Assemblymember Bronson: Governor Signs Capital Access Program & Innovate NY Fund into Law

Assemblymember Bronson (D-Rochester, Chili, Riga, Rush, Wheatland) applauded Governor Cuomo’s signing of a law that will create the New York State Capital Access Program (CAP) and establish the Innovate NY Fund (Ch. 103 of 2011).

“Small businesses are the engines of economic growth and job creation in our economy, but since the economic downturn, they have found their access to credit and capital severely constricted,” Assemblymember Bronson said. “That’s why I joined in sponsoring this legislation in the Assembly to fight for these two programs; so they can help small businesses gain access to vitally needed capital, allowing them to expand, create jobs and get our economy back on track.”

This year, New York will receive $55.4 million in federal funds through the State Small Business Credit Initiative, and the Capital Access Program will distribute these funds to growing small businesses that are having difficulty obtaining loans through a bank or other financial institution. The second program, Innovate NY, will provide start-up money to rapidly growing high-tech companies, bringing the jobs of the future to New York State. The approximately $25 million initiative will help attract new high-tech companies to Rochester and will help create jobs and spur economic growth.

“The importance of providing Rochester’s growing small businesses access to capital cannot be understated,” Assemblymember Bronson said. “It kills three birds with one stone, helping to solve both the small business credit crisis and the employment crisis, all while attracting new, high-tech businesses to our area. Jobs are what we need in Monroe County and these initiatives will help. These initiatives will create an environment where innovation and development are allowed to flourish, helping lead to job creation and economic revitalization. I look forward to continuing to work with the Governor on this matter to make sure small businesses can continue to call Rochester home.”