2025-06-12T11:03:45-05:00 2024-09-30 WithumSmithBrown PC ONE TOWER CENTER BLVD 14TH FL EAST BRUNSWICK NJ 08816 990 2023-10-01 134088607 The Business Initiative Corporation of New York % RAFAEL ROGER BUSI 7185903980 851 Grand Concourse Suite 123 Bronx NY 104512937 RAFAEL ROGER President 7185903980 2025-05-07 true true Catherine Bendall P00521196 7328281614 2025-05-07 2023 2025-03-06 01:10:19Z RAFAEL ROGER 851 Grand Concourse123 Bronx NY 104512937 619220 false X www.bicofny.org X 1994 NY 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. 18 17 4 17 0 73029 57563 450055 524597 0 9566 0 0 523084 591726 0 0 0 0 327471 345431 0 0 20356 359380 424786 686851 770217 -163767 -178491 545866 788126 125261 546012 420605 242114 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, INDUSTRIAL, COMMERCIAL, MANUFACTURERS, AND SERVICE FIRMS. BICNY ALSO PROVIDES LOANS TO BUSINESSES IN L false false 617366 0 524597 THE CORPORATION WORKS WITH THE SBA AND PRIVATE LENDERS TO PROVIDE FINANCING TO SMALL BUSINESSES. DURING FYE 9/30/24, BICNY CLOSED ON A TOAL OF TWELVE LOANS AMOUNTING TO $12,419,000 SEVEN (7) 504 LOANS AND FIVE (5) COMMUNITY ADVANTAGE LOANS FOR $875,000. BICNY 504 LOANS INDUCED DURING FYE 2024 INVESTMENTS OF $17,367,479 FROM BANKS AND $10,365,721 FROM PRIVATE EQUITY. THESE LOANS LEVERAGED TOTAL PROJECT COSTS AMOUNTING TO OVER $40,000,000 AS A RESULT OF COMPLETING AND CLOSING THESE PROJECTS, 55 NEW JOBS SHOULD BE CREATED OR MAINTAINED OVER THE NEXT TWO YEARS. IN FYE 2024, BICNY PROCESSED AND RECEIVED SBA AUTHORIZATIONS FOR 3 PROJECTS WITH A POTENTIAL CAPITAL INVESTMENT OF PUBLIC AND PRIVATE MONEY OF $10,140,400 OF WHICH $3,858,500 MILLION REPRESENTS BICNY'S PORTION. THE BANKS PARTICIPATION AMOUNTED TO APPROXIMATELY $5,070,200, AND PRIVATE EQUITY INVESTMENT AMOUNTED TO $1,211,700. 617366 true true false false false false false false false false true false false false true true true false false false false false false false true false false false false true false false false false false false false false false false false false false true false false false true X 1 0 4 true false false false false false true true false false false false false false X 18 17 false false false false false false false true true false false true true true true true false true false NY X RAFAEL ROGER 7185903980 851 GRAND CONCOURSE SUITE 123 BRONX NY 10451 Rafael Roger President 40.0 0.0 X 156838 0 0 Syed Ahsan DIRECTOR 1.0 0.0 X 0 0 0 Dolores Batista DIRECTOR 1.0 0.0 X 0 0 0 Gustavo Buitrago DIRECTOR 1.0 0.0 X 0 0 0 Hugh Campbell DIRECTOR 1.0 0.0 X 0 0 0 Joseph Coleman Treasurer/Director 1.0 0.0 X X 0 0 0 Sandra Erickson Vice Chair/DIRECTOR 1.0 0.0 X X 0 0 0 Jessica Johnson Secretary/DIRECTOR 1.0 0.0 X X 0 0 0 James Lanfranchi Board Chairman/DIRECTOR 1.0 0.0 X X 0 0 0 Ralph Bumbaca DIRECTOR 1.0 0.0 X 0 0 0 Mark Simshauer Director 1.0 0.0 X 0 0 0 Deodat Singh Director 1.0 0.0 X 0 0 0 Lola Gazivoda DIRECTOR 1.0 0.0 X 0 0 0 Anthony Mormile DIRECTOR 1.0 0.0 X 0 0 0 Robert Walsh Director 1.0 0.0 X 0 0 0 Rosa Diaz Director 1.0 0.0 X 0 0 0 Carlos M Santana Director 1.0 0.0 X 0 0 0 Byron Logan Director 1.0 0.0 X 0 0 0 156838 0 0 1 false true false 0 25563 0 32000 0 57563 CDC FEES 525990 378310 378310 COMMITTMENT FEES AND OTHER LOAN FEES 525990 110373 110373 INTEREST ON LOANS 525990 35914 35914 524597 9566 9566 0 0 0 0 0 0 27494 25563 27494 0 0 0 0 0 0 0 591726 524597 9566 0 0 0 0 132152 85899 39646 6607 0 157834 102592 47350 7892 0 29172 18962 8752 1458 26273 17077 7882 1314 0 731 731 16120 16120 0 0 0 270184 270184 0 35842 21558 12757 1527 0 0 0 23679 15391 7104 1184 0 0 0 0 772 772 7482 4863 2245 374 BRONX EVENTS 80840 80840 BAD DEBT EXPENSE -10864 -10864 770217 617366 132495 20356 X 403859 147808 0 0 0 0 129623 91061 0 0 0 0 0 513649 0 0 10783 34579 3522 2493 1601 1029 0 0 0 0 0 0 0 0 0 0 545866 788126 72782 111142 0 0 52479 158718 0 0 0 0 0 0 0 0 0 0 0 276152 125261 546012 X 420605 230114 0 12000 420605 242114 545866 788126 -178491 X false true X true false X 18500 87595 26941 73029 57563 263628 340748 282320 566579 450055 524597 2164299 0 0 30896 30896 30896 29960 29120 151768 390144 400811 624416 553044 611280 2579695 0 3000 71595 5170 31540 20168 131473 3000 71595 5170 31540 20168 131473 2448222 9566 9566 0 9566 9566 0 0 390144 400811 624416 553044 620846 2589261 0.94553 0.93667 0.00369 0.00000 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 3522 2493 1029 1029 0 DUE TO BOEDC 276152 276152 X 620846 29120 29120 591726 591726 799337 29120 29120 770217 770217 FIN 48 The Corporation is a not-for-profit organization exempt from Federal income taxes pursuant to the provisions of Section 501(c)(3) of the Internal Revenue Code and from New York State income taxes under applicable state law. Accordingly, no provision for Federal or state income taxes has been recorded in the statements of activities. Management has determined that there are no uncertain tax positions at September 30, 2024 and 2023. In addition, the Corporation has no income tax related penalties or interest for the periods reported in these financial statements. Bankers Event 53057 25563 27494 21675 4095 1724 0 53057 25563 27494 21675 4095 1724 27494 Rafael Roger President 156838 0 0 0 0 156838 Review of form 990 THE BOARD REVIEWS AND APPROVES THE AUDITED FINANCIAL STATEMENTS. THE FORM 990 IS PREPARED BY THE OUTSIDE AUDITOR AND IS THEN REVIEWED BY THE PRESIDENT, EXECUTIVE Director AND CFO FOR THEIR APPROVAL. THE FINAL SUBMISSION IS THEN PROVIDED TO THE FULL BOARD FOR THEIR REVIEW. Conflict of Interest Policy There is written conflict of interest policy in place. Board members are required to disclose any conflicts, issues or relationships they may have with a potential borrower or vendor immediately. This is then reviewed again upon review of the client file by the committee. Compensation approval process There are no voting members of the board that are compensated by the Corporation. The Executive Director's salary is approved annually by the Compensation committee. Public Access to Documents The governing documents, conflict of interest policy and financial statements are made available to the public upon request. FORM 990 PART IX LINE 11G DESCRIPTION:LOAN SERVICING FEES TOTAL FEES:199802 Bronx Overall Economic Development Corp 851 Grand Concourse Suite 123 Bronx NY 104512937 133079387 7 501(c)(3) false true true true