Empire State Development Corporation has been a partner and leader in the revitalization of the Buffalo Niagara region. New York State’s economic development arm has been a central pivot for collaboration through the Regional Economic Development Council and a key organizing agency for our area’s priorities in public investment to stimulate new private growth. Beyond the agency’s support for signature projects such as Riverbend’s Tesla gigafactory and the Northland Workforce Training Center, Empire State Development offers a number of ongoing programs aimed at incrementally growing key sectors of the Buffalo Niagara economy.
At the Partnership’s fall Manufacturers Council meeting, members received a presentation from Michael Ball, Deputy Director at Empire State Development on the programs that the agency has available for local manufacturers. Ball focused on four key programs that are most widely used by the industry: the Excelsior Tax Credits, the Linked Deposit Program, the Economic Development Fund and the Consolidated Funding Application. Overviews of each program are below:
Excelsior Tax Credits
This program offers fully refundable tax credits to firms making a substantial commitment to growth by creating or retaining jobs or through investing in significant capital upgrades in a New York State facility. The credits are eligible to be used as a return for each new job created, as 2% of qualified new investments in a facility or for up to 3% of all research and development expenditures.
Linked Deposit Program
This program enables small businesses to obtain reduced-rate financing on projects that improve their performance and competitiveness in the market. For manufacturers, the program can reduce interest rates with private lenders by 2% and by 3% if certain criteria are met such as being located in a distressed census tract or if they are certified minority and women owned businesses.
Economic Development Fund
This is a flexible program, providing a range of assistance to businesses, municipalities, IDAs and other economic development organizations to ensure that the diversity of business needs are met by the state. These funds can be used for a number of means, including land acquisition, construction, machinery, equipment, inventory, training and feasibility studies
Consolidated Funding Application
The Consolidated Funding Applications is the State’s easy-to-use online application system to apply for resources available through ESD and a number of other state agencies. This funding can be used for energy improvements, low-cost financing, infrastructure and workforce development, among other needs.