Business Initiative Corporation of New York

What Business Initiative Corporation of New York does

Business Initiative Corporation of New York (BICNY) is a 501(c)(3) nonprofit Small Business Lending Company founded in 1994 and headquartered at 851 Grand Concourse in the Bronx, New York. The organization provides SBA-guaranteed financing to small businesses across New York State, with a deliberate concentration in the Bronx, through two core programs: the SBA 504 Loan for long-term, fixed-rate financing of owner-occupied commercial real estate, major fixed assets, and capital improvements (loans structured as a roughly 50/40/10 split between a conventional first loan from a partner bank, an SBA-backed second loan, and borrower equity), and the SBA 7(a) Community Advantage Loan for working capital, equipment, inventory, and debt refinancing up to $350,000, currently limited to Bronx-based businesses.

BICNY operates as the SBA lending arm of the Bronx Economic Development Corporation (BXEDC) and coordinates a multi-party financing model that brings together the SBA, private partner banks (including Ponce Bank and a board that includes representatives from Citizens, TD, M&T, Bank of America, JPMorgan Chase, Webster, Flushing, and Orange Trust), and the borrower. The company is governed by a 19-member board of directors representing these partner institutions and is operated by a small core staff (President Rafael Roger and Chief of Staff Luis Garcia). Distribution is primarily direct, supplemented by the Annual Bronx Bankers Breakfast and Fall Networking events that draw 350+ financial leaders and small business owners to generate referrals. Revenue is generated through interest and fees on originated SBA loans; cumulative originations exceed $139 million, leveraging over $409 million from banks and private equity and supporting retention or creation of more than 2,200 jobs as of September 2022.

The business received SBA Small Business Lending Company certification in June 2023, enabling the launch of a $10 million Community Advantage loan fund targeting the Bronx Empowerment Zone. BICNY has been recognized three times with Bronze Awards from the US SBA New York District Office and ranked #3 on Crain's New York Magazine's NY SBA Lenders list, with two appearances in the Top 8 SBA loans in New York City in 2022. There is no proprietary technology layer, no app, and no public API; the organization functions as a community-anchored financial intermediary rather than a technology-driven lender.

Name

Business Initiative Corporation of New York

Legal name

Business Initiative Corporation of New York

Website

https://bicofny.org

Company type

Private

Founded year

1994

Operating status

Operating

Headcount range

1–10 employees

Short description

Business Initiative Corporation of New York (BICNY) is a 501(c)(3) nonprofit SBA-certified Small Business Lending Company, founded in 1994 in the Bronx, that originates SBA 504 and 7(a) Community Advantage loans for small businesses across New York State with a focus on the Bronx.

Ownership category

akta.pro rank

Product category

Small Business Lending

NAICS

Commercial Banking (522110)

SIC

Loan Brokers (6163), Federal & Federally-Sponsored Credit Agencies (6111)

akta.pro industry

PRIMARYFSAKAGAI

SBA/Government-Backed & Development Finance Loans

Financial & Insurance/Lending & Consumer Finance/Small Business & Microenterprise Lending

Keywords

• SBA 504 loans
• Small business lending
• Community development financing
• SBA Community Advantage
• Commercial real estate loans

Headquarters

HQ city

Bronx

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Infrastructure

Revenue model

1. SBA 504 Loan Program: BICNY generates revenue through interest on SBA 504 loans, which provide long-term fixed-rate financing for real estate, major fixed assets, and capital improvements. The loan consists of two parts: a conventional first loan from a private lender (typically 50% of project cost) and an SBA-backed second loan (up to 40% of eligible project costs).
2. SBA 7(a) Community Advantage Loan: BICNY offers SBA 7(a) Community Advantage loans for small- to mid-sized businesses looking to scale up, with maximum amounts of $350,000. The organization generates revenue through interest and fees on these loans, with financing structure dependent on the Wall Street Journal Prime Rate.

Pricing tiers

Go-to-market motion3 records

Distribution channels2 records

Marketing channels4 records

Core offering

BICNY is a nonprofit SBA-certified Small Business Lending Company that originates SBA 504 loans (long-term, fixed-rate financing for real estate, major fixed assets, and capital improvements up to $11 million project cost) and SBA 7(a) Community Advantage loans (up to $350,000 for working capital, equipment, inventory, and refinancing). The organization coordinates financing between small businesses, private partner banks, and the SBA, requiring only 10% equity injection from borrowers.

Product overview

Business Initiative Corporation of New York (BICNY) is a non-profit small business lender offering two primary SBA-backed loan products: the SBA 504 Loan for long-term fixed-rate financing of real estate and major assets, and the SBA 7(a) Community Advantage Loan for working capital and business expansion up to $350,000. Additionally, BICNY launched a $10 million Community Advantage loan fund specifically for the Bronx Empowerment Zone in 2023. These programs are designed to promote economic development and job creation throughout New York State, with a focus on the Bronx.

Differentiator

Problem solved

Functional benefit

Products and services

• SBA 504 Loan Long-term, fixed-rate SBA 504 financing program for purchasing owner-occupied commercial real estate, major fixed assets, and capital improvements. The financing package is coordinated between the small business borrower, a private lender (typically 50% of project cost), and an SBA-backed second loan (up to 40% of eligible project costs), with a 10% equity injection from the borrower. Terms of 10, 20, or 25 years are available and total project cost can reach up to $11 million. Available to for-profit small businesses throughout New York State.
• SBA 7(a) Community Advantage Loan SBA 7(a) Community Advantage loan program providing flexible small business financing up to $350,000 for working capital, payroll, inventory, equipment, debt refinancing, and business expansion. Pricing is tied to the Wall Street Journal Prime Rate plus a fee scaled to loan size. Available to for-profit companies, partnerships, proprietorships, LLCs, and qualified start-ups located within the Bronx.
• $10M Community Advantage Loan Fund for Bronx Empowerment Zone Dedicated $10 million SBA Community Advantage loan fund launched in June 2023 specifically for commercial businesses and entrepreneurs within the Bronx Empowerment Zone. Made possible by BICNY's Small Business Lending Company certification from the SBA and operated in partnership with the Bronx Economic Development Corporation.

Quantifiable outcome

• Over $139 million in loans provided to businesses in The Bronx and New York State
• +4 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Three partnerships are on record, tiered core.

• United States Small Business Administration (SBA)coreStrategic or Co-development Partner · 1 June 2023BICNY is a certified Small Business Lending Company (SBLC) by the United States Small Business Administration (SBA). The SBA works with BICNY to provide financing for 504 loans and guarantees for Community Advantage loans. In June 2023, BICNY was awarded Small Business Lending Company status by the SBA, opening doors for the $10 million Community Advantage loan fund.
• Office of The Bronx Borough President Vanessa L. GibsoncoreStrategic or Co-development PartnerBICNY consults on issues of economic development for the Bronx Borough President's office. The Borough President and BICNY are partners in growing the business community throughout the borough. They co-host the Annual Bronx Bankers Breakfast.
• Bronx Economic Development Corporation (BXEDC)coreStrategic or Co-development PartnerBICNY is the SBA lending arm of the Bronx Economic Development Corporation (BXEDC). They partner in creating opportunity for businesses in the Bronx. BXEDC may have additional loan or grant opportunities for Bronx-based businesses. BICNY and BXEDC co-develop financing packages for borrowers.

Scale indicators7 records

Recent moves5 records

Expansion highlights4 records

Broad incumbents

• Funding Circle U.S. Online small business loan platform offering SBA 7(a) loans and working capital. Comparable in targeting small business borrowers with SBA products, though operates at significantly larger scale and broader geography.

Others

• Community Reinvestment Fund: National CDFI providing capital and financing to small businesses and economic development projects across the U.S. Comparable as a mission-driven capital intermediary in the community development finance ecosystem.
• NYC Department of Small Business Services: NYC government agency providing business services, capital access programs, and SBA loan referrals. Comparable as an ecosystem participant facilitating small business lending and economic development in New York City.

Emerging players

• Lendio: Online SBA lending marketplace connecting small businesses to SBA loans through a network of lenders. Comparable in SBA product focus but differs in technology-driven marketplace model versus BICNY's relationship-based lending.

Direct peers

• CDC Small Business Finance: One of the largest SBA 504 lenders in the U.S., providing SBA 504 and Community Advantage loans to underserved small businesses. Most directly comparable to BICNY given its CDC structure, SBA product mix, and mission-aligned small business focus.
• Opportunity Fund (now DreamSpring): CDFI providing small business loans, including SBA Community Advantage, to entrepreneurs lacking access to traditional financing. Directly comparable as a mission-focused non-profit SBA lender targeting underserved borrowers.
• BXEDC (Bronx Economic Development Corporation): Parent organization of BICNY providing complementary economic development programs and additional financing to Bronx businesses. Functions as both a parent and a peer given overlapping mission and borrower base in the Bronx.
• Accion Opportunity Fund: Community development financial institution offering small business loans to underserved entrepreneurs, including SBA Community Advantage products. Comparable as a non-profit CDFI lender serving BIPOC and low-income small business owners.
• Grameen America: Non-profit microfinance organization providing small loans to women entrepreneurs in underserved U.S. communities. Comparable to BICNY in its mission-driven CDFI approach to capital access for low-income and minority business owners.

Regional players

• Pursuit (formerly NYCEDC small business arm): New York-focused small business lender offering affordable loans and advisory to NYC entrepreneurs. Comparable as a regional mission-driven lender serving similar NYC-based small business borrowers.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/bicofny
• Facebookfacebook.com/BICofNY
• LinkedInlinkedin.com/company/business-initiative-corporation-of-new-york

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Business Initiative Corporation of New York