Long Island Development Corporation is a nonprofit development finance agency formed in 1980 and headquartered in the Hauppauge Industrial Park. Its mission is to give small businesses in Nassau and Suffolk counties access to low-cost capital, along with free technical assistance and seminars.
LIDC administers loan programs funded through New York State and federal sources, including funds aimed at manufacturers and other targeted industries, and works with partner organizations to refer and service SBA 504 loans for buying and renovating real estate and equipment. Its affiliate, the Long Island Small Business Assistance Corporation (LISBAC), was established in 1998 and is certified by the U.S. Treasury as a Community Development Financial Institution (CDFI). LISBAC offers microloans, working capital loans, financial training, and a Business Credit Improvement Program.
LIDC’s programs are especially useful for startups and for women-owned and minority-owned businesses that may have trouble qualifying for a traditional bank loan.
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