The city announced a new initiative to support small business owners through a partnership with the Bronx Economic and Development Corporation and other officials.

The city is investing $10 million to business owners in the Bronx. Applicants can receive loans anywhere between $5,000 to $350,000 to use for their business. Bronx Borough President Vanessa Gibson says not only will this help small business owners, but it also will stimulate the local economy.

Small business owners in the area tell News 12 this would be a huge help to hire more employees, buy better products and provide overall better service.

For more information about how to apply click here.