New Economic Development Programs Created In State Budget

Chairman and CEO of Empire State Development Corporation to Discuss New Incentives; Tour Tech City

July 12, 2010

(Kingston, NY) Assemblymember Kevin Cahill (D- Ulster, Dutchess) announced two new economic development opportunities have been established in the passage of the 2010-2011 State Budget. The programs are designed to create jobs in underserved communities and help small businesses gain access to capital. Dennis Mullen, Chairman and CEO of the Empire State Development Corporation, will be visiting the Mid-Hudson Valley tomorrow to discuss the programs. The Chairman will also be going to Tech City to tour the facilities of the many successful new companies that have come to the campus.

“We need jobs. The new Excelsior Program and the Small Business Revolving Loan Fund will be important tools for rebuilding our economy,” said Assemblymember Cahill. “While the State has been struggling in these difficult times, we have sharpened our focus on developing industries that create opportunities in communities that need new businesses and meaningful, long-term investment.”

“Tech City is quickly becoming the model for job creation in the new innovation economy,” said Assemblymember Cahill. “I am pleased Chairman Mullen will have the opportunity to see, first-hand, all the progress that has been made.”

Assemblymember Cahill recently worked with the Empire State Development Corporation and NYSERDA to attract Solartech Renewables to Tech City. The company is receiving over $5 million in state benefits, $2 million of which is from funding Assemblymember Cahill secured in the State Budget specifically for the purposes of bringing solar industries to the Hudson Valley.

“I have been working hard to provide funding and create policies that will firmly establish Ulster County as the hub for the new energy economy for decades to come,” said Assemblymember Cahill.

The two programs that Chairman Mullen will be focusing on are the Excelsior Program and the Small Business Revolving Loan Fund. The Excelsior Program will offer incentives to companies that relocate to New York State communities in greatest need of an economic boost, and those that show the greatest promise for creating jobs. The Small Business Revolving Loan Fund is designed to generate economic activity by providing greater access to capital for Main Street everyday small businesses. The program is targeted to New Yorkers who have difficulty accessing regular credit markets.

The roundtable will be held tomorrow, July 13, from 11:00am-12:00pm at the Empire State Development Corporation’s Mid-Hudson Regional Office, located at 33 Airport Center Drive, Suite 201 in New Windsor.

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