Programs for Nonprofits
The nonprofit sector is not only a substantial employer in New York City. It keeps the city strong and provides critical services to New Yorkers, from reducing barriers to employment to preserving parks and outdoor spaces to increasing access to economic opportunity for people and communities.
NYCEDC is committed to strengthening nonprofit organizations across industries through a variety of tailored tools and opportunities for collaboration.
Business Support and Entrepreneurship
NYCEDC has fostered an incubator and co-working space network that provides low-cost space, business services, training, and networking opportunities to hundreds of startups and small businesses across a variety of sectors. Over 1,000 startup businesses and 1,500 employees have benefited from City-supported incubators, and these companies have raised more than $180 million in venture funding
NYCEDC’s Center for Economic Transformation has many programs and services that focus on promoting industries, including life sciences and healthcare, media and technology, urban innovation and sustainability, industrial manufacturing, fashion, and arts. Ranging from talent programs to innovation competitions, entrepreneurial training to financing, these programs may engage nonprofits as participants, strategic partners, and operational partners.
Real Estate & Capital Projects Support
Build NYC Resource Corporation (Build NYC), a local development corporation incorporated under the New York Not-for-Profit Corporation Law, is administered by NYCEDC and assists qualified projects in obtaining tax-exempt and taxable bond financing. As a conduit bond issuer, Build NYC’s primary goal is to facilitate access to private activity tax-exempt bond financing for a variety of eligible borrowers to acquire, construct, renovate and/or equip their facilities.
The New Markets Tax Credit (NMTC) program is a federal tax credit program administered by the U.S. Department of Treasury Community Development Financial Institutions (CDFI) Fund that is designed to generate private-sector capital investment in low-income communities. The program permits taxpaying investors to receive a credit against federal income tax liability in exchange for making qualified equity investments (QEI) in designated Community Development Entities (CDEs). Substantially all of the qualified equity investment must, in turn, be used by the CDE to provide investments to projects and businesses in low-income communities.
NYCEDC facilitates the use of the New Markets Tax Credit program for the financing of projects in low-income communities through NYC Neighborhood Capital Corporation and strategic collaborations with a number of national CDEs.
A public-private partnership that helps micro and small businesses experiencing difficulty accessing conventional bank loans to obtain loans and lines of credit up to $250,000 for working capital, leasehold improvements, and equipment purchases. Some microlenders will consider start-up loan applications.
The program also provides up to a 40 percent guarantee on loans for qualified NYC micro (under 20 employees) and small (21-100) businesses experiencing difficulty in accessing loans.
Led by the consultant team of Penn Flood Consulting and Denham Wolf Real Estate Services, the Capacity Building Workshop is designed to help organizations begin to plan capital projects like the renovation of a facility, acquisition of space, or new construction. Participants walk away with a sense of board engagement, fundraising, budgeting, city-specific requirements on capital project funding, and the basics of construction planning and management.
NYCEDC has a dedicated team that works with private organizations that are awarded City funds by elected officials. NYCEDC administers the payment of these funds, which must be used to help underwrite the costs of capital projects that provide the City with a public benefit.