Grants up to $50,000 and loans up to $500,000 available to help businesses enter the global marketplace
Governor Andrew M. Cuomo today announced the launch of the Global NY Fund Tour – a series of informational sessions being held in each of New York State’s ten economic development regions to inform small- and medium-sized businesses and non-profits about new resources available to support international export efforts. At today’s event in the Capital Region, Lieutenant Governor Kathy Hochul joined state officials who detailed the new $35 million Global NY Fund and answered questions from participants.
“This program makes it easier for businesses across the state to find new opportunities to grow in markets around the globe – which helps them thrive and create jobs here at home,” said Governor Cuomo. “I’m proud that our administration is helping New York’s private sector compete beyond our borders, and I look forward to seeing more of our state’s businesses succeed on the international stage.”
"The Global NY Fund is opening doors for companies in the Capital Region and across the State so they can more easily access the global marketplace," said Lieutenant Governor Kathy Hochul. "I strongly encourage any company interested in international trade to explore how the state's no-cost one-stop shopping services can help you grow."
ESD is working in partnership with lenders to extend financing to New York State companies seeking to create or expand direct exports, or to serve as suppliers to larger exporters. Through the program, loans of up to $500,000 are available for companies to purchase equipment and inventory needed to deliver on export-related contracts and provide working capital to support foreign accounts receivable. The program benefits businesses unable to access traditional credit markets, and will leverage tens of millions in export financing for New York State companies. Additionally, interest-free loans of up to $50,000 will be available for Distilled and Fermented Beverage industry businesses to promote New York State’s thriving beverage industry on a global scale.
ESD is also providing grants of up to $25,000 to help companies start exporting or increase their global exports. For example, grants may be used for market customization, participation in trade shows/missions, export workshops, and product adaptation to meet foreign regulatory requirements. Grants of up to $50,000 are available to non-profit organizations that provide export assistance and trade education to New York State companies.
The Global NY Fund Tour arrived today in the Capital Region, and is making stops in all of the state’s ten economic development regions:
- Capital Region (Albany): March 30, 8:30 a.m. – 10 a.m., Albany Marriott Hotel, 189 Wolf Road Albany, NY 12205.
- North Country (Watertown): April 4, 11:30 a.m. – 1 p.m., Ramada Watertown, 21000 NYS Rt. 3, Watertown, NY 13601.
- North Country (Plattsburgh): April 5, 8:30 a.m. – 10 a.m., Holiday Inn, 412 NYS Rt. 3 Plattsburgh, NY 12901.
- Southern Tier (Binghamton): April 13, 8:30 a.m. – 10 a.m., Innovative Technologies Complex – Symposium Hall, Binghamton University, 85 Murray Hill Road Vestal, NY 13850.
- Finger Lakes (Rochester): April 14, 11:30 a.m. – 1 p.m., Burgundy Basin Inn, 1361 Marsh Road, Pittsford NY 14534.
- Mid-Hudson (Rye Brook): April 19, 8:30 a.m. – 10 a.m., The Business Council of Westchester, 800 Westchester Ave, Rye Brook, NY 10573,
- Mid-Hudson (New Windsor): April 19, 2 p.m. – 4 p.m., William Larkin Conference Room, 33 Airport Center Drive, New Windsor, NY 12553
- Western New York (Buffalo): April 26, 11:30 a.m. - 1 p.m., Buffalo Niagara Partnership (Conference Room), 257 W Genesee Street #600, Buffalo, NY 14202.
- Central New York (Syracuse): April 27,11:30 a.m. – 1 p.m., Tech Garden Facility, 235 Harrison St., Syracuse, NY 13202.
- Long Island (Bethpage): May 2, 8:30 a.m. – 10 a.m., The Morrelly Homeland Security Center, 510 Grumman Road West, Bethpage, NY.
- New York City: May 11, 8:30 a.m. – 10 a.m., The Barclays Center Atrium, 620 Atlantic Avenue, Brooklyn, NY 11217.
- Mohawk Valley (Utica) – held March 29 at Mohawk Valley Community College.
Global NY offers one-stop shopping to both local businesses that want to export globally and to foreign businesses looking to invest in New York. For more information, visit global.ny.gov or call (212) 803-2300. Applications for both loans and grants will be available on ESD’s website.
About Empire State Development:
Empire State Development (ESD) is New York’s chief economic development agency (www.esd.ny.gov). The mission of ESD is to promote a vigorous and growing economy, encourage the creation of new job and economic opportunities, increase revenues to the State and its municipalities, and achieve stable and diversified local economies. Through the use of loans, grants, tax credits and other forms of financial assistance, ESD strives to enhance private business investment and growth to spur job creation and support prosperous communities across New York State. ESD is also the primary administrative agency overseeing Governor Cuomo’s Regional Economic Development Councils and the marketing of “I Love NY,” the State’s iconic tourism brand. For more information on Regional Councils and Empire State Development, visit www.regionalcouncils.ny.gov and www.esd.ny.gov.
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