New York State is launching an economic development initiative called Global NY aimed at making the state’s businesses more competitive internationally and attracting companies from around the globe to New York.
The announcement was made by Governor Andrew M. Cuomo during his address to the first Global NY Summit on World Trade and Investment held at the Javits Convention Center in New York City.
As part of the initiative, the Empire State will create a $35 million global development fund and work in partnership with the federal Ex-Im Bank to help New York’s small- and medium-sized companies grow their exports.
Gov. Cuomo said in his speech that New York is going to be the first state in the nation that forms its own Ex-Im bank. The Governor said he worked with the Export-Import Bank as a federal official, and they finance both loans and grants for companies that want to develop the capacity to market overseas, as well as foreign companies that want to come to the United States.
Gov. Cuomo added that the initial $35 million capitalization for the global development fund will provide a real vehicle that can facilitate companies that want to make exactly this transaction.
The $35 million Fund will be used for three separate initiatives. Empire State Development Corporation, the official New York economic development agency, will dedicate $25 million for a lending program to help companies develop capacity to enter new markets.
ESDC will work together on this lending program with more than 20 private lenders in the state to leverage $50 million of additional overall small business lending.
The second initiative under the development fund will be a $10 million grant fund that will provide up to $25,000 to small- and medium-sized businesses to help them develop export capacity including for export marketing plans, market certification, website translation and product adaptation.
The third part of the development fund is an actual partnership with the federal Ex-Im Bank in order to connect creditworthy small businesses to export financing in the form of short-term loans of up to $500,000.
The Governor also noted that ESDC has a tremendous capacity for internationally global marketing, and they are very excited about the websites and online approaches.
The website for the initiative can be found at global.ny.gov, which will function as a one-stop shop offering resources and information for both local and foreign businesses looking for business opportunities that can help grow jobs in New York.
The site explains how businesses can connect to programs such as START-UP NY and other New York economic development incentive programs. It offers information and links for the ten regional economic development councils, and contact information for NY State trade offices all over the world.
As part of the Global NY initiative, Gov. Cuomo also announced a series of overseas trade missions over the next couple of years. The first five trade missions will be to Mexico, Canada, China, Israel and Italy.