New York City Business Assistance Corporation
- Assets
- $3.0m
- Revenue
- $1.5k
- Investments
- $1.5m
- Employees
- 0
- Location
- New York, NY
- Founding
- 12/1987
- Data as of
- 06/2023
- EIN
- 13-3423857
Organization Overview
New York City Business Assistance Corporation is located in New York, NY. The organization was established in 1987. According to its NTEE Classification (S31) the organization is classified as: Urban & Community Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. New York City Business Assistance Corporation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2023, New York City Business Assistance Corporation generated $1.5k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (59.0%) each year. All expenses for the organization totaled $664.6k during the year ending 06/2023. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, New York City Business Assistance Corporation has awarded 123 individual grants totaling $3,479,111. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO REDUCE UNEMPLOYMENT, PROMOTE AND PROVIDE FOR ADDITIONAL AND MAXIMUM EMPLOYMENT IN NYC, ENCOURAGE THE DEVELOPMENT AND/OR RETENTION OF BUSINESSES IN NYC; INSTRUCT OR TRAIN INDIVIDUALS TO IMPROVE AND DEVELOP THEIR CAPABILITIES FOR JOBS IN BUSINESS AND ENCOURAGE ECONOMIC DEVT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
BLACK ENTREPRENEURS NYC (BE NYC)- A GROUNDBREAKING MODEL FOR A MAJOR AMERICAN CITY TO HELP CREARE EQUITY OF OPPORTUNITY BY ADVANCING BLACK ENTREPRENEURSHIP
WE CREDIT LOAN LOSS FUND - SUPPORT LOANS TO QUALIFYING SMALL BUSINESSES TO EXPAND THEIR BUSINESS AND PROMOTE ECONOMIC GROWTH IN THE CITY OF NEW YORK
DOWNTOWN JAMAICA STOREFROM IMPROVEMENT PROGRAM - THE DOWNTOWN JAMAICA STOREFRONT IMPROVEMENT PROGRAM IS A PROGRAM DESIGNED TO REVITALIZE BUILDING FACADES, IMPROVE COMMERCIAL CORRIDORS AND PROMOTE THE CHARACTER AND STABILITY OF DOWNTOWN JAMAICA, ALLOW LONGSTANDING BUSINESSES TO STAY COMPETITIVE AND KEEP PACE WITH NEIGHBORHOOD CHANGE, AND TO CREATE A STRONGER, SAFER NEIGHBORHOOD THAT ATTRACTS LOCAL RESIDENTS AND SHOPPERS, ALL IN ACCORDANCE WITH THE DOWNTOWN JAMAICA STOREFRONT IMPROVEMENT GRANT PROGRAM. NYBAC WILL APPLY THE FUNDING TO PAY FOR UP TO 75% OF THE TOTAL PROJECT COSTS FOR IMPROVEMENTS TO BUILDING FACADES. BLACK ENTREPRENEURS NYC (BE NYC) A GROUNDBREAKING MODEL FOR A MAJOR AMERICAN CITY TO HELP CREATE EQUITY OF OPPORTUNITY BY ADVANCING BLACK ENTREPRENEURSHIP. A $1,000 GRANT PROVIDED TO LOCAL BUSINESSES WHO SUFFERED PHYSICAL DAMAGE OR ECONOMIC LOSSES DURING A DESIGNATED BUSINESS EMERGENCY SUCH AS FIRE, FLOOD OR OTHER NATURAL DISASTERS. NEIGHBORHOOD CHALLENGE (BID CHALLENGE)- THE NEIGHBORHOOD CHALLENGE SUPPORTS INNOVATIVE PROJECTS THAT SOLVE SMALL BUSINESS CHALLENGES, GENERATE COMMUNITY AND ECONOMIC IMPACTS, AND RECEIVE LOCAL RECOGNITION UPON IMPLEMENTATION. THESE GRANTS ARE DESIGNED TO ENCOURAGE INNOVATION AND SERVICE DELIVERY IMPROVEMENTS TO NOT-FOR- PROFIT ENTITIES WITH ECONOMIC DEVELOPMENT BUDGETS UNDER $2 MILLION AND HELP THEM DEVELOP PROGRAMS THAT STRENGTHEN THEIR NEIGHBORHOOD. SMALL BUSINESS FINANCING PROGRAMSMALL BUSINESS FINANCING IS AN INITIATIVE TO CONNECT NEW YORK CITY BUSINESS OWNERS TO THE FINANCING PRODUCTS THAT BEST MEET THEIR BUSINESS NEEDS DURING AND AFTER THE COVID-19 PANDEMIC. NEW YORK MAIN STREET GRANT PROGRAM & CORPORATE ALLIANCE PROGRAM (CAP)OTHER MISCELLANEOUS PROGRAMS - ALL OTHER SMALL PROGRAMS SUCH AS CAP PROGRAM & NY MAIN STREET GRANT TO PROVIDE ASSISTANCE TO ENTREPRENEURS AND SMALL BUSINESSES WITH THE SKILLS, TOOLS AND RESOURCES TO ADDRESS CHALLENGES AND ACCELERATE THE GROWTH OF THEIR BUSINESS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dysnishall Gross Board Member | Trustee | 0.5 | $0 |
Tian Weinberg Board Member | Trustee | 0.5 | $0 |
Ismail A Mohamed Treasurer | Trustee | 0.5 | $0 |
Kevin Kim President | Trustee | 0.5 | $0 |
Anthony Dellolio Vice President | Trustee | 0.5 | $0 |
Luis Santiago Secretary | Officer | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $0 |
| Investment income | $1,512 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,512 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $12,375 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $362,493 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,312 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $118 |
| All other expenses | $0 |
| Total functional expenses | $664,577 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,315,320 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $149,747 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $1,522,744 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,987,811 |
| Accounts payable and accrued expenses | $8,000 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $8,000 |
| Net assets without donor restrictions | $224,373 |
| Net assets with donor restrictions | $2,755,438 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $2,987,811 |
Grants Awarded
Over the last fiscal year, New York City Business Assistance Corporation has awarded $323,788 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
WORKFORCE DEVELOPMENT CORPORATION PURPOSE: Professional Services | $311,413 |
LIHUA BAZAK PURPOSE: Storefront Improvement program | $12,375 |