New Economic Development Programs Launched

Excelsior Jobs and Small Business Revolving Loan Programs Move Ahead

November 3, 2010

Kingston – Assemblymember Kevin Cahill (D- Ulster, Dutchess) announced two new economic development opportunities that were established in 2010-2011 State Budget have begun to move forward. The programs are designed to create jobs in underserved communities and help small businesses gain access to capital.

“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.”

The Excelsior Jobs Program began accepting applications today. The new initiative offers incentives to companies that relocate to New York State communities in need of an economic boost, and those that show the greatest promise for creating jobs. Under the program, which replaced the expired Empire Zone Program, businesses will be held accountable for meeting job creation and investment targets before receiving any tax credits offered through Excelsior.

The Small Business Revolving Loan Fund is designed to generate economic activity by providing access to capital for Main Street everyday small businesses. The program is targeted to New Yorkers who have difficulty tapping into regular credit markets. Empire State Development Corporation recently opened up the program with a Request for Proposals to community development financial institutions, small business lending consortia, certified development companies, providers of United States Department of Agriculture business and industrial guaranteed loans, United States Small Business Administration loan providers, credit unions and community banks.

"I am committed to businesses that are committed to New York. We should do all we can to retain the anchors of our communities and attract new ventures," said Assemblymember Cahill. “The Excelsior Jobs Program and Small Business Revolving Fund will provide enterprises with the long term stability they need to grow their operations and create new good paying jobs."

Follow this link for more information on the Excelsior Jobs Program:

http://www.empire.state.ny.us/BusinessPrograms/Excelsior.html

Follow this link for more information on the Small Business Revolving Loan Fund:

http://esd.ny.gov/BusinessPrograms/SBRLF.html

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