Renaissance Economic Development Corporation

Organization Overview

Renaissance Economic Development Corporation is located in New York, NY. The organization was established in 1998. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2021, Renaissance Economic Development Corporation employed 27 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Renaissance Economic Development 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 12/2021, Renaissance Economic Development Corporation generated $5.4m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 11.0% each year . All expenses for the organization totaled $3.1m during the year ending 12/2021. While expenses have increased by 6.6% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2021

Describe the Organization's Mission:

Part 3 - Line 1

RENAISSANCE ECONOMIC DEVELOPMENT CORPORATION PROVIDES DIRECT FINANCING AND TECHNICAL ASSISTANCE SERVICES THROUGHOUT NEW YORK CITY. RENAISSANCE FOCUSES ON LOW-INCOME, IMMIGRANT 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, MINORITY, WOMEN, AND IMMIGRANT ENTREPRENEURS.

Describe the Organization's Program Activity:

Part 3 - Line 4a

SMALL BUSINESS LOANS PROGRAM - REDC LENDS MONEY TO SMALL BUSINESSES IN ITS TARGET COMMUNITIES. MANY OF THESE SMALL BUSINESS BORROWERS OPERATE BUSINESS IN THE RETAIL, WHOLESALE, RESTAURANT, AND CERTAIN PERSONAL SERVICE INDUSTRIES WITH THEIR PRIMARY BUSINESS OPERATIONS LOCATED IN MANHATTAN, QUEENS, AND BROOKLYN.


TECHNICAL ASSISTANCE & EDUCATION - REDC PROVIDES TARGETED TECHNICAL ASSISTANCE TO LOW INCOME, MINORITY, WOMEN AND IMMIGRANT ENTREPRENEURS & SMALL BUSINESS OWNERS, HELPING THEM TO OVERCOME TRADITIONAL IMPEDIMENTS TO BUSINESS GROWTH AND SUCCESS. REDC SPECIALIZES IN SERVING BUSINESSES IN ITS TARGET MARKETS THAT BANKS AND GOVERNMENT PROGRAMS CANNOT SERVE, SUCH AS 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.


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Board, Officers & Key Employees

Name (title)Compensation
Jessie Lee
Managing Director
$157,115
Peggy Chan
Chair
$0
Raymond Lou
Secretary
$0
Thomas Yu
Co- Executive Director
$0
Jennifer Sun
Co- Executive Director/ Treasurer
$0
Tim Jung
Chief Financial Officer (outgoing)
$0

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$0
Related organizations$0
Government grants $2,358,288
All other contributions, gifts, grants, and similar amounts not included above$2,136,513
Noncash contributions included in lines 1a–1f $0
Total Revenue from Contributions, Gifts, Grants & Similar$4,494,801
Total Program Service Revenue$1,097,566
Investment income $5,124
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income -$158,756
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 $5,438,735

Grants Recieved

Over the last fiscal year, we have identified 7 grants that Renaissance Economic Development Corporation has recieved totaling $1,507,696.

Awarding OrganizationAmount
Alphadyne Foundation

New York, NY

PURPOSE: PROVIDES DIRECT FINANCING AND TECHNICAL ASSISTANCE SERVICES THROUGHT NEW YORK CITY, FOCUSES ON LOW-INCOME, IMMIGRANT NEIGHBORHOODS WHERE THE BARRIERS OF LANGUAGE, CULTURE AND CONVENTIONAL LOAN UNDERWRITING HAVE STYMIED THE GROWTH OF SMALL BUSINESS

$625,000
Citi Foundation

New York, NY

PURPOSE: SMALL BUSINESS TECHNICAL ASSISTANCE INITIATIVE

$500,000
Korean-American Community Foundation Inc

New York, NY

PURPOSE: Korean Small Business Services

$135,000
The Blackbaud Giving Fund

Charleston, SC

PURPOSE: GENERAL SUPPORT

$100,000
The Blackbaud Giving Fund

Charleston, SC

PURPOSE: GENERAL SUPPORT

$100,000
National Coalition For Asian Pacific American Community Dev

Washington, DC

PURPOSE: AAPI Community Resilience Fund; Small Business Network

$46,500
View Grant Recipient Profile

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