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The mission of LISBAC is to provide low-cost micro loans, financial literacy, small business technical assistance and private/public sector procurement resources that all aid in accelerating economic growth. financial sustainability, job creation and access to capital to underserved markets of the Long Island small business community.
The vision of LISBAC is a Long Island in which all small business owners have access to capital and credible financial resources needed to foster economic growth, job creation, and expand possibilities.
Established in 1998, LISBAC is a non-profit, community development micro-lender that promotes economic opportunity by providing innovative low-cost business loan products and financial literacy programs to primarily low-income, moderate-income, start-up, woman-owned, minority-owned, and veteran-owned, Long Island based businesses.
For 25 years the LISBAC Team has been dedicated to the success of the Long Island small business community. LISBAC has continually outreached, identified and served the unbanked, underbanked, socially economically disadvantaged individual (SEDI) business entities of the Long Island region.
LISBAC operates in an inclusive positive manner. The LISBAC Team recognizes that all our applicants have a promise of success. Therefore, our borrower relationship and loan decision making process have a unique approach. Whereas we look at every applicant as pre-approved until they give us a reason why not. Then the LISBAC Team has the expertise to recognize the urgency to increase individual technical assistance, business resources and referrals needed to turn that not right now, into a yes you are funded!
Since 2014, LISBAC has maintained certification to function as both a Certified Development Financial Institution (CDFI) and a Community Development Entity (CDE), with the US Department of Treasury, Certified Development Financial Institution Fund.
A CDFI Certification is a designation given by the CDFI Fund to specialized organizations that provide financial services in low-income communities and to people who lack access to financing. CDFIs include regulated institutions such as community development banks and credit unions, and non-regulated institutions like loan and venture capital funds. By building the capacity of a nationwide network of CDFIs, the CDFI Fund works to empower low-income and underserved people and communities to enter the financial mainstream.
A CDE is a domestic corporation or partnership that is an intermediary vehicle for the provision of loans, investments, or financial counseling in low-income communities. Certification as a CDE allows organizations to participate either directly or indirectly in the New Markets Tax Credit Program offered by the CDFI Fund.
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