Empire State Development news and press releases
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Press Release
Thursday, September 24, 2020 - 1:52pm
Previously Ineligible New York State Small Businesses Can Receive Low-Interest Working Capital Loans
Available to Small Businesses That Received PPP Assistance of $50,000 or Less
Empire State Development (ESD) today announced that Paycheck Protection Program (PPP) recipients are now eligible to receive low-interest loans from the New York Forward Loan Fund (NYFLF). This conditional change will provide the Fund's network of lenders and financial institutions with greater flexibility and enable them to provide more small businesses with working capital to cover expenses associated with reopening.
ESD Acting Commissioner, and President and CEO-delegate Eric Gertler said, "The coronavirus pandemic was an unprecedented challenge to the state’s business community, of which ninety-eight percent are small businesses. Providing assistance and opportunity – particularly to our state’s minority- and women-owned businesses – to help them reopen is essential toward revitalizing our economy and building New York back better."
When the NYFLF launched in May, the federal Small Business Administration had just issued rules regarding companies’ eligibility for federal assistance. The goal of the NYFLF was to help New York-based small businesses that did not receive PPP funding with flexible working capital to reopen and adapt to post-COVID needs. Companies with 20 employees or less make up 90% of New York’s business community, and it was critical to provide a funding lifeline to those businesses shut out of federal assistance.
However, some NYFLF applicants who needed assistance were deemed ineligible because they had already received PPP funds. Through discussions with lenders and applicants, it became apparent that PPP loans did not go far enough to support New York-based small businesses. Legislative criteria restricted how the government assistance could be spent, and oftentimes PPP amounts were a fraction of what was needed and requested.
Starting today, NYFLF Community Development Financial Institutions (CDFIs) will contact previously ineligible applicants to determine if they are still interested in funding and begin the underwriting process. This is limited to small businesses who received $50,000 or less in PPP assistance. The fund is prepared to process the new applications from this change while also working with existing applicants. Small business who did not receive any federal assistance are still eligible and encouraged to apply. Additionally, the program goal of providing at least 60% of loans to Minority- and Women-Owned Business Enterprises (MWBEs) remains, and that goal will not change due to the newly-expanded eligibility.
Eligible small businesses and small residential landlords can apply for a 60-month, no-fee loan with a 3% fixed interest rate; while eligible non-profits can apply for a 60-month, no-fee loan at 2% fixed interest. The maximum loan amount is $100,000. Loan funds can be used for working capital including payroll, operating and emergency maintenance, property taxes, utilities and costs associated with refitting physical space to follow social distancing guidelines. More information is available online at nyloanfund.com.
The five CDFIs processing applications are Accion East, Community Preservation Corporation, National Development Council, Pursuit and TruFund Financial Services. Seven banks have pledged support for the New York Forward Loan Fund: Apple Bank, BNB Bank, Evans Bank, HSBC, M&T Bank, Morgan Stanley and Wells Fargo. Additionally, the fund has received philanthropic commitments from the BlackRock Charitable Fund, Citi Foundation, Ford Foundation, and the Ralph C. Wilson, Jr. Foundation. The New York Forward Loan Fund was established with support from Calvert Impact Capital. The Local Initiatives Support Corporation (LISC) is administering the fund, and Connect2Capital is hosting applications.
About Empire State Development
Empire State Development (ESD) is New York’s chief economic development agency. 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 NY," the State’s iconic tourism brand. For more information on Regional Councils and Empire State Development, please visit www.regionalcouncils.ny.gov and www.esd.ny.gov.
Contact:
ESD Press Office | [email protected] | (800) 260-7313
Board Meeting
Tuesday, September 22, 2020 - 11:00am
Due to public health concerns and as authorized by Executive Order of the Governor, this meeting will be conducted via teleconference.
The public may listen to the meeting via webcast (audio) by clicking the link below on (or after) September 22, 2020 at 11:00 a.m.
Members of the public may submit comments on the Agenda items in writing by 4:00 pm on Monday, September 21, 2020 to: [email protected]
The Agenda and meeting materials will be posted the day before the meeting on LMDC’s website at www.renewnyc.com
Press Release
Thursday, September 17, 2020 - 7:00pm
Geopipe of New York City Secures $1 Million Grand Prize
Four Additional Finalists Each Receive $500,000
GENIUS NY Program Builds on Progress of CNY Rising - The Region's Comprehensive Strategy to Revitalize Communities and Grow the Economy
Governor Andrew M. Cuomo announced Geopipe of New York City is the winner of GENIUS NY's $1 million grand prize. The GENIUS NY program is the world's largest business competition focused on unmanned systems, cross-connected platforms and other technology-based sectors. BotsAndUs from the United Kingdom, Droneseed from Seattle, Washington, Eget Liber from Syracuse and Skyy Network from Australia were each awarded an investment of $500,000. New York State has now invested $20 million in GENIUS NY over four rounds of the competition. The year-long business accelerator awarded a total of $3 million to the five finalist teams at its virtual finals event during which the five teams pitched their business plans to a panel of eight judges. Following the pitches, all five competitors were awarded one of five investments. The teams will use these investments to continue to accelerate their growth and expand their presence in the region. GENIUS NY participants are required to operate their business in Central New York for at least one year.
"The GENIUS NY competition is transforming the landscape of Central New York as it continues to attract next generation of innovative entrepreneurs," Governor Cuomo said, "The state's continued investment in unmanned aerial system businesses is helping to ensure that New York remains the leader in this important industry and bringing quality jobs and growth to the Central New York region."
Read the full press release here.
Board Meeting
Thursday, September 17, 2020 - 9:30am
Due to public health concerns and as authorized by Executive Order of the Governor, this meeting will be conducted via teleconference.
The public may listen to the meeting via webcast by clicking the link below.
Members of the public may submit comments on the Agenda items in writing to [email protected] by 4:30 pm on Wednesday, September 16, 2020.
Press Release
Wednesday, September 16, 2020 - 6:30pm
Leading Flexible Packaging Manufacturer Building 25,000-Square-Foot Addition to its Facility in the Town of Ogden; Will Hire up to 40 New Employees
Investment Complements "Finger Lakes Forward" - The Region's Comprehensive Strategy to Revitalize Communities and Grow the Economy
Governor Andrew M. Cuomo today announced that leading flexible packaging manufacturer ProAmpac broke ground on a project that will establish a state-of -the-art innovation center in the Town of Ogden, Monroe County. The company is constructing a 25,000 square-foot addition to its existing facility on Manitou Road. The innovation center will focus on packaging development and design and will also host regional and global consumer packaged goods companies and vendors for events and training. ProAmpac had considered building the innovation center out of state but chose to expand at its current location thanks to the support from New York State. As a result of the expansion, the company has committed to hiring up to 40 new employees.
"ProAmPac's expansion is a true testament to our forward-thinking economic strategy that is fostering innovation and transforming the regional economy, creating top quality jobs," Governor Cuomo said. "By incentivizing this successful companies' continued growth we are strengthening the economy and creating good-paying jobs in Monroe County and across the state as we continue our mission to build back better."
"New York is committed to continuing to invest in and support businesses and projects to help grow and strengthen the local economy," said Lieutenant Governor Kathy Hochul. "The groundbreaking of ProAmpac's new packaging innovation center will expand the company's operations in the Monroe County area and add 40 new jobs. As a global manufacturer of flexible packaging, ProAmpac is advancing the growth of tech innovation in Rochester and creating new opportunities to build back better in the post-pandemic future."
Empire State Development Acting Commissioner and President & CEO-designate Eric Gertler "ProAmpac's continued commitment to expanding its operations in Monroe County will serve to boost the local manufacturing sector, provide jobs and strengthen the regional economy by helping to create a more sustainable community for generations to come."
Read the full press release here.
Press Release
Wednesday, September 16, 2020 - 5:03pm
More Than 260 Startups from 27 Countries Applied to Compete in Innovative Mentoring Program
The Food and Agriculture Industry Competition is Funded through Upstate Revitalization Initiatives - CNY Rising, Finger Lakes Forward and Southern Tier Soaring - Regional Comprehensive Strategies Aimed at Revitalizing Communities and Growing the Economy
Governor Andrew M. Cuomo today announced the 20 finalists selected to participate in round two of Grow-NY, a food innovation and agriculture technology business challenge focused on enhancing the emerging food, beverage and agriculture innovation cluster in Central New York, the Finger Lakes and Southern Tier regions. Finalists were chosen from a field of over 260 startups that applied to be part of the initiative. The Grow-NY region includes a broad 22-county swath that includes Upstate New York's farming community as well as several major urban centers, including Rochester, Syracuse, Ithaca and Binghamton. Cornell University's Center for Regional Economic Advancement is administering the competition and New York State is providing funding for the Grow-NY competition through the Governor's Upstate Revitalization Initiative connected with the three regions - CNY Rising, Finger Lakes Forward and Southern Tier Soaring.
"New York State is committed to supporting our world-renowned food and agricultural industry," Governor Cuomo said. "Once again, the Grow-NY competition has attracted a group of diverse, innovative entrepreneurs who are ready to focus on finding new, innovative ways to further transform this critical industry. It is through targeted efforts like Grow-NY that we will continue to bolster these regional economies, fostering statewide growth as we work to build back better."
"The agricultural economy in New York continues to grow with increased investment in our farms and local products," said Lieutenant Governor Kathy Hochul. "The first round of the Grow-NY Competition was a success, and we are excited about the potential that these finalists for round two have to make the industry even stronger. These companies are developing ideas and plans to revolutionize the industry by transforming sustainability and improving the health and well-being of New Yorkers. I congratulate all of the finalists and winners of the competition, and we look forward to helping these innovative companies grow and thrive in New York."
Read the full press release here.
Press Release
Monday, September 14, 2020 - 5:30pm
66 New York State Businesses, Community Colleges, and Community-Based Organizations Receive Funding for Workforce Development
Awards Will Fund In-Demand Skills Training for 3,600 New Yorkers
Governor Andrew M. Cuomo today announced that 66 businesses, schools, and community-based organizations across the state have been awarded nearly $9 million as part of the State's historic Workforce Development Initiative. The grants are federally funded and will support job training opportunities across the State for more than 3,600 New Yorkers adapting to the post-COVID economy.
"On behalf of all New Yorkers, I thank the essential workers who put themselves in harm's way to save lives and care for their fellow New Yorkers, and recommit to supporting all workers who are helping in New York's ongoing recovery," Governor Cuomo said. "These awards will provide thousands of workers with the training and skills they need to Build Back Better."
"Our historic Workforce Development Initiative is helping to meet businesses' short-term needs, improve regional talent pipelines, and address long-term job training needs of growing industries," said Lieutenant Governor Kathy Hochul, Chair of the statewide Regional Economic Development Councils. "This $9 million in awards will provide 66 businesses, colleges and organizations with funding for training for more than 3,600 New Yorkers. Job training is critical now more than ever to help provide thousands of New Yorkers with the skills they need to Build Back Better and seek new jobs and opportunities in the post-pandemic future."
Read the full press release here.
Press Release
Monday, September 14, 2020 - 5:00pm
SunDensity Awarded Top Honors and $1 Million in Investment
Four Additional Visionary Optics, Photonics, and Imaging Companies Secure Follow-on Funding Investment
Applications Now Being Accepted for Round 4 Through January 7, 2021
NYS Investment Complements "Finger Lakes Forward" - the Region's Comprehensive Strategy to Revitalize Communities and Grow the Economy
Governor Andrew M. Cuomo today announced SunDensity is the winner of Round 3 of the innovative Luminate NY competition. SunDensity received the "Company of the Year" award at Luminate's Finals 2020 competition, held at The Optical Society's international Frontiers in Optics + Laser Science APS/DLS conference. The company will receive $1 million in investment from New York State through the Finger Lakes Forward Upstate Revitalization Initiative. As required by the award, all winners of the competition will commit to establishing operations in Rochester for at least the next 18 months. SunDensity—which originated from MIT—will be locating its operations and manufacturing in Rochester. Luminate NY, which is administered by NextCorps, is the world's largest business accelerator for startup firms that have optics, photonics and imaging enabled technologies.
"Luminate NY's strategic investments in these emerging companies have upheld New York as a worldwide leader in optics, photonics, and imaging," Governor Cuomo said. "I congratulate SunDensity on winning Round 3 of the innovative Luminate NY competition and look forward to the company contributing to the growth of our region's OPI industry, which will continue to help move the Finger Lakes economy forward."
Read the full press release here.
Press Release
Monday, September 14, 2020 - 12:06pm
See renderings here
Erie Canal Harbor Development Corporation (ECHDC) met today and took several actions, including exterior signage design approval for the Buffalo Heritage Carousel (BHC) and Longshed at Canalside. See renderings of the signage here.
“These actions further advance the Buffalo Heritage Carousel and Longshed projects, which are key elements of the Canalside site as it is built out,” said ECHDC Chairman Robert Gioia. “The new signage is consistent with Canalside’s design guidelines and will complement other signage on the site.”
The Buffalo Heritage Carousel has proposed a full-color sign displaying the carousel name, KeyBank (BHC funding sponsor), and Canalside logos. Located on the southeast corner facing Main Street, the 5-by-7-foot sign will be framed in wood that matches the carousel gazebo’s exterior. An additional metal sign, displaying a description of the carousel and its operating hours, will also be placed on a wood totem near the carousel that matches the current sign installation at Canalside.
The Longshed building will host the Buffalo Maritime Center during the construction of a replica packet boat set to be launched in time for the Erie Canal Bicentennial in 2025. During its temporary tenancy, the Buffalo Maritime Center’s signage will be limited. A wood-framed, color sign, measuring 10 feet by almost 7 feet, will depict the packet boat under construction within the Longshed building, as well as brief descriptions and logos for Canalside, Buffalo Waterfront, and the Buffalo Maritime Center. This sign will be mounted on the Longshed in line with the building’s large overhead door. The Buffalo Maritime Center has also commissioned an approximately 11-by-4-foot bronze sculpture relief to be displayed below the Buffalo Maritime Center sign at the Longshed. It is anticipated the sculpture will remain at the Longshed building.
Both signage projects were formally reviewed by the Canalside Design Review Committee (DRC) to determine their consistency with the Canalside Design Guidelines. After their technical review, the DRC recommended ECHDC approve the exterior signs as they were presented. The Carousel and Longshed’s exterior signage was referred to the City of Buffalo Director of Planning for review and consideration in July in in order to adhere to Canalside’s Design Guidelines approval process and the city had “no comments” on the sign design.
Other actions taken by the board today include:
Authorization to enter into an amendment with Verizon for Donovan Block utility relocations. The amendment is not to exceed $64,432. Cost increases were due to escalation from the two-year lag from estimate to project completion, and minor adjustments in scope.
Approval of ECHDC’s adjusted operating and capital budgets for Fiscal Year 2020-21. The adjustment is due to increased insurance premium allocations.
About Erie Canal Harbor Development Corporation
The ECHDC is governed by a nine-member board consisting of seven voting directors and two non-voting, ex-officio directors. The seven voting directors are recommended by the New York State Governor and are appointed by the New York State Urban Development Corporation d/b/a Empire State Development as sole shareholder of ECHDC. The two nonvoting, ex-officio director positions are held by the Erie County Executive and the City of Buffalo Mayor.
As a subsidiary of Empire State Development, the state’s chief economic development agency, the Erie Canal Harbor Development Corporation supports and promotes the creation of infrastructure and public activities at Canalside, the Ohio Street corridor and the Outer Harbor that is attracting critical mass, private investment and enhance the enjoyment of the waterfront for residents and tourists in Western New York. Its vision is to revitalize Western New York’s waterfront and restore economic growth to Buffalo based on the region’s legacy of pride, urban significance and natural beauty. For more information on ECHDC, visit here.
Contact:
Pamm Lent (Governor’s Office) | [email protected] | (716) 846-8309
Laura Magee (ECHDC) | [email protected] | (716) 846-8239