Small Business Startup News

New York City Helps To Cook Up An Economic Recovery

Written by Jenna Weiner
Published: 8/7/2009

The New York City Economic Development Corporation has announced plans to open a large communal kitchen for aspiring food business entrepreneurs.

The recession has not been easy for those who want to start their own business, with the credit crunch and depressed sales putting dampeners on many entrepreneurial dreams.

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Yet the New York City Economic Development Corporation had some good news for entrepreneurs who dream of starting their own restaurant business, with the recent announcement that they plan to operate a large, shared kitchen for aspiring restaurateurs, reported the New York Times.

The newspaper reported that the City Council has allocated $1 million to the project, which is currently seeking an operator to offer the large shared space to entrepreneurs at below market rate, in hopes of reviving the depressed food industry.

A revival in the food industry will likely resonate with the economy as a whole, as the sector has been one of the "few bright spots in the city's shrinking manufacturing sector," Seth W. Pinsky, the president of the development corporation, told the Times.

Any initiative that benefits small businesses and entrepreneurs will make a difference in the overall economic outlook, as small businesses create 60 percent to 80 percent of the country's new net jobs, according the Small Business Administration.

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