[Congressional Record Volume 170, Number 78 (Monday, May 6, 2024)]
[Extensions of Remarks]
[Page E447]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




          CELEBRATING THE 25TH ANNUAL BRONX BANKERS BREAKFAST

                                 ______
                                 

                          HON. RITCHIE TORRES

                              of new york

                    in the house of representatives

                          Monday, May 6, 2024

  Mr. TORRES of New York. Mr. Speaker, I want to recognize the 
celebration of the 25th annual Bronx Bankers Breakfast. The Breakfast 
is an opportunity for members of the Bronx finance community to come 
together to speak on the state of our community's economy, to honor 
members for their monumental work in the Bronx, and to share ideas on 
how we can continue improving the Bronx. A special thanks to the hosts 
of the event for all their hard work setting up this event. The 
Business Initiative Corporation of New York (BICNY). The Bronx Economic 
Development Corporation (BXEDC), and our esteemed Borough President 
Vanessa Gibson all play integral roles in our community and this event.
  BICNY is a community-based lending institution that helps Businesses 
in the Bronx access the U.S. Small Business Administration 504 loans. 
BICNY provides lower interest rate loans and long-term capital for a 
business community that has historically been ignored by investors. As 
of April of this year BICNY has facilitated over $365,000 in loans to 
small businesses in the Bronx community, with $330,000 in loans already 
closed. BICNY's work has also been impactful for small business 
workers. BICNY's assistance helped to retain 454 jobs and helped to 
create more than 1,600 jobs in Bronx small businesses as of April 1st.
  Since 1981, The Bronx Economic Development Corporation (BXEDC) has 
been supporting economic prosperity in the Bronx by providing access to 
funds for Bronx small businesses that have historically had trouble 
acquiring capital. BXEDC has over 820 million specifically allocated 
for the South Bronx. BXEDC has transformed the outlook for small 
businesses in the Bronx through their programs like the Bronx Business 
Continuity Loan (BBCL) program, with the average loan licensed being 
$72,000. BXEDC has also invested in creating a green future through 
working with local colleges and universities, awarding $1 million to 
Bronx Community College to create greener technology on campus, along 
with reviving downtown by allotting $1 million to the twelve Bronx 
Business Improvement Districts (BIDs).
  I am truly grateful to the members of these organizations that help 
the Bronx flourish economically. I look forward to seeing the growth 
and success of small businesses in the Bronx.

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