Overview
What is The Business Initiative Corporation Of New York?
The Business Initiative Corporation of New York (BICNY) is a nonprofit organization situated in the Bronx, New York, specifically at 851 Grand Concourse Ste 123. Their primary mission is to foster economic development in the Bronx and New York State by offering below-market interest rate loans and long-term capital to the business community. This is accomplished through partnerships with the Small Business Administration (SBA) and private lenders, enabling small businesses to secure financing for various purposes, including commercial real estate purchases, machinery acquisition, and leasehold improvements. BICNY's activities have resulted in substantial project costs, leveraging funds from banks and private equity, thereby creating job opportunities in the Bronx and beyond. The corporation supports all sectors of the business community, including manufacturers, commercial entities, service firms, and industrial companies, thereby contributing significantly to New York State's economic growth.
Official website here: www.bicofny.org
Is The Business Initiative Corporation Of New York legitimate?
The Business Initiative Corporation Of New York is a legitimate nonprofit organization registered as a 501(c)(3) entity. The Business Initiative Corporation Of New York submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Here are some key statistics you may want to consider:
Executive Compensation: $107,692
Professional Fundraising Fees: $0
Other Salaries and Wages: $53,608
For more financial information, click here
Official website here: www.bicofny.org
What is the mission statement of The Business Initiative Corporation Of New York?
The Business Initiative Corporation of New York, abbreviated as BICNY, aims to support economic development and induce private investments in businesses across New York State. They achieve this by providing below-market interest rate loans and long-term capital to the business community, primarily through collaborations with the Small Business Administration (SBA) and private lenders. These financial aids are utilized for various purposes such as purchasing commercial real estate, purchasing machinery and equipment, providing leasehold improvements, constructing commercial real estate, and covering associated costs. BICNY's financing services are not limited to specific industries or sectors, catering to industrial, commercial, manufacturing, and service firms alike. The ultimate objective of BICNY's initiatives is to create job opportunities and assist small businesses in growing and expanding by providing affordable loans.
Official website here: www.bicofny.org
Who is the CEO of The Business Initiative Corporation Of New York?
Rafael Roger is the Executive Director of The Business Initiative Corporation Of New York.
Official website here: www.bicofny.org
What is the revenue of The Business Initiative Corporation Of New York?
The Business Initiative Corporation Of New York's revenue in 2022 was $593,520.
Official website here: www.bicofny.org
Who are the executives of The Business Initiative Corporation Of New York and what are their salaries?
The average compensation at The Business Initiative Corporation Of New York during 2022 was $80,650. There are 2 employees and 16 volunteers at The Business Initiative Corporation Of New York.
Here are 17 key members and their salaries:
- Rafael Roger (Executive Director)
- Syed Ahsan (Director)
- Dolores Batista (Director)
- Gustavo Buitrago (Director)
- Hugh Campbell (Director)
- Joseph Coleman (Treasurer/Director)
- Sandra Erickson (Vice Chair/Director)
- George Grace (Director)
- Raul Hiraldo (Director)
- Jessica Johnson (Secretary/Director)
- Jim Lanfranchi (Board Chairman/Director)
- Ralph Bumbaca (Director)
- Mark Simshauer (Director)
- Deodat Singh (Director)
- Lola Gazivoda (Director)
- Vanessa L Gibson (Director)
- Anthony Mormile (Director)
Official website here: www.bicofny.org
Where can I find the form 990 for The Business Initiative Corporation Of New York?
The The Business Initiative Corporation Of New York’s most recent form 990 was submitted in 2022 and can be accessed here
Official website here: www.bicofny.org
Learn more at the official website: www.bicofny.org
Mission Statement of The Business Initiative Corporation Of New York
The Business Initiative Corporation of New York, often abbreviated as BICNY, is committed to supporting economic development and inducing private investments in New York State. Their mission is to achieve this by providing below-market interest rate loans and long-term capital to the business community through collaboration with the Small Business Administration (SBA) and private lenders. This initiative aims to create jobs in the state, particularly in the Bronx, by assisting small businesses in growing and expanding by acquiring affordable loans from the SBA and additional funds from private lenders.
BICNY focuses on various industries and sectors, including industrial, commercial, manufacturers, and service firms. The corporation offers financing for several business-related purposes such as purchasing commercial real estate, machinery and equipment, leasehold improvements, constructing commercial real estate and land improvements, and covering soft costs associated with these uses of funds. By providing these financial resources, BICNY plays a vital role in helping small businesses in New York State thrive and expand their operations.
Impact
This information is meant to be a general summary of The Business Initiative Corporation Of New York. Please take the time to review official sources before making any decisions based upon the content provided here.
Wednesday, July 24, 2024
The Business Initiative Corporation of New York (BICNY) has a significant impact on the economic development of the Bronx and New York State. By working with the Small Business Administration (SBA) and private lenders, BICNY provides below-market interest rate loans and long-term capital to support the business community. This initiative has enabled small businesses to grow and expand by acquiring financing from the SBA and private lenders, ultimately leading to the creation of much-needed jobs in the Bronx and the state.
BICNY's efforts have resulted in the approval of multiple loans totaling millions of dollars, leveraging funds from banks and private equity to support various projects in different industries. By providing financing for activities such as purchasing commercial real estate, equipment, leasehold improvements, construction, and soft costs, BICNY helps businesses across all sectors, including industrial, commercial, manufacturing, and service firms. This support not only aids in the growth of individual businesses but also contributes to the overall improvement of the community and the state's economy.
Through its mission to induce private investments, create job opportunities, and foster economic development, BICNY plays a crucial role in advancing the business landscape in the Bronx and New York State.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Assets and Liabilities:
Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
CDC FEES
Revenue
$284,903
COMMITTMENT FEES AND OTHER LOAN FEES
Revenue
$267,736
INTEREST ON LOANS
Revenue
$13,940
Organization Details
Founding Year
1994
Phone
(718) 590-3980
Principal Officer
Rafael Roger
Main Address
851 Grand Concourse Ste 123, Bronx, NY, 104512937
Website
www.bicofny.org
NTEE Category
Code: S40 - Community improvement
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