Southwest Brooklyn Industrial Development Corporation

What it reported doing in 2024

As we have since 1978, sbidc has worked tirelessly to ensure that the industrial core of southwest brooklyn remains strong and that it remains a center of opportunity for workers throughout the area. Our unique combination of direct business services, workforce development and training, entrepreneurship training, community planning and revitalization, and advocacy helped businesses throughout southwest brooklyn thrive in a market and a city that can be challenging for manufacturers and other industrial businesses. Challenges include a competitive real estate market that prioritizes residential and commercial tenants over industrial ones; supply chain challenges; rising costs of doing business in an urban environment; and a competitive labor market.since july 2024, sbidc supported over 200 industrial employers seeking help with complex financing programs, new business development opportunities, recruiting employees, navigating government regulations, and large-scale rezoning proposals in brooklyn. Sbidc offers business education programming focused on business development strategies and financial growth. In 2025, sbidc also launched a new program called we source, which aims to connect local small businesses to opportunities in the offshore wind sector and larger green economy. As part of this project, we are providing 20 firms with direct procurement assistance and 40 hours each of business consulting support specific to the green economy and offshore wind sector. In addition to our new programs, we also offered two semesters of our plan for growth business education course, an 8-week program that helps mwbes and dbes create a plan for growth. The program included courses on marketing, financing, chart of accounts, customer discovery, and more. We graduated 40 businesses from these plan for growth cohorts. To date, the program has graduated over 160 business owners. We also hosted four webinars on credit counseling and accessing financing throughout the year. Finally, we hosted two large networking events for small businesses. Sbidc's workforce 1 center includes a staff of four full-time workforce development professionals. Our job developers helped place 180 people in full time industrial jobs this year. Our career services manager and recruitment specialist saw over 1000 customers, helping them with career counseling, resume building, and referrals to wrap around services. The team also placed 182 people in full-time industrial jobs. Sbidc continued to advocate for the industrial working waterfront. We joined the brooklyn marine taskforce to advocate for maritime industry throughout the industrial business zone. We also increased our real estate assistance services, helping two small manufacturers locate in a new industrial building in gowanus.

Financial Efficiency

• Mission deployment rate: 84.9%; rating input score 85
• Program expense ratio: 79.8%; rating input score 80
• Fundraising efficiency: $39.49 raised per $1 spent on fundraising; rating input score 74; 74th percentile among comparable filings

Transparency & Controls

• Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
• Pay-setting controls: 3 of 6 controls in place; rating input score 50
  • Compensation committee: Pass
  • Independent consultant: Missing
  • Other Form 990s reviewed: Missing
  • Written employment contract: Missing
  • Compensation survey or study: Pass
  • Board or committee approval: Pass
• Foreign activity oversight: Limited
• Grant itemization coverage: Limited
• Major donor itemization: Yes; rating input score 100
• Related-party transparency: Limited

Accountability

• Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
• Governance controls: 8 of 8 controls in place; rating input score 100
  • Conflict-of-interest policy: Pass
  • Whistleblower policy: Pass
  • Document-retention policy: Pass
  • CEO compensation review process: Pass
  • Other executive compensation review process: NotApplicable
  • Form 990 shared with the board: Pass
  • Board meeting minutes documented: Pass
  • Audit committee oversight: Pass
  • Independent financial-statement audit: Pass

Sustainability

• Operating margin: -6.3%; rating input score 22; 22nd percentile among comparable filings
• Total-asset coverage ratio: 1.38; rating input score 53; 53rd percentile among comparable filings
• Liabilities to assets ratio: 0.32; rating input score 24; 24th percentile among comparable filings
• Officer compensation ratio: 13%; rating input score 28; 28th percentile among comparable filings

Growth

• Program expense growth: 2.8% per year; rating input score 100; 30th percentile among comparable filings
• Revenue growth: 5.7% per year; rating input score 100; 48th percentile among comparable filings
• Asset growth: 13.8% per year; rating input score 100; 70th percentile among comparable filings