Organizations Filed Purposes:
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
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.
The corporation works with the SBA and private lenders to provide financing to small businesses. During FYE 9/30/20 BICNY approved Five (5) loans totaling $2,752,000 which leveraged $4,616,100 from banks and $1,864,100 in private equity for total project cost of $9,232,200. During the same time period BICNY closed five (5) loans and sold bonds totaling $7,925,000. This activity leveraged $16,168, 000 from banks and private equity.
Executives Listed on Filing
Total Salary includes financial earnings, benefits, and all related organization earnings listed on tax filing
| Name | Title | Hours Per Week | Total Salary |
|---|
| Rafael Roger | Executive Director | 40 | $80,000 |
| Michael Madonia | DIRECTOR | 1 | $0 |
| Deodat Singh | Director | 1 | $0 |
| Juana Pena-Torres | Director | 1 | $0 |
| Mark Simshauer | Director | 1 | $0 |
| Akbar Rizvi | DIRECTOR | 1 | $0 |
| Ralph Bumbaca | DIRECTOR | 1 | $0 |
| Michael Ortiz | DIRECTOR | 1 | $0 |
| Jim Lanfranchi | DIRECTOR | 1 | $0 |
| Jessica Johnson | DIRECTOR | 1 | $0 |
| Raul Hiraldo | Chairman | 1 | $0 |
| George Grace | director | 1 | $0 |
| Daniel Garcia | marketing chairman | 1 | $0 |
| Sandra Erickson | Vice Chairman | 1 | $0 |
| Ruben Diaz Jr | DIRECTOR | 1 | $0 |
| Joseph Coleman | Treasurer | 1 | $0 |
| Marlene Cintron | President | 1 | $0 |
| Hugh Campbell | VICE CHAIRMAN | 1 | $0 |
| Gustavo Buitrago | DIRECTOR | 1 | $0 |
| Dolores Batista | PRESIDENT | 1 | $0 |
| Syed Ahsan | DIRECTOR | 1 | $0 |
Data for this page was sourced from XML published by IRS (
public 990 form dataset) from:
https://s3.amazonaws.com/irs-form-990/202130489349300618_public.xml