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- EIN 13-4088607
- (718) 590-3980
- 851 Grand Concourse Rm 123 Bronx NY 10451-2937 USA
- www.bicofny.org
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Nonprofit Overview
Causes: Business & Industry
Mission: The mission of the business initiative corporation of new york (bicny) is to support economic development and induce private investments in new york state by providing below market interest rate loans and long term capital for the business community. These efforts will result in creating much needed jobs in teh bronx, as well as in the state, by assisting small businesses to grow and expand by acquiring below-market rate loans from the sba and additional funds from private lenders. We provide financing to: - purchase commercial real estate that will be occupied by the business; - purchase machinery and equipment to be used by the business; - provide leasehold improvements to a property occupied by the business; - construct commercial real estate and or land improvements; and - cover soft costs associated with any of the above uses of funds. Bicny focuses on all industries and sectors including industrial, commercial, manufacturers, and service firms. Bicny also provides loans to busine
Programs: The corporation works with the sba and private lenders to provide financing to small businesses. During fye 9/30/17 bicny approved five (5) loans totaling $5,856,600 which leveraged $8,867,945 from banks and $3,027,990 in private equity for total project costs of $17,752,535. During the same time period bicny closed seven (7) loans and sold bonds totaling $6,002,400. This activity leveraged $13,434,310 from banks and private equity. While the portfolio increased by 5 loans worth $2,296,262 it also received payments (paid loans) on four (4) loans worth $6,862,500.