Business Initiative Corporation of New York
Business Initiative Corporation of New York
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More about this organization
Mission
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.
About
The corporation works with the SBA and private lenders to provide financing to small businesses. During FYE 9/30/19 BICNY approved three loans that totalled $5,396,000 which leveraged $8,002,000 from banks and $2,606,000 in private equity for total project costs of $16,004,000. During the same time period BICNY closed one loan totaling $611,000. This activity leveraged $1,134,000 from banks and private equity. While the portfolio increased by four loans worth $2,200,000 it also received payments (paid loans) on two loans worth $1,020,000.