Empire State Development (ESD), New York State’s chief economic development agency, offers incentives and programs to NYS manufacturers. To support businesses and encourage growth, ESD provides loans, grants, tax credits, and other financial and technical assistance. For manufacturers across the Empire State, ESD funding opportunities through Global NY, START-UP NY, and the New NY Broadband program can foster innovation, expansion, and increased profitability.
Is your NYS business thinking about exporting? If you’re already sending some of what you make overseas, would you like to expand that part of your operation? Many manufacturers want to reach foreign markets, but need financial assistance to do so. That’s why ESD created the Global NY Fund, which provides grants up to $50,000 and loans up to $500,000. Working in partnership with lenders, ESD can help NYS manufacturers who want to create or expand direct exports, or serve as suppliers to larger exporters.
Global NY, a new initiative launched by Governor Andrew M. Cuomo, is the latest innovation from a state that’s long been a leader in international trade. Through the Global NY Fund, manufacturers can borrow up to $500,000 to buy equipment and inventory to fulfill export-related contracts. This is especially important for manufacturers who are unable to access traditional credit markets. In addition, members of the distilled and fermented beverage industry can take industry-free loans of up to $50,000.
ESD and Global NY are also providing grants of up to $25,000 to help companies start exporting, or to increase their exports. These grants can be used for market customization, participation in foreign tradeshows and missions, attendance at export workshops, and product adaptation efforts that are designed to meet foreign regulatory requirements. Non-profit organizations that provide export assistance and trade education to NYS manufacturers can also apply for grants of up to $50,000.
START-UP NY and The New NY Broadband
Another NYS initiative, START-UP NY, offers new and existing manufacturers the opportunity to operate tax-free for 10 years on or near an eligible university or college campus in New York State. By partnering with a participating institution, manufacturers can gain direct access to research laboratories and technical experts. START-UP NY is open to new businesses across the Empire State, and to existing firms that want to expand or relocate within NYS while partnering with a college or university.
Not all NYS companies qualify for START-UP NY, however. The program is aimed at businesses in advanced materials and manufacturing, biotech and life sciences, computers and electronics, optics and imaging, clean technology and renewable energy, and transportation equipment. For successful applicants who meet START-UP NY’s requirements, the program means no incomes tax, sales tax, property tax, franchise fees, or business or corporate state or local taxes for a full decade.
Finally, NYS manufacturers can benefit from the New NY Broadband program, which will provide grants to incentivize the expansion of broadband access to unserved and underserved areas through the Empire State. The program makes $500 million available to applicants who agree to make co-investments in infrastructure projects. Recipients will support the availability of high-speed Internet access at speeds of at least 100 Mbps in most places, and at speeds of 25 Mbps in remote or underserved areas.
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