New York’s Upstate Regional Blueprint Fund (“Upstate Fund”) and Downstate Revitalization Fund (“Downstate Fund”) seek to promote economic development by financing capital investment in New York State.   

The Upstate Fund and Downstate Fund were enacted in 2008, with funding awards announced in October 2009 and January 2010. The two Funds are largely similar with regard to purpose and use, but are distinct with regard to geography between the Upstate and Downstate regions.  

Program Highlights:
Upstate Fund:  $120 million
Downstate Fund:  $35 million
Funds are allocated in three “Tracks,” as follows:
    * Business Investment Track (operating businesses)
    * Infrastructure Investment Track (place-based investments)
    * Downtown Redevelopment Track (place-based investments) 

There are three forms of assistance:
    * Subsidized Loans
    * Convertible Loans
    * Grants

Fund assistance parameters:
Minimum assistance level: $100,000 ($250,000 for Subsidized Loans)

Maximum assistance level: $5 million (Fund assistance not to exceed 20% of the project budget)

Applicant to provide a minimum 10% equity contribution (May not be funded by borrowing against any item in the project budget)

Funds may be used for acquisition, hard costs and project-related soft costs (Acquisition and soft costs are eligible only to the extent they do not exceed 25% of the total project costs)

Funds may not be used for operational expenses, working capital, refinancing, training, or residential projects. 


Additional Resources
Program Guidelines
Upstate Downstate Fund Award Announcements