The Business Initiative Corporation of New York (BICNY) mission is to support economic development and induce private investments in New York State by providing below-market interest rate loans and long-term capital to the business community. On November 24, 1997 it was approved by the United States Small Business Administration (SBA) to operate as a Certified Development Company (CDC) in the Borough of the Bronx, New York. Operation as a CDC enables the Bronx Initiative Corporation to administer the SBA 504 Loan Program. The Business Initiative Corporation works with the SBA and private lenders to provide financing to small businesses. The Bronx Initiative Corporation focuses on all the industries and sectors of the Bronx’s economy including industrial, commercial, manufacturers, and service firms. The mission of the Business Initiative Corporation is simply to support economic development in low and moderate income communities of the Bronx. The goals and objectives are:
• to improve the quality of life of the residents of the Bronx by creating an environment for economic development and growth and to enhance employment opportunities throughout the borough;
• to alleviate unemployment in Bronx County, particularly in more disadvantaged communities of the South Bronx where unemployment is high;
• to induce private investments in the Bronx;
• to promote industrial and commercial expansion and relocation of businesses to Bronx County;
• to coordinate the planning, development and implementation of industrial and commercial projects within the County with appropriate governmental agencies;
• to strengthen and assist the industrial and commercial growth of the County by attracting particular business segments to the Bronx; and
• to provide greater access to capital for small businesses. The Business Initiative Corporation is sponsored by the Bronx Overall Economic Development Corporation (BOEDC). The BOEDC coordinates the Overall Economic Development Plan (OEDP), which is responsible for the overall development strategy within the Bronx and acts as advisor to the Bronx Borough President on economic development matters. In addition, BOEDC is designated as the administrator of the Federal Empowerment Zone in the Bronx. It is the philosophy of the BOEDC to lead and represent the small business community and provide technical assistance and financing.
