Long Island Development Corporation is a 501C3 family of nonprofit economic development organizations which provide low cost loans, free technical assistance and seminars to small businesses, not-for-profits and others in Nassau and Suffolk Counties, Long Island, New York.
Formed in 1980, LIDC is governed by a diverse Board of community representatives including bankers, business people, educators, attorneys, philanthropists and others. It works with every regional resource from utilities to government to the private sector in order to bring all resources to the table for the benefit of its clients.
LIDC has operated under various government and private sector programs. It operated as an SBA (US Small Business Administration) 504 certified development company for over thirty years making second mortgage loans to small businesses acquiring their own facilities. Thanks to LIDC’s assistance under that program, such well known Long Island companies as Golds Horseradish, Sleepy’s, J. D’addario String, Singletons, and others were able to expand and afford commercial home ownership. LIDC created and operated the largest branch bank under the New York State Job Development Authority-also helping businesses acquire buildings and equipment. LIDC pioneered and conducted HUD small business loan funds for Suffolk County, the towns of North Hempstead and Hempstead and the Village of Hempstead-providing working capital. And, LIDC has been a marketing agent for SBA 7A nonbank lenders. LIDC also created a procurement program giving free counseling to entrepreneurs looking to get into government contracting-first under a DOD program and then independently.