Regional Council Capital Fund Program (ESD Grants – REDC)

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Objective

Funding is for capital-based economic development initiatives intended to create or retain jobs; prevent, reduce or eliminate unemployment and underemployment; and/or increase business activity in a community or region. 

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Overview

Capital grant funding from the Regional Council Capital Fund is available through the State‘s Regional Economic Development Council Initiative, which helps drive regional and local economic development across New York State in cooperation with 10 Regional Economic Development Councils (“Regional Councils”). Capital grant funding is available for capital-based economic development projects intended to create or retain jobs; prevent, reduce or eliminate unemployment and underemployment; and/or increase business or economic activity in a community or Region.

Only Minimum grant requests of $100,000 or more will be reviewed.

Applicants are strongly encouraged to reach out to their ESD Regional Office to discuss their project prior to submitting an application.

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Eligibility

Eligible applicants include for-profit businesses; not-for-profit corporations; business improvement districts; local development corporations; public benefit corporations (including industrial development agencies); economic development organizations; research and academic institutions; incubators; technology parks; municipalities; counties; regional planning councils; tourist attractions; and community facilities.

Individuals are not eligible to apply.

*If awarded funding, prior to ESD Directors’ approval and execution of a contract with ESD, a not-for-profit corporation must be registered and up-to-date with filings with the New York State Office of the Attorney General’s Charities Bureau and the New York State Office of the State Comptroller’s VendRep System and must be prequalified in the New York Statewide Financial System (SFS). 

Funds may be used for: 

  • Acquisition of land, buildings, machinery and/or equipment;
  • Demolition and environmental remediation;
  • New construction, renovation or leasehold improvements;
  • Acquisition of furniture and fixtures;
  • Commercial portion of mixed use projects; 
  • Soft costs of up to twenty-five percent (25%) of total project costs; and
  • Other costs / expenditures deemed eligible by ESD.