March 12, 2014

Silver Announces Economic Development Funds in Assembly Budget to Spur Manufacturing, Create Jobs and Support Small Businesses in New York State

Assembly Speaker Sheldon Silver today announced the Assembly Budget for SFY 2014-15 directs state funds to economic development initiatives to increase job opportunities, encourage the growth of manufacturing companies and support small businesses throughout the state.

"The economic development proposals included in this Assembly budget will help revitalize our communities, re-train the unemployed, boost the manufacturing sector of our economy and restore critical funding to existing and successful economic development programs," said Silver. "These investments reflect the Assembly's long-term commitment to developing an economy where New Yorkers have access to good paying jobs and supporting successful regional economies."

"This budget advances the economic development efforts our house has focused on for many years. It reflects our support for the creation and retention of jobs, economic stability and making wise investments in strategic industries to ensure taxpayers receive the best return on their investment," said Assemblyman Robin Schimminger, chair of the Economic Development, Job Creation, Commerce and Industry Committee.

"I am very pleased with the investment our budget makes in small businesses, the backbone of the state's economy and the path to the middle class for many enterprising entrepreneurs," said Assembly Small Business Committee Chair William Scarborough. "I am especially enthusiastic about the funding commitment we make to the Small Business Revolving Loan Fund and to the growth and development of Minority- and Women-Owned Businesses in our state."

The Assembly budget invests $50 million in capital funding for the fourth round of RESTORE NY Community Initiatives, which has proven to be a valuable economic development tool for municipalities involved in the rejuvenation and refurbishment of downtown and residential areas. It also provides $26.25 million to establish the Advanced Manufacturing Career Opportunity Fund, to assist entrepreneurs involved in advance manufacturing to grow their operations in the state, and $12.5 million for the creation of the Back to Work NY Jobs Program, to help the long-term unemployed re-enter the workforce through re-training and internship placement.

Support for small businesses, the largest employer in the state, is another priority of the Assembly budget which provides $25 million to the Small Business Revolving Loan Fund and $3 million for the expansion of the Innovate NY program which would focus on providing early-stage seed financing to Minority- and Women-Owned Businesses involved in emerging technologies.

In addition, the close to $2.5 million cut by the Executive budget from the College of Nanoscale Science and Engineering is restored by the Assembly budget, returning a total of $1.78 million to the INDEX Program and $713,000 to the CAIST Program. It also directs $2 million of the Military Base Retention funding from SFY 2013-14 for the support of NUAIR Alliance at Griffiss International Airport.