Small businesses are very important part of American economy.
Facts that two thirds of regional New York City private sector jobs are small businesses, and that over 200 000 firms in the City are qualified as a small businesses speaks for themselves-small businesses are a vital component of the New York City economy. By definition small business is a business/company with less than 500 employees, but 96% of New York small firms has less than 50 employees. Continue reading Small business in New York City
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Good news for all small business owners and workers in New York City came from city Mayor, Michael R. Bloomberg, on Friday. On October 29, he announced mayor reforms to city’s bonding policy which will increase opportunities for small businesses in New York City, helping them to grow, develop and operate. This is a part of the Bloomberg Administration’s Five Borough Economic Opportunity Plan. Continue reading Mayor Bloomberg announces major reform to city’s bonding policy to increase opportunities for small businesses CIT group, a nation’s leading lender to small businesses, has filed for Chapter 11 bankruptcy protection. The bankruptcy was expected, since the company was struggling for months to avoid it, and came very close to declaring Chapter 11 bankruptcy in July 2009 after the Treasury rejected the CIT’s request for additional bailout money, but was rescued making the agreement with the bondholders group. The lender filed for bankruptcy on Sunday, after the debt-exchange offer made to CIT’s bondholders failed. Company’s bondholders opted for a prepackaged reorganization plan which will reduce its debt by $10 billion and allow it to continue doing business. Continue reading Small Business Lender Files for Bankruptcy Basic demographic and geographic informationNew York City is a part of the state of New York, located on the Atlantic coast of the Northeast of USA, on a large natural harbor. New York City is the most populous city in the United States with population of 8.3 million people. It is also one of the most populous urban areas in the world. It is a leading global city, with great influence over worldwide finance, commerce, culture, fashion and entertainment. Being the host of the United Nations headquarters, it is also an important center for international affairs. Continue reading New York City |
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