Assemblyman Ken Zebrowski (D New City) announced that the Assembly has passed legislation that he has sponsored that would activate the New York State Capital Access Program (CAP) and establish the Innovate NY Fund (A.8452). These two programs would help improve small businesses access to capital, allowing them to expand, create jobs and get our economy back on track.
Small businesses are the engines of job creation in any economy, but they need access to capital in order to expand and create jobs, Zebrowski said. In the wake of the financial crisis, small businesses ability to obtain capital from financial institutions was severely diminished, and many jobs were lost as a result. This legislation helps to reverse both of these trends and can put Rockland County back on the path to prosperity.
New York is currently eligible for $55.4 million in federal funds through the State Small Business Credit Initiative, a new federal program intended to increase access to credit for small businesses and small manufacturers. Under the Assemblys legislation, the CAP would act as a distributor of these funds, providing an alternative lending source to small businesses having difficulty obtaining loan capital through traditional bank financing.
The legislation also creates the Innovate NY Fund, an initiative that provides early-stage capital or seed money to companies that have developed cutting-edge breakthroughs in emerging technologies and plan to create new high-tech jobs. The $25 million initiative would help attract new high-tech companies to Rockland County and would help create jobs and spur economic growth.
These public-private partnerships have the power to help solve the small business credit crisis and the employment crisis at the same time, all while creating a business climate in Rockland County where innovation, creativity and growth can flourish, Zebrowski said. This is a victory for both the business community and the families of Rockland County.