New York has kicked off a “Global NY” program created to help businesses expand to foreign markets.
Lieutenant Governor Kathy Hochul Wednesday at the Albany Marriot launched “The Global NY Fund Tour,” which will visit the state's 10 economic development regions. Businesses will be given information as to how they can tap into $35 million in funding available through grant and loan programs. "What we find is that there's many businesses who are intrigued with the possibility of expanding their operations abroad, but they just don't have the technical know-how, they don't have the resources, and there's really an intimidation factor of trying to figure out how to do business in a foreign country."
Hochul encourages any company interested in international trade to hook up with Global NY and explore how the state's no-cost one-stop shopping services can stimulate growth. "Literally, there's money on the table now. Up to $500,000 for bricks and mortar investments if they need to expand to be able to take a product overseas, but also giving them even smaller grants to help them fund a trip to a trade show and go to visit a foreign country, barriers that in the past may have prevented businesses from pursuing this opportunity, and the governor wants to make it easy on them."
Those loans of up to $500,000 are available for companies to purchase equipment and inventory needed to deliver on export-related contracts and provide working capital to support foreign accounts receivable.
Empire State Development is providing grants of up to $25,000 to help companies start exporting or increase their global exports. Erin Cole is Senior Vice President of Global NY. "They can have a wide range of activities covered by the grants. It could be anything from participating in trade shows or trade missions, translating materials for foreign market obviously, meeting foreign regulatory requirements. Empire State Development is gonna provide a 50 percent match to the companies' 50 percent cash match. So basically we're reducing the risk for companies to export or to increase their exports."
Cole says ESD will also be working in partnership with lenders to extend financing to New York companies seeking to create or expand direct exports, or to serve as suppliers to larger exporters. "We have two components under the loan fund. A loan loss reserve. A company goes directly to the bank and the bank sets the terms of the loan, but ESD offers a 10 percent loan loss reserve to the bank in case it defaults. The second program we have is very specific to like the fermented and distilled beverages, the wineries, cideries, distilleries. They can get a zero percent loan from Empire State Development directly, from 10 to $50,000. That again is really 50 percent of the total project cost."
Again, Hochul: "Bottom line is that we've got enormous trading partners already, Canada being number one. There's a lot more opportunity for New York businesses to do business in Canada, sell their products there. But the world is awaiting!"
First stops on the Global NY Fund Tour were Albany and Utica. 11 more events are planned.
The Global NY Fund Tour arrived today in the Capital Region, and is making stops in all of the state’s ten economic development regions:
· Capital Region (Albany): March 30, 8:30 a.m. – 10 a.m., Albany Marriott Hotel, 189 Wolf Road Albany, NY 12205.
· North Country (Watertown): April 4, 11:30 a.m. – 1 p.m., Ramada Watertown, 21000 NYS Rt. 3, Watertown, NY 13601.
· North Country (Plattsburgh): April 5, 8:30 a.m. – 10 a.m., Holiday Inn, 412 NYS Rt. 3 Plattsburgh, NY 12901.
· Southern Tier (Binghamton): April 13, 8:30 a.m. – 10 a.m., Innovative Technologies Complex – Symposium Hall, Binghamton University, 85 Murray Hill Road Vestal, NY 13850.
· Finger Lakes (Rochester): April 14, 11:30 a.m. – 1 p.m., Burgundy Basin Inn, 1361 Marsh Road, Pittsford NY 14534.
· Mid-Hudson (Rye Brook): April 19, 8:30 a.m. – 10 a.m., The Business Council of Westchester, 800 Westchester Ave, Rye Brook, NY 10573,
· Mid-Hudson (New Windsor): April 19, 2 p.m. – 4 p.m., William Larkin Conference Room, 33 Airport Center Drive, New Windsor, NY 12553
· Western New York (Buffalo): April 26, 8:30 a.m. – 10 a.m., Buffalo Niagara Partnership (Conference Room), 257 W Genesee Street #600, Buffalo, NY 14202.
· Central New York (Syracuse): April 27, 11:30 a.m. – 1 p.m., Tech Garden Facility, 235 Harrison St., Syracuse, NY 13202.
· Long Island (Bethpage): May 2, 8:30 a.m. – 10 a.m., The Morrelly Homeland Security Center, 510 Grumman Road West, Bethpage, NY.
· New York City: May 11, 8:30 a.m. – 10 a.m., The Barclays Center Atrium, 620 Atlantic Avenue, Brooklyn, NY 11217.
· Mohawk Valley (Utica) – held March 29 at Mohawk Valley Community College.
Global NY offers one-stop shopping to both local businesses that want to export globally and to foreign businesses looking to invest in New York. For more information, visit global.ny.gov or call (212) 803-2300. Applications for both loans and grants will be available on ESD’s website.
