Are you looking for capital to propel your startup to the next stage? Entrepreneurs seeking capital resources for a business that is operational or soon will be should explore Empire State Development (ESD) funding opportunities.
On March 22, the ESD leadership team spoke to NYU entrepreneurs on how to obtain capital from New York State’s economic development and investment programs. Here is a brief summary of the key takeaways from the meeting. The mission of the ESD is to provide loans, grants, tax credits, and technical assistance to New York State businesses seeking to grow, commercialize new technologies and products, and create economic opportunities in local communities.
To be considered for ESD capital, NYU entrepreneurs are encouraged to apply for capital through the Consolidated Funding Application (CFA), a streamlined approach to apply for ALL funding requests provided by 13 state agencies, unless stated otherwise. Awards are announced late Fall.
The opportunities are endless and all it takes is to assess fit with available resources and to apply online. Capital provided by the ESD include:
- New York State Innovation Venture Capital Fund invests its $100M to attract and support high-growth businesses in the commercialization of new technologies, to incentivize economic growth, and encourage job creation in New York State.
- The $47 million Innovate NY Fund supports seed stage businesses in job creation and growth, and high-growth entrepreneurship in New York State.
- A $2 million seed-stage fund to support innovation and spur economic development activities in Minority-Owned Business Enterprises (MBEs), Minority-Owned Women Business Enterprises (MWBEs) and Women-Owned Business Enterprises (WBEs).
- Minority and Women Revolving Loan Trust Fund Program makes low-cost loans of up to $35,000 and fixed asset loans of up to $50,000 to MWBE’s that cannot find traditional sources of capital.
- Regional Revolving Loan Trust Fund offers working capital loans up to $80,0000 to small businesses employing fewer than 100 employees.
- ESD Grants for projects intended to create and retain jobs, increase business or economic activity in a community or Region, such as the NYC REDC strategy targeting high growth potential in “Opportunity Zones”.
- Excelsior Jobs Program provides tax credits to high-tech, bio-tech, clean-tech, and manufacturing businesses that creates jobs or make significant capital improvements.
NYU entrepreneurs can search for and request funding at RegionalCouncils.ny.gov. The CFA is set to open in mid-Spring and is expected to close during the summer.