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$16M Approved To Fund Projects Spurring New York State Economic Growth

Governor Andrew Cuomo says economic development funding totaling $16.7 million to spur economic growth in New York State has been approved.
Governor Andrew Cuomo says economic development funding totaling $16.7 million to spur economic growth in New York State has been approved. Photo Credit: File

ALBANY, N.Y. – Economic development funding totaling $16.7 million has been approved for 25 projects that are spurring growth and opportunity across New York State, reports Gov. Andrew Cuomo’s office.

The funding, approved by Empire State Development’s Board of Directors, supports projects that are creating 333 new jobs and retaining 227 existing New York State jobs. The funding will also leverage over $50 million in private assets and other public funding to support local businesses and projects that will secure future economic growth and job creation.

“From Long Island to the North Country, these targeted investments are creating jobs for New Yorkers and strengthening key industries that are spurring economic growth statewide,” said Governor Cuomo. “Under this administration, great strides have been made to encourage business growth and jumpstart local economies, and these funds will help continue our work to build a healthier business climate across New York.”

In the Long Island region, Peconic Land Trust, Inc. received a $1 million grant to establish the Agricultural Capital Equipment Grant Program, an agriculture-based regional grant fund in Nassau and Suffolk Counties.

The Long Island-based Agriculture Capital Equipment Program will create a financial pool of resources to assist farmers who wish to make capital investments in their farming operations.

MPI Consulting, Inc., a manufacturer of precision-machined parts for the aerospace and defense industry, will use a grant of up to $112,290 for a portion of the cost to purchase machinery and equipment to increase the productivity of its manufacturing operations, as part of the Aerospace & Defense Diversifiaction Alliance in Peacetime Transition’s (ADDAPT) group competiveness improvement program.

“With these projects, ESD is strengthening local economies and communities throughout New York State by maintaining critical employers, investing in regionally significant projects, fostering small business and industry growth, and aiding local communities by supporting important infrastructure improvements,” said Empire State Development President, CEO and Commissioner Howard Zemsky said.

“Under the Governor’s leadership, we have New York moving in the right direction – private sector jobs are up while unemployment rates have declined statewide, and more businesses are choosing to stay, invest and grow in New York,” Zemsky continued.

CLICK HERE for a full list of approved grants.

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