Long Island Development Corporation

Coronavirus aid, relief, and economic security act revolving loan fund:in july 2020, the department of commerce's economic Development administration (eda) approved lidc's application to capitalize a $6,570,000 revolving loan fund to alleviate sudden and severe economic dislocation caused by the coronavirus (covid-19) pandemic, to provide permanent resources to support economic resiliency, and to further the long-term economic adjustment objectives of Long Island. The eda investment also provides $657,000 to defray the cost of administering the rlf. The total project cost is estimated to be $7,227,000 and is funded under the additional supplemental appropriations for coronavirus aid, relief, and economic security act (cares act). The eda issued the approved agreement in two phases. The first phase or funding phase is a two year period in which both the $6,570,000 loan funds must be disbursed and the $657,000 administrative fee must be utilized. As of september 30, 2021, $3,040,000 of loans have been disbursed. The second phase of revolving loan fund phase begins after the first phase has occured and performs as a traditional rlf during the next 7 years. During this period, lidc receives administrative fees, subject to maximum limits set by the contracts. The administrative fee is paid from interest and fees earned in connection with the program.

Long Island defense diversification revolving loan fundin 1994 lidc entered into a contract with new york state department of economic Development ("nysded") to administer a $2.0 million loan fund to disburse loans to defense dependent small business manufacturers using funds provided by the economic Development administration ("eda") under the u.s. department of commerce through nysded. The fund was increased to $2.5 million in 1995. The use of funds was expanded to targeted industries (note a-2c). Repayments of principal and interest along with interest on deposits and fees received in connection with these loans are restricted for future lending. Interest and fees received on outstanding loans for the year ended september 30, 2023 was $166,164. In addition, lidc maintains reserve deposit accounts for some of the borrowers, interest on which belongs to lidc. Lidc receives administrative fees in connection with this program which are paid from interest and fees earned up to certain maximum limits set by contract. For the year ended september 30, 2023, lidc received from the Long Island defense diversification revolving loan fund administrative fees of $99,618.long Island fisheries assistance revolving loan fundin 1994 lidc entered into contracts with the nysded and job Development authority ("jda") to administer a $750,000 fund to assist commercial fishermen and related industries negatively impacted by pollution and regulation on Long Island. $500,000 is funded from the eda under the u.s. department of commerce through nysded and $250,000 is funded from the jda. The funds are used for working capital and capital asset loans to eligible small businesses. In 1999 the fund was expanded to include targeted industries (see note a-2c). Lidc receives administrative fees, subject to maximum limits set by the contracts. The administrative fee is paid from interest and fees earned in connection with the program. Interest and fees received on outstanding loans for the year ended september 30, 2023 was $35,457. Use of interest, principal and fees is restricted by contract. For the years ended september 30, 2023, lidc received from the Long Island fisheries assistance revolving loan fund administrative fees of $26,082.long Island targeted industries revolving loan fundin 1995, lidc entered into agreements with the nys urban Development Corporation ("udc"), nassau and suffolk counties to create the Long Island working capital loan fund. This fund was to provide working capital loans to targeted small businesses for defense diversification, industrial modernization, and special community projects. As of september 30, 1999, lidc had received $2,000,000 in loan loss reserve funds from udc ($1,000,000), suffolk county ($500,000), and nassau county ($500,000). During the fiscal year 1999 the Long Island working capital loan fund was dissolved and the balance of the nys (udc) loan loss reserve was transferred into the Long Island targeted industry rlf for direct lending. Eligibility for the targeted fund was expanded beyond the listed targeted industries, and community Development projects to include non-retail state minority and/or women owned businesses certified by nys and to include any businesses located in a nys empire zone, or that is nys excelsior certified. Lidc receives administrative fees, subject to maximum limits set by the contracts. The administrative fee is paid from interest and fees earned in connection with the program. Interest and fees received on outstanding loans for the year ended september 30, 2023 was $73,607. Use of interest, principal and fees is restricted by contract. For the year ended september 30, 2023, lidc received from the Long Island targeted industries revolving loan fund administrative fees of $51,853.