City Agency Launches Grant Program to Support Inwood's Small Businesses

INWOOD, NY — A city agency consulted community organizations and business owners in Inwood to create a grant program designed to develop a more robust business sector in the neighborhood.

The City Department of Small Business Services (SBS) launched a new grant program, Neighborhood 360, which will distribute as much as $3 million to help small business in six city neighborhoods, and Inwood made the cut.

Businesses in each of the neighborhoods will be able to apply for Neighborhood 360 grants to fund business projects, according to a press release. The city will allocate a maximum of $500,000 annually for businesses in each neighborhood, according to the press release.

"Small businesses are the backbone of neighborhoods across New York City and the partnership announced today will identify challenges facing commercial corridors and provide grant money to achieve real solutions," said Gregg Bishop, Commissioner of the NYC Department of Small Business Services. "Mayor de Blasio is committed to working with community partners to enhance shopping districts in our city and support the small businesses that have fueled their success."

To determine how to best help business owners in Inwood, SBS conducted a study called a Commercial District Needs Assessment (CDNA) with the help of community based organizations. The CDNA found that some of the biggest challenges facing Inwood small businesses today include lack of retail diversity, limited affordable commercial space and poor traffic connectivity to retail corridors.

A huge majority of business owners in Inwood (94 percent) rent their commercial space, which makes unaffordable rents a major hinderance to the neighborhood's ability to foster a healthy business community. When asked, 53 percent of Inwood business owners said their commercial rents are barely affordable, compared to 12 percent who said moderately affordable and 11 percent who said affordable.

As a result, 8.9 percent of Inwood's storefront property is vacant, according to the CDNA. Inwood's 34 vacant storefronts trail only two other categories — clothing and jewelry (43) and restaurants, bars and lounges (81).

"Our small businesses uptown are struggling, facing higher lease renewal prices than ever before," said New York City Council Member Ydanis Rodriguez. "Through the Neighborhood 360 program and the Commercial District Needs Assessment in Inwood, we’ve been able to identify where we see challenges, as well as what leads to successful businesses and corridors. I’m excited to see how the revitalization grants will help businesses become more resilient, helping keep our mom and pop shops in place."

Photo: Google Maps street view