Assemblyman Ken Zebrowski (D New City) announced that the Governor has signed in to law a measure he sponsored that would activate the New York State Capital Access Program (CAP) and establish the Innovate NY Fund (Ch. 103 of 2011). 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 backbone of Rockland County, in order to continue to flourish they need access to capital, 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 this new law, 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.
This law 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.
This newly signed law along with others passed this session by the Legislature such as; Recharge NY and the Excelsior Jobs program will give businesses the tools necessary to put Rockland county back to work and on the road to financial stability.