Sunday, 22 July 2018

Information and commentary for the small business banking industry

It’s still possible to have a bricks-and-mortar store in New York

17 Mar

Something that banks around NYC must hear often from their small business customers is how expensive commercial rents are. How much of their overhead is spent on rents and building costs, not to mention neighborhood levies and all the other hidden costs that come with renting commercial property in one of the largest cities in the world.

But all is not lost. While the above may be true of areas like Manhattan and Brooklyn, there’s a move to get small business owners back into Harlem. East Harlem, to be exact – a place from which it seems that commerce has fled. However the area is receiving a $1.5 million grant to get market retail strips up to scratch in an attempt to lure small business owners into opening up stores there.

So if you’ve got small business customers who sell online and run their business from home, but who are now doing well enough to think about paying commercial property rates so they can profit from foot as well as internet traffic, it might be an idea to convince them to move into one of the many vacant store fronts in East Harlem, especially with the ongoing efforts to clean up and beautify the area. You can read more about it in the below article.

Read the full article at:

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