irs program accomplishments · form 990 part iii · fy2023
What they reported doing
- #1 primary $638KLONG ISLAND DEFENSE DIVERSIFICATION REVOLVING LOAN FUND:IN 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, 2024 WAS $231,262. 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, 2024, LIDC RECEIVED FROM THE LONG ISLAND DEFENSE DIVERSIFICATION REVOLVING LOAN FUND ADMINISTRATIVE FEES OF $114,884. IN A LETTER DATED JUNE 21, 2022, THE NEW YORK STATE DEPARTMENT OF ECONOMIC DEVELOPMENT REQUESTED THAT EDA RELEASE ITS FEDERAL INTEREST IN INVESTMENT NUMBER 01-49-03291. THE REQUEST WAS GRANTED BY THE EDA TO RELEASE ITS FEDERAL INTEREST IN THE REVOLVING LOAN FUND AWARDS THAT HAVE OPERATED SATISFACTORILY FOR SEVEN YEARS BEYOND DISBURSEMENT OF GRANT FUNDS. THEREFORE, THE LIDC DEFENSE DIVERSIFICATION REVOLVING LOAN FUND WAS GRADUATED TO A LEGACY REVOLVING LOAN FUND.LONG ISLAND FISHERIES ASSISTANCE REVOLVING LOAN FUND:IN SEPTEMBER 1994, LIDC ENTERED A CONTRACT WITH THE NYS DEPARTMENT OF ECONOMIC DEVELOPMENT (NYSDED) AND JOB DEVELOPMENT AUTHORITY (JDA), TO ADMINISTER A $750,000 FUND TO ASSIST COMMERCIAL FISHERMEN AND AQUACULTURE RELATED INDUSTRIES NEGATIVELY IMPACTED BY POLLUTION AND REGULATION ON LONG ISLAND. $500,000 IS FUNDED BY THE US DEPARTMENT OF COMMERCE, ECONOMIC DEVELOPMENT ADMINISTRATION (EDA) THROUGH NYS DED AND $250,000 IS FUNDED BE THE JDA. THE FUNDS ARE USED FOR WORKING CAPITAL AND CAPITAL ASSET LOANS TO ELIGIBLE SMALL BUSINESSES LOCATED ON LONG ISLAND. IN A LETTER DATED JUNE 21, 2022, THE NEW YORK STATE DEPARTMENT OF ECONOMIC DEVELOPMENT REQUESTED THAT EDA RELEASE ITS FEDERAL INTEREST IN INVESTMENT NUMBER 01-19-63003. THE REQUEST WAS GRANTED BY THE EDA TO RELEASE ITS FEDERAL INTEREST IN THE REVOLVING LOAN FUND AWARDS THAT HAVE OPERATED SATISFACTORILY FOR SEVEN YEARS BEYOND DISBURSEMENT OF GRANT FUNDS. THEREFORE, THE LIDC FISHERIES ASSISTANCE REVOLVING LOAN FUND WAS GRADUATED TO A LEGACY REVOLVING LOAN FUND. 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, 2024 WAS $79,508. USE OF INTEREST, PRINCIPAL AND FEES IS RESTRICTED BY CONTRACT. FOR THE YEARS ENDED SEPTEMBER 30, 2024, LIDC RECEIVED FROM THE LONG ISLAND FISHERIES ASSISTANCE REVOLVING LOAN FUND ADMINISTRATIVE FEES OF $38,049.LONG ISLAND TARGETED INDUSTRIES REVOLVING LOAN FUND:IN 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, 2024 WAS $130,028. USE OF INTEREST, PRINCIPAL AND FEES IS RESTRICTED BY CONTRACT. FOR THE YEAR ENDED SEPTEMBER 30, 2024, LIDC RECEIVED FROM THE LONG ISLAND TARGETED INDUSTRIES REVOLVING LOAN FUND ADMINISTRATIVE FEES OF 67,021.
named programs · 3 · from sources
What they call their work
COVID-19 Economic Relief Revolving Loan Fund
Administers a $6.57 million revolving loan fund established under the CARES Act to alleviate economic dislocation caused by the pandemic and support long-term economic adjustment on Long Island
Long Island Defense Diversification Revolving Loan Fund
Provides loans to defense-dependent small business manufacturers and targeted industries using funds from the Economic Development Administration and New York State Department of Economic Development; established in 1994 and expanded over time to support economic resilience
Long Island Fisheries Assistance Revolving Loan Fund
Administers a $750,000 fund to assist commercial fishermen and aquaculture-related industries negatively impacted by pollution and regulation; funded by EDA and Job Development Authority
activities · 6 groups
What they do
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Small Business and Nonprofit Lending 3 activities
- Administering revolving loan funds for small businessesProvides gap financing through loans to small businesses unable to access traditional bank financing, supporting business growth, job retention, and job creation. Administers multiple revolving loan funds, including a $2.5 million fund for defense-dependent manufacturers, a $750,000 fund for commercial fishermen and aquaculture, and a $6,570,000 CARES Act-funded fund for businesses impacted by the pandemic. Processes, underwrites, closes, funds, and services loans internally.
- Offering microloans and low-downpayment financingProvides microloans ranging from $1,000 to $2,500 to small businesses and offers access to low downpayment, fixed-rate financing for eligible small businesses and nonprofits, expanding capital access for underserved entrepreneurs.
- Providing SBA 504 and complementary capital financingFacilitates SBA 504 financing that enables small businesses to finance up to 90% of project costs for acquisition, construction, renovation, and equipment, with long-term, fixed-rate, self-amortizing loans. Combines SBA financing with other programs such as New York Job Development Authority second mortgages, Industrial Development Agency bonds, and leaseback incentives to maximize capital access.
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Small Business Technical Assistance 1 activity
- Delivering business training and financial literacy workshopsOffers workshops and seminars on financial literacy, bookkeeping, marketing, technology utilization, and networking for entrepreneurs. Provides free seminars on capital access, business certification, and government contracting basics.
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Local Business Financing and Incentives 1 activity
- Facilitating access to grant funding for small businessesFacilitates access to small grants for businesses through the New York Business Development Corporation and Community Development Block Grant Funds, with grants up to $100,000.
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Affordable Housing Development and Management 1 activity
- Providing affordable housing and community development financingProvides affordable housing and small business loans to support distressed communities on Long Island. Created and administered HUD 108 revolving loan funds for Suffolk County, the Towns of North Hempstead and Hempstead, and the Village of Hempstead.
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MWBE Certification and Contract Access Support 1 activity
- Supporting government and private sector contracting readinessOperates the Government & Private Sector Contracting Assistance Program (GAPSCAP) to help small businesses secure contracts. Provides technical assistance on federal contracting processes, including SAM registration, small business certification, and procurement opportunity identification. Offers guidance on private-sector contracting and M/WBE certification, and refers businesses to Procurement Technical Assistance Centers.
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Uncategorized 2 activities
- Administering public procurement and vendor registration systemsAdministers vendor registration for Nassau County procurement, including fee carryover for re-registration within 12 months, facilitating small business participation in public contracting.
- Delivering loan preparedness and borrower support servicesOffers comprehensive borrower services including loan preparedness assistance, review of business plans and financials, and technical support such as setting up QuickBooks, structuring financing packages, and office procedure guidance, as part of an integrated lending process.
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financials · form 990 · fy2023
revenue
Total revenue$842K
Contributions & grants$18K2%
Program service revenue$809K96%
Investment income$6K1%
Other revenue$9K
expenses
Total expenses$1.32M
Program expenses90%
Admin / overhead10%
Fundraising0%
Salaries & benefits$568K
Grants paid out$15K
Largest expense lineCompensation
balance sheet
Total assets$14.81M
Cash$3.77M
Investments$0
Liabilities$1.48M
Net assets$13.33M
Liquid reserves34.2 mo
5 years on record · 2019–2023 · YoY revenue +34.9%
leadership · form 990 part vii · fy2023
Who runs it
paid leadership · 1
| Name | Title | Hours/wk | Compensation |
|---|---|---|---|
| GINA SLATER PARKER | PRESIDENT/CEO/BOARD MEMBER | 35 | $259K |
board members · 7
- DIANA WEIR — BOARD MEMBER
- DOMENIC ABBATIELLO — BOARD MEMBER
- ISABEL MEDINA — BOARD MEMBER
- MICHAEL FIELDS — BOARD MEMBER
- MICHELLE DIBENEDETTO — BOARD MEMBER
- PHIL BALLIN — BOARD MEMBER
- PHYLLIS HILL SLATER — BOARD MEMBER
relationships · 78
Who they work with
- Architectural Sign Group Inc. Partner — Borrower that received multiple loans from LIDC for business expansion and operational needs.
- Asian Women In Business Partner — Supporting organization for the LISBAC microloan program.
- BankUnited Partner — Sponsor of LIDC's loan programs.
- BankUnited Partner — Sponsor of the Long Island Small Business Assistance Corp. (LISBAC) microloan program.
- Black Women Enterprises Partner — Supporting organization for the LISBAC microloan program.
- Brookhaven National Laboratory Partner — Collaborated with Jill Clough Johnston, Small Business Liaison Officer at Brookhaven National Laboratory, in drafting the federal contracting guide.
- Capital One Foundation Funder — Supports LIDC's programs as a sponsor of the GAPSCAP initiative.
- Citi Foundation Funder — Supports LIDC's programs as a sponsor of the GAPSCAP initiative.
- Community Development Corporation of Long Island Network — LONG ISLAND DEVELOPMENT CORPORATION is linked with the Community Development Corporation of Long Island as part of a network of regional economic development organizations.
- Community Development Corporation of Long Island Partner — Nonbank lender networked with LIDC for financing referrals to small businesses.
- DDR Farms, Inc. Partner — Borrower supported by LIDC financing to operate equestrian facilities in Suffolk County.
- Economic Development Administration Government — Federal agency that provided initial funding and oversight for loan programs administered by LIDC, including through the CARES Act.
- Empire State Certified Development Company Partner — Financing partner that works with LIDC to provide funding solutions for small businesses.
- Empire State Development Funder — Supports LIDC's programs as a sponsor of the GAPSCAP initiative.
- Empire State Development Government — State-level sponsor of LIDC's loan programs through the NYS economic development agency.
- Entrepreneurship Centers at Hofstra and Suffolk Community College Partner — Partner institutions providing entrepreneurial support in collaboration with LIDC.
- Excelsior Fish Corporation Partner — Borrower financed by LIDC to develop a seafood processing facility and launch a school lunch program.
- FEMA Government — Provides disaster assistance and administers the Hazard Mitigation Grant Program for businesses in flood-prone areas.
- Farmingdale SBDC Partner — Refers small businesses to the Farmingdale Small Business Development Center for contracting and certification assistance.
- Flushing Bank Funder — Supports LIDC's programs as a sponsor of the GAPSCAP initiative.
- Job Development Authority Partner — Co-contractor with NYSDED in administering the Long Island Fisheries Assistance Revolving Loan Fund.
- LI African american Chamber of Commerce Partner — Supporting organization for the LISBAC microloan program.
- LI Community Foundation Partner — Collaborates with LIDC to bring resources to bear for small business clients on Long Island.
- LI Hispanic Chamber of Commerce Partner — Supporting organization for the LISBAC microloan program.
- LIA Partner — Supporting organization for the LISBAC microloan program.
- LIPA Partner — Partner agency that collaborates with LIDC to provide resources for small business clients.
- LONG ISLAND DEVELOPMENT CORPORATION Partner — Sponsor of the Long Island Small Business Assistance Corp. (LISBAC) microloan program.
- LaGuardia Procurement Technical Assistance Center Partner — Refers businesses to the LaGuardia PTAC for assistance with federal and state contract certification and procurement.
- Long Island Small Business Assistance Corp Partner — Collaborates as a sponsor and partner in supporting small business development programs on Long Island.
- Maxxuum Construction Corp Partner — Borrower that received a LIDC loan to complete four government and residential construction contracts.
+ 48 more
strategies · 5
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.
- Certification-Leverage for Procurement Accessmethodology: certification-assistance-for-contract-accessBy helping small businesses obtain formal certifications, the organization increases their access to government and corporate contracting opportunities because certification unlocks eligibility for set-asides, preferences, and private-sector partnerships that otherwise remain inaccessible.
- Inclusive Microloan Underwritingmethodology: inclusive_microloan_underwritingBy using an inclusive lending model that evaluates start-ups and small businesses based on demonstrated repayment capacity rather than conventional credit benchmarks, the organization expands access to capital for unbanked or underbanked businesses because traditional financial institutions often exclude these entrepreneurs due to rigid underwriting standards.
- Integrated Financial Capability Modelmethodology: integrated_financial_capabilityBy combining microloan financing with business training and technical assistance, the organization strengthens borrower capacity and long-term business sustainability because access to capital alone is insufficient for small business success—financial capability and operational knowledge are critical co-determinants.
- Relationship-Based Market Entry Strategymethodology: relationship-based market entryBy building direct relationships with government procurement officers and small business representatives, the organization increases the likelihood of securing discretionary contracts because personal trust and institutional connections reduce information barriers and enhance credibility in competitive bidding environments.
- Revolving Loan Fund Sustainabilitymethodology: revolving_loan_fundBy reinvesting repayments of principal, interest, and fees into a revolving loan fund, the organization sustains long-term financial support for small businesses because this self-replenishing mechanism increases capital availability without reliance on continuous external funding.