Bronx small businesses need support—and banks have a unique opportunity to step up. The Bronx is home to more than 18,000 small businesses, the backbone of our borough’s economy. Yet, they continue to face structural barriers to success. Seventy percent of Bronx
small businesses struggle to secure financing and more than half cite a lack of strong banking relationships as a major obstacle.
Under the Community Reinvestment Act (CRA), banks are mandated to invest in low- and moderate-income communities. Working with the Bronx Economic Development Corporation (BXEDC), I examined CRA disclosures from 20 banks operating in the borough, analyzing their investments and priorities. While some banks are directing capital into the Bronx, most prioritize affordable housing over small business development—leaving a critical gap in support for local entrepreneurs.
At BXEDC, we recognize that Bronx small businesses often lack the technical assistance and financial guidance needed to qualify for loans and achieve long-term success. Critical resources such as loan application support, credit-building guidance and financial planning remain out of reach for many entrepreneurs. Meanwhile, banks are increasingly prioritizing investments in technical assistance and small business support programs, creating a unique opportunity to align CRA compliance with meaningful community impact.
To bridge this gap, BXEDC is launching a series of workshops in partnership with local banks, beginning with M&T Bank later this month. This initiative lays the groundwork for our vision to establish the Bronx Business Center—a first-of-its-kind coworking and business support hub designed to provide tailored financial education, hands-on technical assistance and direct access to capital. By investing in this initiative, banks can not only fulfill their CRA obligations but also strengthen relationships with Bronx entrepreneurs and expand their customer base.
The Bronx remains New York’s most underbanked borough, with 17% of residents having no relationship with a financial institution. Whether it’s branch closures or predatory overdraft fees, banks have work to do to rebuild trust. The BXEDC is actively engaging banks to secure funding for this initiative, and early conversations have been promising. Now, it’s time for action. Bronx small businesses deserve nothing less.
Eliyah Cohen is a Coro New York Fellow in Public Affairs, a rotational leadership development program spanning multiple sectors. For his non-profit placement, he is working with BXEDC to develop a strategic approach for securing CRA funding. Eliyah graduated magna cum laude from UCLA with a degree in Public Affairs and Entrepreneurship.
