Overview
What is Business Development Corporation?
Business Development Corporation, known as BDC, is a nonprofit organization based in South Bend, Indiana, specifically at 218 W Washington Street, 10th Floor. Their primary mission is to promote economic development primarily in North Central Indiana and Southwest Michigan. They have achieved this by generating loan approvals amounting to $27,451,557 and closing 23 loans worth $12,308,359 by the end of 2022. Additionally, BDC has granted a substantial sum of $105,623 to eleven local nonprofit organizations to support their initiatives. With a modest workforce of four individuals, BDC plays a significant role in fostering economic growth in its designated regions.
Official website here: www.bdcloan.com
Is Business Development Corporation legitimate?
Business Development Corporation is a legitimate nonprofit organization registered as a 501(c)(4) entity. Business Development Corporation submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $298,400
Professional Fundraising Fees: $0
Other Salaries and Wages: $60,424
For more financial information, click here
Official website here: www.bdcloan.com
What is the mission statement of Business Development Corporation?
The Business Development Corporation's mission is primarily focused on fostering economic development. They aim to achieve this objective within any and all counties in North Central Indiana and Southwest Michigan. The corporation has been successful in generating loan approvals totaling 27,451,557 as of fiscal year ended September 30, 2022, and closing 23 loans amounting to 12,308,359 by the end of 2022. Furthermore, they have provided grants to eleven local nonprofit organizations, amounting to 105,623.
Official website here: www.bdcloan.com
Who is the CEO of Business Development Corporation?
Elizabeth J Wittling is the President/Co of Business Development Corporation.
Official website here: www.bdcloan.com
What is the revenue of Business Development Corporation?
Business Development Corporation's revenue in 2022 was $816,472.
Official website here: www.bdcloan.com
Who are the executives of Business Development Corporation and what are their salaries?
The average compensation at Business Development Corporation during 2022 was $89,706. There are 4 employees and 16 volunteers at Business Development Corporation.
Here are 16 key members and their salaries:
- Compensation: $174,875
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- Other: $28,005
- Compensation: $70,752
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- Other: $17,770
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Official website here: www.bdcloan.com
Where can I find the form 990 for Business Development Corporation?
Business Development Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.bdcloan.com
Learn more at the official website: www.bdcloan.com
Mission Statement of Business Development Corporation
The Business Development Corporation, as its name suggests, is dedicated to fostering economic growth, primarily in regions situated within North Central Indiana and Southwest Michigan. Its mission is to catalyze economic development across these areas, aiming to drive positive change and promote prosperity.
Throughout its operations, the Business Development Corporation has demonstrated its commitment to this goal. By the end of the fiscal year 2022, it had successfully approved loans amounting to 27,451,557 dollars, resulting in 23 loan closings totaling 12,308,359 dollars. Additionally, the corporation has shown its support for local nonprofit organizations by providing grants, amounting to 105,623 dollars, to eleven of these organizations. These grants serve as a testament to the Business Development Corporation's dedication to fostering a thriving and sustainable community.
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Impact
October, 2024
The Business Development Corporation significantly contributes to economic advancement in North Central Indiana and Southwest Michigan by facilitating access to financial resources for local businesses. With total loan approvals amounting to over $27.4 million and closing 23 loans totaling more than $12.3 million as of the end of 2022, it plays a crucial role in empowering entrepreneurs and stimulating local economies.
Additionally, the corporation supports community improvement initiatives, providing over $105,000 in grants to eleven local organizations. This investment not only enhances the operational capacity of these organizations but also fosters a collaborative environment that drives further economic development in the region. By prioritizing local needs and focusing on sustainable growth, the Business Development Corporation creates a positive ripple effect, contributing to job creation, increased competitiveness, and overall enhancement of community vitality.
This information is meant to be a general summary of Business Development Corporation. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $144,909
- Program Service Revenue: $671,563
- Gross Receipts: $1,684,725
Assets and Liabilities:
- Total Assets: $4,829,222
- Total Liabilities: $67,052
- Net Assets: $4,762,170
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
LOAN SERVICE FEES
Revenue
$413,373
LOAN ORIGINATION FEES
Revenue
$134,775
INTEREST ON LOANS
Revenue
$73,177
CUSTOMER REIMBURSEMENTS
Revenue
$50,238
Organization Details
Founding Year
1983
Phone
(574) 288-5758Principal Officer
Elizabeth J Wittling
Main Address
218 W WASHINGTON STREET 10TH FL, SOUTH BEND, IN, 46601
Website
www.bdcloan.comNTEE Category
Code: S31 - Community improvement
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