The first city-sponsored business incubator in the Bronx officially opened its doors earlier today.
Mayor Michael Bloomberg and other officials cut the ribbon on the 11,000-square-feet project known as Sunshine Bronx in Hunts Point.
Up to 180 entrepreneurs can lease work space for as little as $99 a month inside the historic structure.
Conference rooms, classrooms, and common spaces are also available in the so-called “Banknote Building,” which was also called the “Penny Factory” by locals because foreign currency was once printed here.
“Knowing that you could come here and turn your business into more business just by rubbing shoulders, learning valuable skills, from communication to finance to marketing through our educational partners, you can’t beat that for as little as $99 a month,” said Cheni Yerushalmi of Sunshine Suites.
The city put $250,000 toward the project, which its the eighth of its kind in the five boroughs.
“Cheap rents are great, but it’s really being able to share ideas over a cup of coffee with somebody whose name you never heard of, in a business you heard of, in a business you never heard of, but seeing what their experiences were,” Bloomberg said.
“It’s hard to rent a home, an apartment, nonetheless a new office in New York City. Because when you’re starting out you don’t have much of a bank account. This eliminates that hurdle,” said City Council Speaker Christine Quinn.
City officials say there are already 15 companies working in the building, with another 30 expected to move in over the coming months.