Business Initiative Corporation of New York

Interesting data from their 2020 990 filing

The filing outlines the non-profit's goal as “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”.

When explaining its purpose, the activities were outlined as: “The corporation works with the sba and private lenders to provide financing to all sectors of the bronx and new york state business community to support economic development.”.

• As per legal reporting requirements, the state of operation for the non-profit is NY.
• The non-profit's address for 2020 is listed as 851 Grand Concourse Ste 123, Bronx, NY, 104512937 in the filing.
• As per the non-profit's form, they have 2 employees as of 2020.
• Does not operate a hospital.
• Does not operate a school.
• Does not collect art.
• Does not provide credit counseling.
• Does not have foreign activities.
• Is not a donor advised fund.
• Is not a private foundation.
• Expenses are between $250,000 and $500,000.
• Revenue is between $250,000 and $500,000.
• Revenue less expenses is $44,394.
• The CEO compensation package within the organization is determined through a review and endorsement by a neutral party.
• The organization has 20 independent voting members.
• The organization was formed in 1994.
• The organization has a written policy that addresses conflicts of interest.
• The organization is required to file Schedule B.
• The organization is required to file Schedule O.
• The organization pays $130,270 in salary, compensation, and benefits to its employees.
• The organization pays $9,672 in fundraising expenses.
• The organization provides Form 990 to its governing body.
• The organization has minutes of its meetings.
• The organization has a written whistleblower policy.
• The organization has fundraising events.
• The organization's financial statements were reviewed by an accountant.