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The Brownsville Community Improvement Corporation has released its fiscal year 2022-2023 annual report, which the economic development organization said reflects “substantial achievements in economic development, entrepreneurship support, community development and quality-of-life enhancement initiatives.”
BCIC, supported by a quarter-cent city sales and use tax, is an economic development organization mandated by the city to commit at least 50% of its funding to projects that enhance quality of life.
The annual report shows that BCIC, in the category of “community development,” invested more than $2.8 million in quality-of-life programs during the fiscal year, and more than $2.3 million in property improvements, generating over $27.3 million in private investment and creating or retaining 682 full- and part-time jobs.
According to BCIC, those jobs were retained or created in part through quality-of-life grants and the organization’s Business Improvement and Growth (BIG) Program, which offers 50/50 matching grants to downtown property owners and tenants putting their own money into rehabilitating old commercial buildings. BCIC’s rent subsidy program distributed $110,408 through BIG, according to the report.
BCIC also credited its eBridge Fund, which provides businesses with emergency funds if necessary for creation and/or retention of jobs, plus the organization’s Small Business Recovery Fund, designed to provide support to businesses affected by the COVID-19 pandemic through forgivable micro-loans up to $20,000.
In the “finance programs” column, the annual report records more than $2.9 million in business financing funds disbursed, with 162 business projects receiving those funds through BIG, the eBridge Fund and Recovery Fund, plus StartUp Texas, BCIC’s seed fund and business accelerator program.
Under the heading “entrepreneurship and innovation,” the report cites the grand opening of the eBridge Center for Business and Commercialization (March 9, 2023), and the fact that 80 companies have been launched since then, while 950 businesses have been served since 2019 through eBridge partnerships with the city of Brownsville, Texas A&M Engineering Experiment Station, University of Texas Rio Grande Valley and “other key players.”
Cori Pena, BCIC’s president and CEO, said she is “immensely proud” of the progress the organization has made in growing Brownsville’s economic landscape over the past two years.
“Inside this edition of the report is a testament to our community’s resilience, innovation and collaborative spirit,” she said. “It captures the transformative impact of our initiatives, from the successful launch of the eBridge Center to the growth of our quality-of-life and BIG grant programs.”
Pena said BCIC is helping build an a vibrant Brownsville “where every individual and business has the opportunity to thrive,” and thanked BCIC’s partners and stakeholders as well as community members for their support.
BCIC has won recognition from the International Economic Development Council several times in recent years, including the IEDC’s Gold Award in Entrepreneurship in 2021, Silver Excellence Award in Neighborhood Development and Bronze Award for Entrepreneurship in 2022, and the Gold Award for Partnership and Educational Institutions and Bronze Awards for Best Use of Federal Economic Development Resources in 2023.
Nelson Amaro, BCIC director of marketing and communications, said the annual report has been submitted for consideration by IEDC for its 2024 Excellence Awards, which include an annual report category.
He encouraged everyone in the community, stakeholders and potential investors to read the report to get a comprehensive understanding of BCIC’s “impact and future direction.”
“Behind every statistic in this report is a story of local entrepreneurship, community collaboration and shared vision,” Amaro said. “We’re proud to share these stories and invite everyone to be part of Brownsville’s exciting future.”
The BCIC annual report can be found at brownsvilleedc.org. Click on the main menu option “transparency.”
