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 in Nassau and Suffolk Counties, Long Island, New York, formed in 1980.
LIDC was established October 7, 1980, as a New York State, nonprofit membership corporation. A community-based organization that has been committed to low cost business funding, economic development and sustainability since inception.
In the past, LIDC was a leading tri-state lender under the US Small Business Assistance (SBA) 504 Loan Program and ran a Procurement Technical Assistance Center (PTAC) under US Department of Defense (DOD). Over the years, LIDC’s services have expanded to meet the demanding needs of its small business clients on Long Island (LI).
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 4%!
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.
Community development is an integral part of LIDC’s services. Long Island Small Business Assistance Corp (LISBAC) was established March 14, 1998 a New York State nonprofit corporation that is housed by LIDC to provide financial literacy, access to capital and businesses technical assistance for startup businesses. For over two decades LISBAC is Long Island’s premier go to micro-lender and entrepreneurial technical assistance support for small businesses that are considered, start-ups, disadvantaged, low to moderate income individuals and sometimes operating in low to moderate income neighborhoods here on Long Island. LISBAC is a stable compliant Certified Development Finance Institution (CDFI) and Community Development Entity (CDE) with US Department of Treasury. A New York State, non-profit community partner in both Nassau & Suffolk Counties in high demand.
LIDC’S board of directors and lending committee is comprised of subject matter experts, that are seasoned professionals representing: commercial lending, community lending, public utility, local government, state government, community organizations and successful business owners.
Our board, advisory committee, staff and volunteer staff, are active and reflect a wide range of diversity that represents the communities we serve. LIDC’s leadership actively participates on boards, advisory boards, advisory committees and collaborate with community partners to champion the mission of LIDC. Also,
As an economic development lender and technical assistance provider, LIDC proudly partners with leadership from the finance community. LIDC values our relationships with commercial bankers, non-bank lenders, and other non-profit community lenders.
LIDC’s President is a third generation business owner of a professional service firm, former director of Suffolk County Women Business Enterprise Coalition, founding member and president of Black Women Enterprises, an active member of; Long Island Association, Long Island Hispanic Chamber of Commerce, Long Island African American Chamber of Commerce, Hauppauge Industrial Association, National Association of Women Business Owners at large, Long Island Center for Business & Professional Women, North East Regional Chair of National Women’s Business Owners Corporation – a true coalition of women, minority and entrepreneurial organizations, servicing Long Island. LIDC reaches out and serves thousands of businesses on Long Island through these groups.