The Business Initiative Corporation of New York

The Corporation works with The sba and private lenders to provide financing to small businesses. During fye 9/30/23, bicny closed on six loans amounting to $6,936,000. The loans that closed during fye 2023 induced investments of $11,070,000 from banks and $3,286,000 from private equity. These loans leveraged total project costs amounting to over $18,000,000. As a result of completing and closing these projects, 50 New jobs should be created or maintained over The next two years. In fye 2023, bicny processed and received sba authorizations for 5 projects with a potential capital investment of public and private money of $19,324,000, of which $6,185 million represents bicny's portion. The banks participation amounted to approximately $10,132,000, and private equity investment amounted to $3,007,000.