Long Island's Premiere Resource for Low Cost Small Business Loans since 1980
The vision of Long Island Development Corporation (LIDC) is a Long Island in which small business owners have access to low cost business capital and credible financial resources needed to grow today, develop and increase their business capacity to succeed tomorrow.
LIDC provides low cost loans, small business technical assistance and private/public sector procurement resources that all aid in increasing business growth, capacity and access to capital when the banks say no.
PROGRAMS & SERVICES
An economic development small business lender that provides low cost loans through our revolving loan fund. Under LIDC’s Targeted Loan fund we can lend up to $500,00.00 at an interest rate as low as 5%!
LIDC’s lending programs include the LI Defense Diversification Revolving Loan Fund (RLF), the LI Fisheries Assistance RLF and the LI Targeted Industries RLF. These programs are under the auspices of US Department of Commerce, Economic Development Administration (EDA), New York State, Empire State Development & Job Development Authority (NYS, ESD & NYS, JDA).
The EDA Revolving Loan Fund Program is a staple of the federal economic development access to capital delivery system. The program, established in 1975, is designed to provide grants to state and local governments, political subdivisions, and nonprofit organizations to operate a lending program that offers low-interest loans to businesses that cannot get traditional bank financing.
LIDC is authorized under programs from agencies such as the EDA Title IX Revolving Loan, US Department of Housing & Urban Development (HUD) 108, ESD & JDA to provide low cost small business working capital loans and economic development services for business located in Nassau & Suffolk Counties of Long Island.
Lending referrals under the US Small Business Administration (SBA) & other programs through its affiliation
with the with New York Business Development Corp.
LIDC also assisted the Town of Hempstead in underwriting it minority business micro-loan fund from New York State. And, LIDC created and administered HUD 108 revolving loans funds for Suffolk County, the Towns of North Hempstead and Hempstead, and the Village of Hempstead to respond to critical economic development needs and assist in the promotion of minority business development in those communities.
LIDC provides loan readiness, private/public sector procurement and bid writing assistance, as well as, business certification/registration technical assistance for a woman-owned business enterprise, minority owned business enterprise and disadvantaged business enterprise.
LIDC, serving the community for 39 years, has made over $750 million in direct loans, leveraged an additional $2.5 billion in private capital for projects, helped entrepreneurs obtain over $1.7 billion in government contracts, and created/retained over 45,000 jobs for our economy.
LIDC CORPORATE HEADQUARTERS
175 Engineers Road, Suite 200
Hauppauge, New York 11788-4020