There are five distinct tracks that will be unveiled in a phased approach over the next two years. The development of the AFC Small Business Incubator is to promote and accelerate the successful growth of entrepreneurial companies by creating an array of business support services and resources. In the Bronx, small businesses drive economic progress in major ways and our business incubator will address the critical needs of small and start up businesses. We will provide 5000 square feet of low-cost, shared office space with technical support services and networking opportunities to assist eligible businesses in their efforts to establish and expand their commercial reach in the Bronx and elsewhere.
The clear goal of the incubator is to stimulate and promote sustainable, local, economic development by providing assistance in business strategy, management guidance, mentoring, marketing, product development, financial and legal knowledge and organized, facilitated exposure to networks of external business and capital resources. We will target businesses interested in Green Technology, Social Enterprise, Early Childhood and Food Manufacturing. The United States Small Business Administration reports that only 20% of small businesses are still in operation five years after launching because of under capitalization and improper management skills.
The AFC Small Business Incubator hopes to change that. 87% of incubator graduate firms remain in business past the five year mark, indicating that business incubation is a highly effective, economic development tool for creating wealth, jobs and a thriving community.