Business Initiative Corporation of New York
Public records show a registered, tax-exempt organization in good standing.
What it says it does
THE MISSION OF THE BUSINESS INITIATIVE CORPORATION OF NEW YORK (BICNY) IS TO SUPPORT ECONOMIC DEVELOPMENT AND INDUCE PRIVATE INVESTMENTS IN NEW YORK STATE BY PROVIDING BELOW-MARKET INTEREST RATE LOANS AND LONG-TERM CAPITAL FOR THE BUSINESS COMMUNITY. THESE EFFORTS WILL RESULT IN CREATING MUCH-NEEDED JOBS IN TEH BRONX, AS WELL AS IN THE STATE, BY ASSISTING SMALL BUSINESSES TO GROW AND EXPAND BY ACQUIRING BELOW-MARKET RATE LOANS FROM THE SBA AND ADDITIONAL FUNDS FROM PRIVATE LENDERS. WE PROVIDE FINANCING TO: * PURCHASE COMMERCIAL REAL ESTATE THAT WILL BE OCCUPIED BY THE BUSINESS; * PURCHASE MACHINERY AND EQUIPMENT TO BE USED BY THE BUSINESS; * PROVIDE LEASEHOLD IMPROVEMENTS TO A PROPERTY OCCUPIED BY THE BUSINESS; * CONSTRUCT COMMERCIAL REAL ESTATE AND OR LAND IMPROVEMENTS, AND * COVER SOFT COSTS ASSOCIATED WITH ANY OF THE ABOVE USES OF FUNDS. BICNY FOCUSES ON ALL INDUSTRIES AND SECTORS, INDUSTRIAL, COMMERCIAL, MANUFACTURERS, AND SERVICE FIRMS. BICNY ALSO PROVIDES LOANS TO BUSINESSES IN L
- Income
- $597,292
- Spending
- $632,351
- Spent on programs
- 74%
- Reserves
- 3.7 months of spending
- Largest source of income
- fees for its services, 82%
- Employees
- 3
- Volunteers
- 17
- Highest pay
- $132,152, president
Source: Form 990 for the year ending September 30, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Financial health
Weak: 49 out of 100. Higher than 18% of charities in its peer group (community improvement, $250k to $1m).
Reserves
20 of 35Spendable reserves would cover 3.7 months of spending.
Debt
2 of 20It owes 86% of what it owns.
Living within its means
4 of 15Spending exceeded income by 6% of income.
Income trend
15 of 15Income rose 1% on the year before.
Spending floor
8 of 1574% of spending went to programs and raising each dollar of donations cost 43 cents.
Source: Form 990 for the year ending September 30, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Governance
Strong: 93 out of 100. Higher than 85% of charities in its peer group (community improvement, $250k to $1m).
Independent board
25 of 2517 of 17 voting board members are independent.
Conflict of interest policy
15 of 15Has a written conflict of interest policy.
Whistleblower policy
8 of 8Has a written whistleblower policy.
Record keeping policy
0 of 7Reports no written policy on keeping and destroying records.
Board minutes
5 of 5Keeps minutes of board meetings.
Board sees the tax return
10 of 10Gave the board a copy of this return before filing it.
Pay set independently
5 of 5Sets its chief executive's pay through independent review and comparison.
Independent check of accounts
15 of 15Its accounts were audited by an independent accountant.
No reported misuse
10 of 10Reports no diversion of assets, excess benefits or loans to insiders.
Source: Form 990 for the year ending September 30, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Impact evidence
Describes programs. Its tax return describes what it does but we have found no measurable results in it.
Programs described in its return (1)
- $466,656 spent. THE CORPORATION WORKS WITH THE SBA AND PRIVATE LENDERS TO PROVIDE FINANCING SMALL BUSINESSES. DURING FYE 9/30/25, BICNY CLOSED ON A TOAL OF FIVE LOANS AMOUNTING TO $4,559,000. $4,359,000 FOUR (4) 504 LOANS AND ONE (1) COMMUNITY ADVANTAGE LOAN FOR $200,000. BICNY 504 LOANS INDUCED DURING FYE 2025 INVESTMENTS OF $4,315,600 FROM BANKS AND $1,078,900 FROM PRIVATE EQUITY. THESE LOANS LEVERAGED TOTAL PROJECT COSTS AMOUNTING TO OVER $9,700,000 AS A RESULT OF COMPLETING AND CLOSING THESE PROJECTS, 25 NEW JOBS SHOULD BE CREATED OR MAINTAINED OVER THE NEXT TWO YEARS. IN FYE 2025, BICNY PROCESSED AND RECEIVED SBA AUTHORIZATIONS FOR 3 PROJECTS WITH A POTENTIAL CAPITAL INVESTMENT OF PUBLIC AND PRIVATE MONEY OF $10,140,400 OF WHICH $3,858,500 MILLION REPRESENTS BICNY'S PORTION. THE BANKS PARTICIPATION AMOUNTED TO APPROXIMATELY $5,070,200, AND PRIVATE EQUITY INVESTMENT AMOUNTED TO $1,211,700.
Source: Form 990 for the year ending September 30, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Legitimacy checks
Is it registered with the IRS? Passed.
Listed in the IRS master file of tax-exempt organizations as a 501(c)(3) charitable organization.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated October 13, 2026.
Has the IRS revoked its tax-exempt status? Passed.
Not on the IRS automatic revocation list.
Source: Automatic revocation of exemption list, Internal Revenue Service, file dated October 13, 2026.
Are donations tax-deductible? Passed.
On the IRS list of organizations eligible to receive tax-deductible contributions.
Source: Publication 78 data: organizations eligible for tax-deductible contributions, Internal Revenue Service, file dated October 13, 2026.
Is it keeping up with its IRS filings? Passed.
Most recent return on file covers the year ending September 2025.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated October 13, 2026.
How long has it been tax-exempt? Passed.
Recognized by the IRS since September 2001.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated October 13, 2026.
Is it in good standing with state regulators? Passed.
Not on California's list of charities barred from soliciting. Other states are not yet checked.
Source: May Not Operate or Solicit for Charitable Purposes list, California Attorney General, Registry of Charities and Fundraisers, file dated October 21, 2026.
Ratings and checks are our reading of public records, using the published method. They are not a statement about anyone's honesty. If you work for this organization, you can send corrections or results, confirm you want gifts through Veridonate, or ask to be removed from giving.