Long Island Development Corporation is a 501C3 family of nonprofit economic development organizations which provide low cost loans, free technical assistance and seminars to small businesses, not-for-profits and others in Nassau and Suffolk Counties, Long Island, New York.
Formed in 1980, LIDC is governed by a diverse Board of community representatives including bankers, business people, educators, attorneys, philanthropists and others. It works with every regional resource from utilities to government to the private sector in order to bring all resources to the table for the benefit of its clients.
LIDC has operated under various government and private sector programs. It operated as an SBA (US Small Business Administration) 504 certified development company for over thirty years making second mortgage loans to small businesses acquiring their own facilities. Thanks to LIDC’s assistance under that program, such well known Long Island companies as Golds Horseradish, Sleepy’s, J. D’addario String, Singletons, and others were able to expand and afford commercial home ownership. LIDC created and operated the largest branch bank under the New York State Job Development Authority-also helping businesses acquire buildings and equipment. LIDC pioneered and conducted HUD small business loan funds for Suffolk County, the towns of North Hempstead and Hempstead and the Village of Hempstead-providing working capital. And, LIDC has been a marketing agent for SBA 7A nonbank lenders. LIDC also created a procurement program giving free counseling to entrepreneurs looking to get into government contracting-first under a DOD program and then independently.
Along the way, LIDC founded or co founded numerous Long Island economic and community based organizations seeking to help Long Island companies succeed and grow.
Today, LIDC continues to partner with others in the community to propel our economy to new levels. LIDC’s programs range from lending to technical assistance:
- Working capital for targeted companies such as manufacturers, bio medical, and MBE/WBE’s under the US Dept. Commerce/Economic Development Administration & NYS sponsored LI Targeted Industry Revolving Loan Fund.
- Micro loans to small, minority and women owned businesses under the LI Small Business Assistance Corp., a federal US Treasury designated CDFI/CDE sponsored in part by NYS.
- Seminars for entrepreneurs on a variety of business topics from marketing to accounting to how to secure government contracts under the LIDC Government & Private Sector Contracting Assistance Program.
- Subordinate loans for businesses and nonprofits to acquire their own facilities as an intermediary for the nationally renowned Community Reinvestment Fund.
- Loan packaging, referral and consulting on SBA 504 & 7A loans and other government and conventional loan products.
- Project assistance for small businesses, nonprofits, government related agencies in the areas of marketing, accounting,computer assistance.
LIDC is proud to have made over $750 million in direct loans, leveraged an additional $2.5 billion in capital and retained or created over 45,000 jobs in our community through its innovative programs. Today and beyond, LIDC strives to offer relevant, needed programs to strengthen the Long Island economy using the expertise and resources of its staff and community partners.