Empire State Development Awards $11 Million for Economic Growth in New York
Deal News | Jan 10, 2025 | New York Ventures Inc
Empire State Development (ESD) has announced the allocation of over $11 million to support more than 100 economic development projects in New York State via Round XIV of the Regional Economic Development Council initiative. The funding is divided into three programs aimed at various economic segments: $5.9 million for the Small Manufacturer Modernization Program, $4.3 million for the Not-for-Profit Capital Grant Program, and $943,000 for Strategic Planning and Feasibility Studies. These initiatives are part of a broader state effort to stimulate regional growth through a community-driven strategy. The Consolidated Funding Application simplifies access to state resources, allowing projects to easily secure necessary funding. The Regional Economic Development Councils, established in 2011, continue to bolster this bottom-up approach to state investment.
Sectors
- Economic Development
- Manufacturing
- Non-Profit Sector
- Urban Planning and Development
Geography
- New York, USA – The initiatives and funding are aimed at projects within New York State.
Industry
- Economic Development – The article focuses on economic development initiatives driven by state funding to support regional growth in New York.
- Manufacturing – Funding is allocated to the Small Manufacturer Modernization Program to aid small businesses in this sector.
- Non-Profit Sector – Significant investment is made in the non-profit sector to support capital improvement projects.
- Urban Planning and Development – Investment is provided for strategic planning and feasibility studies for community and urban development projects.
Financials
- $11 million – Total amount awarded for economic development projects in Round XIV.
- $5.9 million – Allocated to the Small Manufacturer Modernization Program.
- $4.3 million – Allocated to the Not-for-Profit Capital Grant Program.
- $943,000 – Allocated to the Strategic Planning and Feasibility Studies Program.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Empire State Development (ESD) | Funder | Government | ESD is the entity providing the funding for economic development projects in New York State. |
| Regional Economic Development Councils | Strategic Planner/Advisor | Government | These councils are tasked with developing strategic plans and priorities for economic growth in various regions across New York. |
| Hope Knight | Official/Spokesperson | Person | President, CEO, and Commissioner of Empire State Development who announced the funding. |