Albany, NY – May 6, 2009 – (RealEstateRama) — Governor David A. Paterson today announced the availability of $35 million in Downstate Regional Blueprint Fund grants to finance business investment, infrastructure upgrades and downtown redevelopment that will advance New York’s economic vitality. The Fund will support projects that help attract businesses, improve commerce and revitalize local economies. The Blueprint Fund will be administered by Empire State Development (ESD) and available to projects in New York City, Westchester, Rockland, Putnam, Nassau and Suffolk counties.
“New York’s economic security depends on the success of our small business community. The Downstate Regional Blueprint Fund focuses on their interests, upgrading our industrial centers and helping small businesses meet their needs,” Governor Paterson said. “We must focus on spending our resources wisely and making investments that provide opportunities for growth and job creation. This Fund will help to keep our entrepreneurs, workers and families in New York.”
The Fund will invest in projects that advance local development and small businesses, for instance making improvement to industrial parks and providing loans for purchase of equipment, real estate or other needs. Eligible applicants include municipalities, businesses, academic institutions, and non-profits and awards will range from $100,000 to $5 million. The program will give a preference to requests for loans, with principal repayments able to be recycled for future projects.
To ensure that each project meets the specific needs of its region, all applications will undergo a competitive review process by ESD’s Regional Office Directors, with the support of central ESD resources. 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.
ESD President & CEO Marisa Lago said: “In challenging fiscal times, it’s even more important that we target our economic development resources. We’re focused on three key needs that underpin a sound economic development strategy: assisting our Downstate businesses as they invest in their buildings, machinery and equipment; preparing land and outmoded buildings so that they’re ready-to-use for businesses looking to expand or relocate; and revitalizing signature development projects in the downtowns of our villages, towns and cities.”
Downstate Regional Blueprint Funds application forms will be posted on Empire State Development’s Web site at www.nylovesbiz.com on May 11, 2009.
Empire State Development is New York’s chief economic development agency. ESD also oversees the marketing of “I LOVE NY,” the State’s iconic tourism brand. For more information, visit www.nylovesbiz.com.
