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RENAISSANCE ECONOMIC DEVELOPMENT CORPORATION
NEW YORK, NY · EIN 133946529 · Form 990 · FY2024 · NTEE S30 · Community Improvement · Medium ($1M-$10M) · renaissance-ny.org
revenue
$6.0M
expenses
$5.6M
net assets
$19.0M
employees
39
volunteers
8
program ratio
79%
mission · from form 990

RENAISSANCE ECONOMIC DEVELOPMENT CORPORATION PROVIDES DIRECT FINANCING AND TECHNICAL ASSISTANCE SERVICES THROUGHOUT NEW YORK CITY. RENAISSANCE FOCUSES ON LOW-INCOME NEIGHBORHOODS WHERE THE BARRIERS OF LANGUAGE, CULTURE AND CONVENTIONAL LOAN UNDERWRITING HAVE STYMIED THE GROWTH OF SMALL BUSINESSES. UNDERPINNING ALL OF RENAISSANCE'S LENDING ACTIVITY IS A COMMITMENT TO INCREASE BUSINESS OPPORTUNITIES FOR LOW-INCOME ENTREPRENEURS.

profile · synthesized from sources

Renaissance Economic Development Corporation provides affordable small business loans, technical assistance, and digital training to low-to-moderate income and under-resourced entrepreneurs in the New York and New Jersey metro areas. The organization focuses on communities facing language, cultural, and financial barriers, offering multilingual support and emergency financing during crises. It operates as a certified Community Development Financial Institution and SBA Microloan Intermediary Lender.

irs program accomplishments · form 990 part iii · fy2024

What they reported doing

  1. #1 primary $1.88M
    TECHNICAL ASSISTANCE & EDUCATION - REDC PROVIDES TARGETED TECHNICAL ASSISTANCE TO LOW INCOME ENTREPRENEURS & SMALL BUSINESS OWNERS, HELPING THEM TO OVERCOME TRADITIONAL IMPEDIMENTS TO BUSINESS GROWTH AND SUCCESS. REDC SPECIALIZES IN SERVICING BUSINESSES IN ITS TARGET MARKETS THAT BANKS AND GOVERNMENT PROGRAMS CANNOT SERVE, SUCHAS LOW INCOME, START-UP, THINLY CAPITALIZED ENTERPRISES WHOSE OWNERS ARE OFTEN HOBBLED BY POOR OR NON-EXISTENT ENGLISH SKILLS AND UNFAMILIARITY WITH THE BANKING SYSTEM IN THIS COUNTRY.
named programs · 4 · from sources

What they call their work

Emergency Loan Program
Deploys emergency financing to small businesses affected by disasters such as 9/11, Hurricane Sandy, and the COVID-19 pandemic, helping them survive and recover
Renaissance Digital Accelerator
Four-month free program providing bi-weekly consultations, digital marketing guidance, and technology integrations to improve online visibility and customer engagement for small businesses in NYC and NJ
SBA Microloan Program
Provides direct small business loans to startups and growing enterprises in underserved communities, with a focus on low-income, immigrant, and minority entrepreneurs
Technical Assistance & Education
Offers training and counseling services in multiple languages to help entrepreneurs overcome barriers related to language, banking systems, and business development
activities · 2 groups

What they do

  • Small Business and Nonprofit Lending 2 activities
    • Administering emergency and disaster relief loan programs
      Provides emergency loan capital to small businesses impacted by disasters, including disbursing $11 million after 9/11, nearly $3.2 million after Hurricane Sandy, and over $10 million during the pandemic through emergency loans, SBA PPP loans, and grant capital. Also launched the SNAP Small Business Emergency Loan Fund in response to suspended SNAP benefits.
    • Providing affordable small business loans to underserved entrepreneurs
      Offers tailored small business loans, including working capital, startup financing, and expansion support, for low-to-moderate income, immigrant, minority, women, and non-English-speaking entrepreneurs in New York City who lack access to traditional bank financing. Disbursed nearly $66 million in loan capital and provided over 2,500 loans in the New York Metro Area.
  • Small Business Technical Assistance 2 activities
    • Conducting training programs on business operations and technology
      Offers group training sessions, webinars, and digital technical assistance on topics such as financial forecasting, digital marketing, and practical AI tools to help small businesses streamline operations, grow, and increase efficiency.
    • Delivering technical assistance and business advisory services
      Provides free, comprehensive one-on-one and group business advisory services, including coaching, financial guidance, credit assessment, business planning, and digital marketing, targeting under-resourced entrepreneurs in low-to-moderate income communities. Supported over 10,000 small business owners with technical assistance and helped participating businesses achieve significant gains in revenue, customer transactions, and website traffic.
financials · form 990 · fy2024
revenue
Total revenue$6.01M
Contributions & grants$4.80M80%
Program service revenue$1.10M18%
Investment income$139K2%
Other revenue$-26K
expenses
Total expenses$5.59M
Program expenses79%
Admin / overhead14%
Fundraising7%
Salaries & benefits$3.20M
Grants paid out$0
Largest expense lineCompensation
balance sheet
Total assets$33.74M
Cash$5.23M
Investments$0
Liabilities$14.78M
Net assets$18.96M
Liquid reserves11.2 mo
3 years on record · 2020–2024 · YoY revenue +46.3%
leadership · form 990 part vii · fy2024

Who runs it

paid leadership · 6
NameTitleHours/wkCompensation
THOMAS YU PRESIDENT/EXECUTIVE DIRECTOR 1 $346K
JESSIE LEE MANAGING DIRECTOR 35 $234K
MARY LIU DEPUTY MANAGING DIRECTOR 40 $209K
JOY SUZANNE GRANADO CHIEF ACCOUNTING OFFICER (OUTGOING) 1 $197K
JANNIE LAI DIRECTOR OF PROGRAMS 40 $170K
SOCORRO MARIA CORONA PLEASE PROVIDE TITTLE 40 $100K
board members · 10
  • CONNIE LEE — BOARD MEMBER
  • GIGI LAU GILSINAN — BOARD MEMBER
  • KYLE FOLEY — BOARD MEMBER
  • MICHAEL FONG — BOARD MEMBER
  • MICHAEL LEE — BOARD MEMBER
  • PEGGY CHAN — TREASURER (OUTGOING)
  • RAYMOND LOU — SECRETARY (OUTGOING)
  • TIMOTHY WONG — BOARD MEMBER
  • TONY LIN — BOARD MEMBER
  • TURNEY SINGH BABA — TREASURER
relationships · 21

Who they work with

  • Asian Americans for Equality (AAFE) Partner — Founded Renaissance Economic Development Corporation to support small business development in low-income communities.
  • BMCC Partner — Co-hosts in-person events connecting entrepreneurs with lenders and AI tools.
  • Biblioteca Pública de Brentwood Partner — Hosts Spanish-language business planning and legal structure workshops.
  • Brooklyn Social Justice Fund Partner — Partner in funding and supporting the affordable small business loan program in New York City.
  • Downhome Solutions Partner — Technology partner providing client portal and loan servicing platform.
  • Empire State Development Government — Supports the NYC Elevating Business Program through public-sector partnership and funding.
  • Empire State Development Corp Partner — Partner in funding and supporting the affordable small business loan program in New York City.
  • Leadflow Partner — Partnered digital marketing professionals providing implementation guidance to Renaissance Digital Accelerator participants
  • Pace University Partner — Hosts joint small business financing panel and networking events with Renaissance.
  • Pho Table Restaurants Partner — Client business that received funding and advisory services through the NYC Elevating Business Program.
  • Queens Women Chamber of Commerce Partner — Collaborates on open house events to connect local business leaders with capital access resources.
  • Small Business Administration (SBA) Government — Designated Renaissance as an SBA Microloan Intermediary Lender and SBA Community Advantage lender.
  • Social Justice Fund Partner — Supports the NYC Elevating Business Program through funding and collaboration.
  • TAAF Partner — Collaborated on highlighting the NYC Elevating Business Program at the TAAF Heritage Month Summit.
  • The Asian American Foundation Partner — Partner in funding and supporting the affordable small business loan program in New York City.
  • The Asian American Foundation Partner — Supports the NYC Elevating Business Program through funding and collaboration.
  • U.S. Department of the Treasury Government — Federal oversight agency with which Renaissance complies regarding civil rights and equal employment opportunity policies.
  • U.S. Small Business Administration Government — Administers the SBA Community Advantage loan program, an SBA-guaranteed loan initiative.
  • U.S. Treasury Government — Certified Renaissance as a Community Development Financial Institution (CDFI).
  • Wells Fargo Foundation Funder — Provided a $400,000 investment to support small business services and community development.
  • YMCA Flushing Partner — Hosts Mandarin-language workshops on business legal structures and NYC small business resources.
strategies · 3

How they approach the work

Named approaches extracted from this org’s sources. Where others share an approach, follow it to see the full set of orgs running it.

  • Comprehensive Support for Underserved Entrepreneurs
    methodology: community-focused economic development
    By focusing on low-income neighborhoods and entrepreneurs facing cultural, linguistic, and systemic barriers, we increase economic opportunity because targeted, culturally responsive interventions are necessary to overcome entrenched inequities in access to capital and business support.
  • Inclusive Financing Through Alternative Lending
    methodology: inclusive_financing
    By offering alternative loan products with flexible terms and using SBA guarantees to reduce risk, we increase access to capital for underserved entrepreneurs because traditional lending criteria systematically exclude them.
  • Integrated Financial and Technical Support Model
    methodology: integrated-financial-and-technical-support
    By combining affordable lending with business training and personalized advising, we produce more sustainable business outcomes because access to capital alone is insufficient without capacity building and ongoing support.