Business Initiative Corporation of New York

Business Initiative Corporation of New York The Business Initiative Corporation of New York (BIC) was incorporated on July 14,1994 as a not-for-profit in New York State.

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 Boro

ugh 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.

05/12/2025
The Business Initiative Corporation of New York is hosting its annual Bankers Breakfast in just a few weeks! Join us at ...
04/22/2025

The Business Initiative Corporation of New York is hosting its annual Bankers Breakfast in just a few weeks! Join us at Villa Barone Manor on Friday, May 9th at 8:30 am and hear from guest speaker Superintendent Adrienne A. Harris of the Department of Financial Services. RSVP on bicofny.org. We’re still taking on sponsors - reach out to Rafael Roger at [email protected] to learn more.

Save your spot at the 26th Annual Bankers Breakfast today! Our keynote speaker will be Adrienne A. Harris. Visit our web...
03/06/2025

Save your spot at the 26th Annual Bankers Breakfast today! Our keynote speaker will be Adrienne A. Harris. Visit our website bicofny.org to buy your ticket and view sponsorship information. Contact Rafael Roger with any questions.

This Small Business Saturday, we want to give a shoutout to one of our most successful clients: Salsa Catering! Not only...
11/26/2024

This Small Business Saturday, we want to give a shoutout to one of our most successful clients: Salsa Catering! Not only is this company run by kind and hardworking people, Salsa Catering also serves delicious food. If you like empanadas, pollo asado, ropa vieja and the like, consider choosing Salsa Catering for your holiday parties!

Last week, BIC of NY President Rafael Roger went to SOMOS in Puerto Rico and had the opportunity to be a part of a few p...
11/14/2024

Last week, BIC of NY President Rafael Roger went to SOMOS in Puerto Rico and had the opportunity to be a part of a few panels — including a round table about technical assistance in lending for individuals, businesses, and non-profits. We’re so glad to have been a part of this!

This Saturday at SOMOS in Puerto Rico, BICNY President Rafael Roger will be on a panel about accessing resources and cap...
11/04/2024

This Saturday at SOMOS in Puerto Rico, BICNY President Rafael Roger will be on a panel about accessing resources and capital workshop at the Royal Sonesta San Juan, Azucenas Ballroom from 10:30 am to 1 pm. Scan the QR code to register!

Last Friday, the Business Initiative Corporation of New York hosted its annual Bankers Breakfast at the Villa Barone Man...
05/15/2024

Last Friday, the Business Initiative Corporation of New York hosted its annual Bankers Breakfast at the Villa Barone Manor. There, Joe Ithier was honored with the Madeline Marquez award AND we made two major announcements: the first being a new partnership between BNY Mellon and The Bronx’s Ponce Bank that will tremendously benefit the borough. Thank you to Rep. Ritchie Torres for taking the time to come out and speak about how this partnership will create positive change!

Our second exciting announcement, made by , was about the new micro loan program that BICNY has started. These micro loans will be up to $50,000 at an interest rate locked at 5 percent, and they’re tailor made for mom & pop small businesses in need of financing. Find more information at bxedc.org! Photo credit: &

SBA 504 Loan Rates for December 2022• If your small business is in search of financing for commercial real estate or mac...
12/15/2022

SBA 504 Loan Rates for December 2022• If your small business is in search of financing for commercial real estate or machinery please visit our website bicofny.org/clients/ and to a quick survey to see if your business is eligible.

this Small Business Saturday! Go support your local vendors and mom & pop shops | November 26 ...
11/21/2022

this Small Business Saturday! Go support your local vendors and mom & pop shops | November 26

Learn about the newest programs under the Federal State Small Business Credit Initiative (SSBCI) | For additional resour...
11/16/2022

Learn about the newest programs under the Federal State Small Business Credit Initiative (SSBCI) | For additional resources and more on Empire State Development visit esd.ny.gov

NYC Department of Small Business Services Partners with Harvard Business School Club of New York to Provide Free Consult...
11/03/2022

NYC Department of Small Business Services Partners with Harvard Business School Club of New York to Provide Free Consulting Services to Local Entrepreneurs

Individualized, one-on-one coaching to help local businesses grow thriving operations, follow the link our bio & story for information.

Address

851 Grand Concourse, Suite 123
The Bronx, NY
10451

Opening Hours

Tuesday 9am - 5pm
Wednesday 9am - 5pm
Thursday 9am - 5pm
Friday 9am - 5pm

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