OnForce Solar, a leading provider of solar energy systems, announced that the Federal Reserve Bank of New York has appointed its founder and CEO, Charles Feit, to its Advisory Council on Small Business and Agriculture.
The council, which is composed of local small business leaders, helps the Federal Reserve Bank of New York better understand the regional economy and business climate. The council meets three times a year and council members share their insight on business activity, the economic outlook, the labor market, and other issues affecting business conditions. This information also allows the Federal Reserve Bank of New York to identify challenges and opportunities in the region, and contributes to the formulation of monetary policy. The appointment to the council is effective immediately and Mr. Feit will serve a three-year term.
Feit founded OnForce Solar in 2007. The company, headquartered in The Bronx, has since experienced remarkable growth and currently has more than 100 employees. In October 2014 the company announced expansion plans to construct a $7 million, 23,000 square-foot technology hub and new corporate headquarters in partnership with Bronx Community College through the StartUp NY Program. The state-of-the-art technology hub will be located on Home Street in the Bronx, and will be reimagined with 320 workstations, conference rooms, high-speed fiber optics, a café, a rooftop garden, and a rooftop solar system.
Feit commented, “It is truly an honor to participate on the Small Business Advisory Council. The solar energy industry is highly dependent on low-cost capital and unique financial and tax structures, creating a direct correlation between financial policy and revenue. Additionally, the solar energy industry has been adding new jobs to the economy at a faster rate than any other industry nationally. I am confident that my experience and insight on the local New York City economy through our solar energy company will aid the Federal Reserve in crafting appropriate economic policies for our country.”
For more information on the council, including a full list of members, please visit: Advisory Council on Small Business and Agriculture.