Peters said one of the biggest misconceptions about small-business financing is that money is hard to find.
“There’s a ton of capital out there,” he said, noting that businesses can seek financing through banks, credit unions, community development financial institutions, and organizations such as the BXEDC.
The larger challenge, he said, is whether businesses are “capital-ready.”
Some entrepreneurs do not have their financial records and required documents in order, which can delay financing, Peters said. He urged owners to prepare their paperwork before an urgent need arises.
“Stay ready so you don’t have to get ready,” he said.
Peters also warned that businesses seeking quick cash can become vulnerable to high-cost financing, particularly when they cannot qualify for traditional loans.
The BXEDC is a 501(c)(3) nonprofit that has operated for more than 40 years. Its mission is to strengthen Bronx businesses and encourage companies to establish or relocate in the borough. Its programs include low-interest loans and commercial development financing for small and midsize businesses.
Peters speaks at the Savor the Bronx press conference.BXEDC
A personal connection to immigrant entrepreneurs
Peters, a first-generation American of Caribbean descent, said he grew up watching relatives and family friends run informal businesses, including selling products at markets.
Those experiences, he said, helped him understand the challenges immigrant entrepreneurs face in navigating regulations, incorporation, and other systems involved in forming a formal business.
He also encouraged Caribbean-owned businesses to consider protecting ideas and products through patents and to explore additional revenue streams.
Peters said the borough offers infrastructure and a workforce that businesses should consider. The BXEDC cites the Bronx’s role in food distribution, its colleges and universities, and ongoing transportation and development projects as economic strengths.
“The Bronx is very much accessible,” Peters said, pointing to transportation, infrastructure, educational institutions, and the existing business ecosystem.
Through its relationship with the Bronx Tourism Council, the BXEDC promotes the borough’s cultural institutions, events, and small businesses.
NYC Deputy Mayor for Economic Justice and Peters attend an event highlighting economic development in the Bronx.BXEDC
Peters pointed to the annual Tour de Bronx as an example of how major events can generate business for local companies. The free cycling event draws riders from the Bronx, elsewhere in New York, and outside the state, creating potential customers for restaurants, hotels, vendors, and other establishments.
In 2026, the BXEDC helped lead the Bronx’s first boroughwide Comprehensive Economic Development Strategy. The effort brought together community members, business owners, and other stakeholders to identify priorities for economic growth, resilience, and shared wealth.
For Caribbean entrepreneurs considering the Bronx, Peters’ advice is to understand the available resources, organize the business before seeking financing, and plan for long-term growth.
The BXEDC says its goal is to attract new businesses and to make sure existing Bronx entrepreneurs have the tools and capital to build sustainable companies.