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.  

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.

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. 

Funds may be used for: 

• Acquisition or leasing of land, buildings, machinery and/or equipment 
• Acquisition of existing business and/or assets 
• Demolition and environmental remediation 
• New construction, renovation or leasehold improvements 
• Acquisition of furniture and fixtures 
• Soft costs up to twenty-five (25%) of total project costs 
• Planning and feasibility studies related to a capital project 

How to Apply

• Applicants must complete and submit a Consolidated Funding Application (CFA) for review by ESD and the Regional Council for the region in which the proposed project is located.

For more information, eligible applicants should contact the local Empire State Development Regional Office.