Thursday, December 23, 2010
Bronx Beep Takes Credit for Alleged Spike in Bronx Economy
Here is an article by Dan Beekman at the Daily News about the Bronx Borough President Ruben Diaz Jr. touting his role in the spike in business in the Bronx. The article notes that "the Business Initiative Corp. of New York, sponsored by the BOEDC (Bronx Overall Economic Development Corp), has made 41 loans to Bronx businesses since October 2009, totaling more than $24 million.The BOEDC has also arranged $2.3 million in federal Empowerment Zone loans this year." The BP's office funds the BOEDC. But the article also notes "About 12.5% of Bronx residents are unemployed, the highest rate of any borough." So I am a bit confused as to what spike we are referring to. While BOEDC should be commended for their outstanding efforts to loan money to Bronx businesses, it is not clear that it has borne fruit yet in the form of an uptick in jobs or the local economy -- or at least there was no mention of it by the Daily News or the BP. Would like to hear more about those numbers before people start patting themselves on the back and dancing in the streets.