Applications due June 15, 2009; Awards Announced August 17, 2009
Governor David A. Paterson today announced the availability of $120 million in Upstate 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 provide a framework for future growth in regions with stymied development. The Blueprint Fund, which will be administered by Empire State Development (ESD), will help to attract businesses, improve commerce and revitalize local economies.
“The Upstate Regional Blueprint Funds help us to provide small business and development communities with the resources they need to succeed,” Governor Paterson said. “The road to fiscal recovery must focus on spending our resources wisely and making investments that advance businesses, improve our infrastructure and turn blighted areas into inviting town centers. This Fund will help to create the opportunities that create jobs and 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 Upstate 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.”
ESD Upstate President Dennis Mullen said: “As I’ve traveled across the Empire State to meet with business leaders, we’ve discussed the root causes of Upstate New York’s economic challenges and the revitalization we are all working toward. This $120 million program is a response to these many conversations and the Upstate Blueprint process, which began our State’s efforts to focus on the unique challenges we face. This strategic investment will directly respond to the needs of the Upstate economy, creating and retaining jobs and fostering sustainable growth that will position our economy for future generations.”
Upstate Regional Blueprint Funds application forms will be posted on Empire State Development’s Web site at www.nylovesbiz.com on May 11, 2009.
ESD is New York’s chief economic development agency and also oversees the marketing of “I LOVE NY,” the State’s iconic tourism brand. For more information, visit www.nylovesbiz.com.