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Empire State Development Blog

Find the latest news on economic development in New York State

We feature stories of innovative businesses that are making New York their home, plus offer updates on economic activity and development from around the state.

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Board Meeting

Thursday, February 21, 2019 - 9:30am
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Press Release

Wednesday, February 20, 2019 - 12:59pm
Governor Andrew M. Cuomo today announced that the parent company of world-renowned clothier Hickey Freeman, Luxury Men's Apparel Group, has committed to creating up to 80 new jobs over the next three years. By stabilizing operations and improving efficiencies at the historic factory in the City of Rochester, the company will not only create new jobs, but also retain its current 420 positions to further supporting anti-poverty efforts in Monroe County. "Hickey Freeman has been a fixture of Rochester's business and manufacturing community for generations, and this investment will ensure it remains part of the city's economic fabric for decades to come," Governor Cuomo said. "We are proud to support the expansion of this iconic Rochester company, creating quality jobs for hardworking residents and moving the Finger Lakes forward." "Hickey Freeman suits are a cut above the rest and are proudly made in New York State," said Lieutenant Governor Kathy Hochul, who made today's announcement in Rochester. "Their clothing is a storied part of Rochester's history, and we are committed to supporting their expansion and continued growth in upstate New York. Hickey Freeman is the latest company to announce new, good paying jobs in the City of Rochester, and this investment will help to ensure continued economic progress in the Finger Lakes region." To facilitate the plan, New York State is providing $4 million through a Finger Lakes Forward Upstate Revitalization Initiative convertible loan in exchange for the job creation commitment. In addition to the URI funding, efforts to ensure Hickey Freeman's continued presence [at the] at the company's North Clinton Avenue location were also supported by Federal Government officials, Monroe County, the City of Rochester, and the Greater Rochester Enterprise. Already underway, upgrades at the factory are expected to be completed by the end of 2019 with an estimated total project cost of $8.2 million. Read the full press release here. 
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Press Release

Wednesday, February 20, 2019 - 11:21am
Empire State Development (ESD) today announced a revolving loan fund of up to $4 million for small businesses in economically distressed areas in parts of Nassau, Rockland and Westchester Counties. The funding is provided by ESD’s Metropolitan Economic Revitalization Fund (MERF), which provides loans to businesses and governments in the New York portion of the territory covered by the Port Authority of New York and New Jersey (PANYNJ). Empire State Development President, CEO and Commissioner Howard Zemsky said, “This new revolving loan fund from the Metropolitan Economic Revitalization Fund will help more small business owners and MWBEs from economically distressed areas get access to capital, a vital tool for economic success.” The fund will focus on providing loans to New York State small business owners who have historically had difficulty accessing regular credit markets, particularly Minority and Women-owned Business Enterprises (MWBEs). Funding will be disbursed through four Community Development Financial Institutions (CDFIs). The Metropolitan Economic Revitalization Fund (MERF) provides loans to organizations investing in projects that retain or create a significant number of private-sector jobs in economically distressed areas within its service area. MERF works to address the lack of access to capital for people of color in the areas it addresses. Loans can be used for improving land and/or buildings, construction and renovation, and for machinery and equipment purchases. The fund will build upon the resources and capacity-building opportunities that New York State offers the MWBE community such as the Bridge to Success Loan Program, which provides short term bridge loans for New York State Certified MWBEs. Since its inception, the program has provided 153 loans totaling just over $24 million supporting over $201 million in contracts for New York State MWBEs. The New York State Surety Bond Assistance Program also provides technical and financial assistance to help MWBEs and small businesses secure surety bonding.  More than 469 MWBEs and small businesses have graduated from bond readiness training and MWBEs represent $89 million in surety bonding capacity as a result of New York State training and credit facilitation. Through collateral support alone, over $66 million in bonding was supported, of which over $42 million went to MWBEs. Small businesses interested in loans from the MERF program should contact the CDFI closest to their location directly. The CDFIs that have each been awarded up to $1 million in MERF funds are: BOC Capital Corporation Community Capital New York, Inc. Excelsior Growth Fund TruFund Financial Services, Inc. About Empire State Development Empire State Development (ESD) is New York’s chief economic development agency (www.esd.ny.gov). The mission of ESD is to promote a vigorous and growing economy, encourage the creation of new job and economic opportunities, increase revenues to the State and its municipalities, and achieve stable and diversified local economies. Through the use of loans, grants, tax credits and other forms of financial assistance, ESD strives to enhance private business investment and growth to spur job creation and support prosperous communities across New York State. ESD is also the primary administrative agency overseeing Governor Cuomo’s Regional Economic Development Councils and the marketing of “I LOVE NEW YORK,” the State’s iconic tourism brand. For more information on Regional Councils and Empire State Development, visit www.regionalcouncils.ny.gov and www.esd.ny.gov.   Contact: Adam Kilduff | adam.kilduff@esd.ny.gov | (212) 803-3744 ESD Press Office | pressoffice@esd.ny.gov | (800) 260-7313
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Public Notice

Friday, February 15, 2019 - 1:00pm
Achieve Capital Project
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Public Notice

Friday, February 15, 2019 - 10:50am
Village of Owego-Gateway Capital RESTORE IV Project
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Board Meeting

Thursday, February 14, 2019 - 10:00am
With videoconferencing to:   Empire State Development – Buffalo Regional Office 95 Perry Street Suite 500                         Buffalo, NY 14203 Empire State Development – Albany Office Conference Room 812 625 Broadway  Albany, NY 12245  
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Public Notice

Wednesday, February 13, 2019 - 3:30pm
Pall Corporation Capital Project
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Public Notice

Wednesday, February 13, 2019 - 3:00pm
The National Veterans Resource Complex Capital I Project 
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Success Story

Tuesday, February 12, 2019 - 3:39pm
Most people don’t spend much time thinking about the safety of the water they use every day. It’s there when it’s needed, clean and clear and coming out of a nearby tap or faucet. Consider yourself one of the lucky ones. “Water challenges are happening everywhere, and many are going to get much worse,” says Jay Iyengar, Chief Innovation and Technology Officer of Xylem, a company that helps address some of the world’s most pressing water problems. While the quest for safe and reliable water stretches to every corner of the globe, the journey often begins in the leafy village of Rye Brook, NY. It is there where the scientists and researchers at Xylem — the name is derived from the tissue in vascular plants which transports water and nutrients from the roots to the stems and leaves — use a combination of cutting-edge technology and advanced data analytics to enable more efficient, resilient, and sustainable water and wastewater management. Xylem benefits immensely from its locale, which affords access to an incredible talent base of scientists and researchers from leading companies and academic institutions both within the New York metropolitan area as well as the larger Northeast corridor.
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