$120 Million Upstate Regional Blueprint Fund
$35 Million Downstate Revitalization Fund
Competitive Grant / Loan Program For Development Projects In NY
Targeting Small Business Investments and Development
Round One Applications Accepted May 11 - June 15, 2009
Round One Awards To Be Announced August 17, 2009
As part last year’s SFY 2008-09 State Budget two new funds were established to finance business investment, infrastructure upgrades and downtown redevelopment. The new $120 million Upstate Regional Blueprint Fund and the new $35 million Downstate Revitalization Fund. Each of these Funds will be a competitive program that will be administered by Empire State Development Corporation (ESDC), and each is designed to attract businesses, improve commerce and revitalize local economies.
The $35 million Downstate Fund will be available for projects in New York City and the Counties of Westchester, Rockland, Putnam, Nassau and Suffolk. The $120 million Upstate Fund will be available for projects in all other Counties of the State.
It is anticipated that these Funds will invest in projects that advance local development and small businesses, for example making improvements to industrial parks, providing loans for the purchase of equipment, real estate acquisition, preparing land and outmoded buildings so that they’re ready-to-use for businesses looking to expand or relocate.
Eligible applicants can include for-profit businesses, not-for-profit corporations, public benefit corporations, municipalities, and academic institutions. Awards from these Funds will range from $100,000 to $5 million. ESDC will give a preference to those applicants requesting loans, with principal repayments able to be recycled for future projects.
Applicants will be required to pay a $250 application fee, which will be refunded if the application is withdrawn or rejected. ESDC will give priority to those applicants with: significant private financing or matching funds; a cost benefit analysis that demonstrates new private sector job creation and/or investment; and has significant support from the local business community, local government, community organizations, academic institutions, and other regional parties.
All applications will undergo a competitive review process by ESDC’s Regional Office Directors. Requests for business investment assistance will be reviewed on a rolling basis, whereas requests for infrastructure and downtown redevelopment assistance will follow a quarterly calendar, with the first round of applications due June 15, 2009, and awards announced August 17, 2009.
Upstate Regional Blueprint Funds and Downstate Revitalization Fund application forms will be posted on Empire State Development’s Web site at www.nylovesbiz.com starting on May 11, 2009.
If you there are any projects in your District that may be eligible for funding from these new grant programs, you should encourage them to apply immediately.