office of Bronx Borough President Fernando Ferrer, linked young, successful businesses with relatively unknown small business loan programs offered through the Regional Economic Development Assistance Corporation (REDAC), the New York Business Development Corporation (NYBDC) and Fleet Bank.
BOEDC's intermediary role made all the difference in the case of Blue Mountain Products, a Bronx-based manufacturer of health foods.
"Fortunately for Bronx businesses, BOEDC knows where some of the open doors are."
"I had been turned down by banks in the past, but BOEDC was very dedicated, they really followed up step by step to make sure everything was in order." His loan was approved and deposited in his account in an "unbelievable" five days.