NY Dedicates Federal Funds for Investment in Emerging Tech Companies, Manufacturers

Lawmakers last week passed a measure establishing the Innovate NY Fund to invest $25 million of federal funds in technology development organizations, research universities, and seed-stage investment funds. The Empire State Development Corporation will administer the fund and establish a competitive process for evaluating applicants. Investment priority is given to companies involved in commercialization of R&D or high-tech manufacturing.

Funding comes from the State Small Business Credit Initiative, which is part of the Small Business Jobs Act of 2010 signed into law by President Obama in September. All states are eligible to apply for the funds meant to spur lending to small businesses and manufacturers. New York was awarded $55.4 million. The legislation requires funds to be invested in New York-based, seed-stage companies with substantial potential growth and job development in emerging technology fields. The bill (A. 8452) awaits action by Gov. Andrew Cuomo and is available at: http://public.leginfo.state.ny.us