Long Island Development Corporation

Long island defense diversification revolving loan fund:in 1994 lidc entered into a contract with new york state department of economic development ("nysded") to administer a $2.0 million loan fund to disburse loans to defense dependent small business manufacturers using funds provided by the economic development administration ("eda") under the u.s. Department of commerce through nysded. The fund was increased to $2.5 million in 1995. The use of funds was expanded to targeted industries (note a-2c). Repayments of principal and interest along with interest on deposits and fees received in connection with these loans are restricted for future lending. Interest and fees received on outstanding loans for the year ended september 30, 2024 was $231,262. In addition, lidc maintains reserve deposit accounts for some of the borrowers, interest on which belongs to lidc. Lidc receives administrative fees in connection with this program which are paid from interest and fees earned up to certain maximum limits set by contract. For the year ended september 30, 2024, lidc received from the long island defense diversification revolving loan fund administrative fees of $114,884. In a letter dated june 21, 2022, the new york state department of economic development requested that eda release its federal interest in investment number 01-49-03291. The request was granted by the eda to release its federal interest in the revolving loan fund awards that have operated satisfactorily for seven years beyond disbursement of grant funds. Therefore, the lidc defense diversification revolving loan fund was graduated to a legacy revolving loan fund.long island fisheries assistance revolving loan fund:in september 1994, lidc entered a contract with the nys department of economic development (nysded) and job development authority (jda), to administer a $750,000 fund to assist commercial fishermen and aquaculture related industries negatively impacted by pollution and regulation on long island. $500,000 is funded by the us department of commerce, economic development administration (eda) through nys ded and $250,000 is funded be the jda. The funds are used for working capital and capital asset loans to eligible small businesses located on long island. In a letter dated june 21, 2022, the new york state department of economic development requested that eda release its federal interest in investment number 01-19-63003. The request was granted by the eda to release its federal interest in the revolving loan fund awards that have operated satisfactorily for seven years beyond disbursement of grant funds. Therefore, the lidc fisheries assistance revolving loan fund was graduated to a legacy revolving loan fund. Lidc receives administrative fees, subject to maximum limits set by the contracts. The administrative fee is paid from interest and fees earned in connection with the program. Interest and fees received on outstanding loans for the year ended september 30, 2024 was $79,508. Use of interest, principal and fees is restricted by contract. For the years ended september 30, 2024, lidc received from the long island fisheries assistance revolving loan fund administrative fees of $38,049.long island targeted industries revolving loan fund:in 1995, lidc entered into agreements with the nys urban development corporation ("udc"), nassau and suffolk counties to create the long island working capital loan fund. This fund was to provide working capital loans to targeted small businesses for defense diversification, industrial modernization, and special community projects. As of september 30, 1999, lidc had received $2,000,000 in loan loss reserve funds from udc ($1,000,000), suffolk county ($500,000), and nassau county ($500,000). During the fiscal year 1999 the long island working capital loan fund was dissolved and the balance of the nys (udc) loan loss reserve was transferred into the long island targeted industry rlf for direct lending. Eligibility for the targeted fund was expanded beyond the listed targeted industries, and community development projects to include non-retail state minority and/or women owned businesses certified by nys and to include any businesses located in a nys empire zone, or that is nys excelsior certified. Lidc receives administrative fees, subject to maximum limits set by the contracts. The administrative fee is paid from interest and fees earned in connection with the program. Interest and fees received on outstanding loans for the year ended september 30, 2024 was $130,028. Use of interest, principal and fees is restricted by contract. For the year ended september 30, 2024, lidc received from the long island targeted industries revolving loan fund administrative fees of 67,021.