Long Island Small Business Assistance Corp (LISBAC)

The Long Island Small Business Assistance Corp (LISBAC) is a non-profit community development micro-lender that aims to enhance economic opportunities in the Long Island region by providing innovative low-cost business loan products. Established in 1998, LISBAC focuses on supporting low-income, moderate-income, start-up, woman-owned, minority-owned, and veteran-owned businesses.

Mission

LISBAC's mission is to offer low-cost micro loans, financial literacy programs, small business technical assistance, and access to public and private sector procurement resources. These initiatives are designed to promote economic growth, job creation, and financial sustainability within underserved markets of the Long Island small business community.

Vision

The organization envisions a Long Island where small business owners have accessible capital and reliable financial resources to foster economic growth, expand possibilities, and create jobs.

Programs and Services

• Micro Loans: LISBAC provides micro loans ranging from $1,000 to $2,500 with low fixed interest rates and no prepayment penalties. The loans are self-amortizing with a monthly repayment schedule.
• Financial Literacy and Training: The organization offers workshops and seminars in financial literacy, bookkeeping, marketing, and procurement to support business development.
• Technical Assistance: LISBAC provides free individualized technical assistance, including review of business plans and financials, and support with office procedures, employee relations, and supply distribution methods.
• Procurement Support: Assistance with procurement registration and M/WBE certification is also available to help businesses access government and corporate contracts.

Certifications

LISBAC is certified as both a Certified Development Financial Institution (CDFI) and a Community Development Entity (CDE) by the US Department of Treasury. These designations recognize LISBAC's role in providing financial services to low-income communities and promoting economic development.

Partnerships

LISBAC collaborates with various organizations such as Asian Women In Business, Black Women Enterprises, and the Long Island Hispanic Chamber of Commerce to support diverse business communities on Long Island.

Impact

Over 25 years, LISBAC has been instrumental in reaching unbanked and underbanked businesses, fostering an inclusive environment that supports the growth and success of the Long Island small business community.