The Bronx now has a city-sponsored business incubator -- the first of its kind in the area. Mayor Michael Bloomberg gathered alongside other officials to cut the ribbon on Monday morning. The 11,000-square-feet project has been made Sunshine Bronx in Hunts Point.

Entrepreneurs can lease the space for $99 a month. There's enough room for 180 entrepreneurs to use the space. In the building, conference rooms, classrooms, and common spaces are available for use.

The city spent $250,000 toward the project. The business incubator is the eighth of its kind in the five boroughs.

It's hard to rent a home, an apartment, nonetheless a new office in New York City, said City Council Speaker Christine Quinn according to The New York Daily News. Because when you're starting out you don't have much of a bank account. This eliminates that hurdle.

Unleashing New York City's entrepreneurial spirit--that is an essential part of our administration's strategy, Bloomberg told the paper. We are creating jobs and putting more New Yorkers to work.

There are already 15 companies working in the building. Thirty others are expected to move in over the coming months.